Lagos in the 20th century and Accra in the 21st century began benefitting from a new source of international earnings that enriched each nation’s economy. What industry was responsible for those new earnings?

Answers

Answer 1

Answer:

Answer:

Oil and Gas Industry

Explanation:

The oil and gas industry boom was responsible for the international earning for Ghana in the 1990s and Nigeria in the 21st century. Ghana has been producing oils since the 1990s, but the discovery of silver jubilee field in 2010, it started to produce 240 MMbbl liters of oil and 396 Bcf of Gas. While in Nigeria oil was discovered in 1958 and it has been the largest oil producer in sub-Saharan Africa and became a member of OPEC in 1971. Its estimated production of crude oil was 2.413 barrels per day in 2005. In both, the oil boom transformed the economy.

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A post-closing trial balance is prepared a. after closing entries have been journalized and posted. b. before closing entries have been journalized and posted. c. after closing entries have been journalized but before the entries are posted. d. before closing entries have been journalized but after the entries are posted.

Answers

Answer:

Explanation:

The accounting cycle is the name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

Upon the posting of adjusting entries, a company prepares an adjusted trail balance followed by the financial statements. An entity closes temporary accounts (revenues and expenses) at the end of the period using closing entries. These closing entries transfer net income into retained earnings. Finally, a company prepares the post-closing trial balance to ensure debits and credits match.

Steps:

-Journal

-Ledger

-Trail Balance

-Adjustment Entries

-Trading Account

-Profit or loss account

-Final accounts

-Post closing Trail Balance

Answer:

c. after closing entries have been journalized but before the entries are posted.

Explanation:

The post-closing trial or trial balance is a relationship between the G / L accounts and the balances made at the end of the period, after journaling and then moving the closing entries to the G / L. It is the last instance in the accounting cycle, it is performed at a later stage when the closing of the nominal accounts is carried out, its main function is to certify that the largest is balanced at the beginning of the next accounting period.

Mauve Company permits employees to occasionally use the copying machine for personal purposes. The copying machine is located in the office where the higher paid executives work, so they occasionally use the machine. However, the machine is not convenient for use by the lower-paid warehouse employees and, thus, they never use the copier. The use of the copy machine may not be excluded from gross income because the benefit is discriminatory. True or false?

Answers

Answer: True

Explanation:

Although the permission was granted to use the copy machine for personal use on occasional basis, they are still limiting factors that pose it discriminatory for other tier of workers in the firm as those who occupy lower offices don't find it convenient to use and the location of the machine makes it only readily available for high earners as it's positioned in their office.

After the price of smartphone apps falls, Justin buys fewer flash drives but he buys a new smartphone. For Justin 1. smartphone apps and flash drives are substitutes, and smartphone apps and smartphones are complements. 2. smartphone apps, flash drives, and smartphones are not all complements. 3. smartphone apps, flash drives, and smartphones are all complements. 4. smartphone apps and flash drives are complements, and smartphone apps and smartphones are substitutes.

Answers

Answer:

1. smartphone apps and flash drives are substitutes, and smartphone apps and smartphones are complements

Explanation:

Complements are goods that are consumed together. If the price of one of the goods increases, the demand for the other good increases. This indicates that smartphone and smartphone apps are complements.

Substitutes are goods that can be used in place of each other. If the price of one good falls, the consumer demands more of that good and less of the subsituite goods. This shows that smartphone apps and flash drives are substitutes.

I hope my answer helps you

Final answer:

The question discusses the concepts of substitutes and complements. When the price of smartphone apps falls, Justin buys fewer of its substitute (flash drives) and more of its complement (a smartphone).

Explanation:

The question refers to two economic concepts: substitutes and complements. Substitutes are goods or services that can be used in place of each other. If the price of one good falls, people tend to consume less of its substitute and instead consume more of the cheaper good. This is called the substitution effect. For instance, if the price of smartphone apps declines, Justin buys fewer flash drives (since these are now relatively more expensive) and more apps.

Meanwhile, complements are goods that are typically consumed together. If the price of one good drops, the demand for its complement tends to increase. So in Justin's case, because the price of apps fell, he also bought a new smartphone to go along with the apps. Here, smartphone apps and smartphones are complements.

Therefore, for Justin, smartphone apps and flash drives are substitutes, while smartphone apps and smartphones are complements.

Learn more about Substitutes and Complements here:

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which of the following best describes an active market? i. a market where the price is slow to change ii. a market where transactions occur frequently and prices adjust rapidly to clear surpluses or shortages iii. a market where surpluses or shortages can persist for a long time

Answers

Answer:

Explanation:

a market is a place is the point of interaction between buyers and sellers

If the government’s budget deficit increases while the economy is producing substantially less then potential GDP and expansionary monetary policy is implemented, then any ________________ from government borrowing would be _____________________________ from that monetary policy.A. higher interest rates; largely offset by the lower interest ratesB. lower interest rates; largely offset by the higher interest ratesC. increase in interest rates; reduced by private sector investmentD. inflationary increase in price level; crowding out private investment

Answers

Answer:

A) higher interest rates ; largely offset by the lower interest rates

Explanation:

If the government carries on an expansionary monetary policy, it will lower interest rates and increase the money supply in an attempt to increase aggregate demand. If at the same time it increases the interest rate it will pay for borrowing money (e.g. increase treasury bills' interest rates), that would make no sense since one policy would offset the other.

A government cannot increase the money supply and then increase the interest rates on treasury bills since that would lower the money supply again.

Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one can of soda, one bag of chips, and one comic book. In year one, the basket costs $8.00. In year two, the price of the same basket is $7.00. From year one to year two, there is (blank) at an annual rate of (blank) (how do i calculate the rate?)In year one, $40.00 will buy (blank) baskets, and in year two, $40.00 will buy(blank)

Answers

well the price of the basket decreased. so i would assume it should be deflation or discount for the first blank at a rate of 12.5% you get this by

$(8)/(1) = (100)/(?)$
"1" is the amount of dollars the basket decreased by
**cross multiply the 1 dollar by the 100%
** divide by 8 and you get 12.5%

then the last too blanks are easy ust divid each price into 40

40/8 = 5 baskets
40/7 = 5.71 baskets

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