BUSINESS HIGH SCHOOL

Bonita Industries has estimated that total depreciation expense for the year ending December 31, 2018 will amount to $583000, and that 2018 year-end bonuses to employees will total $1290000. In Bonita's interim income statement for the six months ended June 30, 2018, what is the total amount of expense relating to these two items that should be reported?

Answers

Answer 1
Answer:

Answer:

Total expenses 936,500

depreciation 291,500

wages expense 645,000

Explanation:

Assuming the depreciation are calculate base on straight line or that their output is lineal through the year:

It will be half of the depreciation for the year.

583,000 / 2 =  291,500 depreciation expense for six-month

For the year-end bonused It wll be the same ideal, we assume are earned equally during the year. So at half year half of the bonuses should be earned:

wages expense 1,290,000/2 = 645,000

Total expenses 936,500

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When does allocative efficiency​ occur? A. Allocative efficiency occurs when a good or service is produced at the lowest possible cost.
B. Allocative efficiency occurs when an economy no longer relies on voluntary exchange.
C. Allocative efficiency occurs when an economy achieves equity.
D. Allocative efficiency occurs when production is in accordance with consumer preferences.

Answers

Answer:

D. Allocative efficiency occurs when production is in accordance with consumer preferences.

Explanation:

Allocative efficiency occurs where price equals marginal cost. Price equals the amount consumers willingly pay for a product, so allocative efficiency occurs where marginal utility = marginal cost

Final answer:

Allocative efficiency is achieved when goods and services are produced and distributed in accordance with what consumers demand or desire, ensuring optimal allocation of resources.

Explanation:

Allocative efficiency occurs when production is in accordance with consumer preferences. In other words, this economic principle is achieved when goods and services are distributed optimally in response to consumer demand—that is when the mix of goods produced represents what society most desires. For example, if consumers need more of good X and less of good Y, the economy should reallocate resources to produce more of good X and less of good Y to achieve allocative efficiency.

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Which of the following statements about the consumption component of GDP is not​ correct? A. Since​ 1960, the consumption component of GDP has generally increased as a fraction of GDP.
B. The consumption component of GDP in the U.S. is greater than all three of the other components​ (government, investment, and net​ exports) combined.
C. Consumption as a fraction of total GDP in the U.S. is larger compared to all other high income nations in the world.
D. Spending on services is smaller than the amount of consumption spending on durable and nondurable goods.

Answers

Final answer:

The statement that the consumption component of GDP in the U.S. is greater than all three of the other components (government, investment, and net exports) combined is not correct.

Explanation:

B. The consumption component of GDP in the U.S. is greater than all three of the other components (government, investment, and net exports) combined, is not correct. The correct statement would be that the consumption component of GDP in the U.S. is larger than the government and net exports components combined, but smaller than the investment component. The consumption component of GDP includes spending on goods and services by households, while the investment component includes spending on capital goods and structures by businesses.

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Final answer:

The incorrect statement is option D: Spending on services is not smaller than consumption spending on durable and nondurable goods. In fact, in developed economies, spending on services exceeds spending on goods.

Explanation:

The incorrect statement about the consumption component of GDP is option D. Spending on services is actually larger than the amount of consumption spending on durable and nondurable goods. This is especially true in developed economies, like the United States, where spending on services, such as healthcare, education, and entertainment, tend to exceed spending on tangible goods. It is certainly true that since 1960 there has been a general trend of increase in consumption as a fraction of GDP (option A), and that the consumption component of GDP is the largest among the components -  exceeding government spending, investment, and net exports combined (option B). However, it's not necessarily the case that the US's consumption as a fraction of GDP is larger than all other high-income nations (option C).

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The price (P) of designer jeans is affected by the supply (S) and the demand (D).Which of these can cause an increase in the price of designer jeans?

Increased demand and no change in supply

Decreased demand and increased supply

Increased supply alone

Decreased demand alone

Answers

Answer:

Increased demand and no change in supply

Explanation:

The cost of goods and services is affected by two things:

Demand

Supply

According to the principles of economics, the demand  pushes the supply of the goods. However, there is a time where the demand far exceeds the supply. In this case, the price of the goods rise sharply to compensate for the short supply of the material which will come at higher price. This results in inflation.

Increased demand and no change in supply can RESULT in an increased price, but they don't 'cause' it. The CAUSE of the increase in price is the seller's decision to raise it, typically out of motives of get it when you can, charge what the traffic will bear, jack it up and fleece them when possible.

Mary visits her local shopping mall to purchase some much needed additions to her wardrobe. In selecting the items she wants to purchase, Mary is concerned primarily with factors such as color, size, style, and price. Clothing items can best be described as __________ goods a. qualitative
b. search
c. experience
d. credence

Answers

Answer:

Search

Explanation:

A search good is a good in which it's costs can be easily determined before purchasing. It can also be described as a product that can be easily evaluated just by viewing it to determine its quality.

Clothing items fall under the category of search goods because it is easy to identify the value just by looking at its colour, style,size and shape.

Which of the following would be expected if the tariff on foreign-produced automobiles were increased?A. The domestic price of automobiles would fall.B. The supply of foreign automobiles to the domestic market would be reduced, causing auto prices to rise.C. The number of unemployed workers in the domestic automobile industry would rise.D. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.

Answers

Answer:

A. levied on imports, whereas a quota is imposed on exports.

B. levied on exports, whereas a quota is imposed on imports.

C. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported.

D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.

Explanation:

Rank the five following levels of postsecondary education based on the average yearly income, starting with the lowest income first. High school diploma Professional degree Certificate Master?s degree Bachelor?s degree

Answers

The levels of postsecondary educations based upon the average yearly income earned by each profession are as follows:

1. High school diploma.

2. Certificate.

3. Bachelor's degree.

4. Master's degree.

5. Professional degree

Postsecondary education and its importance:

The post secondary education is the level of studies that are pursued after the completion of high-secondary education. It has a specific level of studies as per the expertise of the student. These studies help an individual to grow their skills and get a recognized level of earnings.

The level of education defines the average yearly income the student can earn in their profession.  

The candidate with a higher school diploma will get a lower income as compared to the candidate with a professional degree.

Therefore, the five-level of education is based upon income are: high school diploma, certificate, bachlor's degree, master's, and professionals.

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