(0.5 points) By commodity 6. What is a country’s GDP? (0.5 points) gross domestic product Lesson 2 (3.0 points) 1. What is a market economy? (0.5 points) economic system that is regulated by the interactions between producers and consumers.
What does the Law of Demand say? (0.5 points) If all other factors are equal, the demand will go down if the price goes up, and the demand will go up if the prices go down. 3. What does the Law of Supply say? (0.5 points) If all other factors are equal, the supply will increase if the price
The p-value is 0.002 which is smaller than the significance level. Hence there are 0.002 chances that such a small value can observe when the null hypothesis is true. Since, this probability is smaller than the significance level we reject the null hypothesis at 5% level. Hence, we conclude that there is enough evidence to support the manager’s claim that the average annual income was less than $50,000. b.
There is a very low probability (5% at most) that the annual income for the data from AJ DAVIS is less than $50,000. The way that we concluded this was to test the probability that the annual income of our customers is $50,000 versus the probability that the average annual income was less than $50,000. What we found was that there is a 95% chance that the average annual income of our customers is between $69,997.9 and $70,001.8. This was also backed with a p-value (which determines the strength of the evidence) that showed weak evidence against the average income equaling $50,000. Since we cannot deny that the annual income average is $50,000, we have no choice but to keep it as a consideration moving forward.
(Points : 5) sales under $1,000,000 no accountants on staff insignificant receivables and payables all sales and purchases on account 5. (TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the highest ending inventory FIFO will have the highest cost of goods sold FIFO will have the highest ending inventory LIFO will have the lowest cost of goods sold 6. (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours.
WEEK 5 Economic Efficiency, Government price setting and Taxes First, answer these questions-: Question 1: If the market price is $5, this means all consumers pay $5 for the quantity of goods or services they want at that price. This means, consumers have valued those goods and services at $5 each. 1. True 2. False Question 2: Free markets – that is, when there are lots of buyers and sellers interacting freely to reach equilibrium prices – always have the best outcomes.
(TCO1) A point outside the production possibilities curve is : 4. (TCO1) A basic characteristic of a command system is that : 5. (TCO 2) Which is consistent with the law of demand? 6. (TCO 2) A decrease in supply and a decrease in demand will : 7.
Hibbett comes in approx. $65.4 per item, whereas Dick’s comes in at approx. $70.3 per item. So what do these numbers tell us? Basically Hibbetts spends about $5 dollars less than Dick’s to produce their merchandise.
What is the expected dividend yield and the expected capital gains yield? Explain the difference in the required return estimates from the value line to the WSJ price data? The expected return is 7.72% The expected dividend yield =2.22% and the capital gains yield is the growth rate of 5.50%. The required return estimates have decreased and the stock price has increased is because it is believed the company has less risk now than it did when the Value Line estimates were released. 3.
only the portion of the loss attributable to inventory sold during the period is recorded in the financial statements. B. the market value figure for ending inventory is substituted for cost and the loss is buried in cost of goods sold C. a loss is recorded directly in the inventory account by crediting inventory and debiting loss on inventory decline. D. there is a direct reduction in the selling price of the product that results in a loss being recorded on the income statement prior to the sale. 15) Designated market value A. may sometimes exceed net realizable value. B. should always be equal to net realizable value less a normal profit margin.