While calculating cost of direct materials on the schedule of cost of goods manufactured, the cost of indirect materials is Subtracted from raw materials used in production.
The price of the components and raw materials used to make a product is known to as the direct material cost. The finished item must make the components evidently recognizable (otherwise they are considered to be joint costs). Being one of the few manufacturing variables, the direct material cost is taken into account when calculating throughput from manufacturing processes.
Direct material cost are simple to track from the beginning of the manufacturing process through the finished products that they are turned into. In other words, it represents the precise dollar amount spent on raw materials during manufacture.
The complete question is here:
When calculating the cost of direct materials on the Schedule of Costs of Goods Manufactured, the cost of indirect materials must be:
A. Added to raw materials used in production
B. Subtracted from raw materials used in production
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a business plan is a document that outlines ______.
A business plan is a detailed document that details the aims, operations, and finances of a company.
Finance is the study and practice of money, money-related instruments, and capital assets. It is a subfield of economics, which is the study of the creation, distribution, and use of money, property, goods, and services, but it is not the same thing (the discipline of financial economics bridges the two). The field of finance can be loosely classified into personal, corporate, and public finance since finance activities occur in financial systems at various scales.
Assets, such as currencies, loans, bonds, shares, stocks, options, futures, etc., are bought, sold, or traded as financial instruments in a financial system. To enhance value and reduce loss, assets can also be invested in, insured, and banked. Risks are, in fact, a constant in all financial transactions and companies.
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the trade agreement that represented the most significant change to the regulations governing global trade during the 1990s was the ____.
the trade agreement that represented the most significant change to the regulations governing global trade during the 1990s was the General Agreement on Tariffs and Trade.
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between numerous countries that aims to encourage international trade by lowering or eliminating trade obstacles such as tariffs and quotas. According to its preamble, its goal was to "significantly reduce tariffs and other trade obstacles, as well as eliminate preferences, on a reciprocal and mutually advantageous basis."
The GATT was initially addressed during the United Nations Conference on Trade and Employment, and it was the result of negotiating governments' failure to establish the International Trade Organization (ITO). On October 30, 1947, 23 states signed it in Geneva, and it went into effect on a provisional basis on January 1, 1948.
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Why would the median, rather than the mean, be the appropriate measure of central tendency in determining housing values in a particular community?.
the median is useful for measuring how much values deviate from one another. The median is minimally affected by extreme scores.
Which of these are reasons for the increase in ethical violations among business leaders in the 21st century?
a. Digital communications are more susceptible to hackers and whistleblowers.
b. Globalization allows businesses to operate in regions where ethical risks are greater.
c. The 24/7 news cycle places more scrutiny on unethical behavior.
d. It has become customary for business leaders to self-report unethical behavior.
Some of the reasons for an increase in ethical violations among business leaders in the 21st century includes:
Digital communications are more susceptible to hackers and whistleblowers.Globalization allows businesses to operate in regions where ethical risks are greater.The 24/7 news cycle places more scrutiny on unethical behavior.What is an ethical violations?In a business, an ethical violation refers to something that is either spoken, written, actioned which violates a company's documented code of ethics, mission, vision, values, culture etc.. We also know that these ethical violations laugh in the face of what is considered as a normal societal behaviour.
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Which inventory cost flow assumption is commonly used internally by companies that externally report under the lifo cost flow assumption?.
The FIFO inventory cost flow assumption is commonly used internally by companies that externally report under the LIFO cost flow assumption.
According to FIFO, the first items stored should be retrieved first. First-in, first-out, or "FIFO," refers to the practice of recording sales of the oldest inventory items first (but this does not necessarily mean that the exact oldest physical object has been tracked and sold). In other words, the expensed cost is the cost related to the inventory that was purchased initially.
What is FIFO and LIFO?
There are two accounting techniques known as FIFO and LIFO that are used to manage inventory and financial concerns regarding the amount of money a corporation must have locked up in inventory of finished goods, raw materials, parts, components, or feedstocks. They are used to control inventory cost estimates, stock repurchases (if made at a lower price), and numerous other accounting assumptions. Even if a corporation utilizes FIFO for inventory management, it may nevertheless use the LIFO approach for accounting (i.e., for the actual storage, shelving, and sale of its merchandise). For instance, a business that sells a lot of perishable goods, like a chain of supermarkets, is likely to manage its inventory using the FIFO approach to make sure that items with earlier expiration dates are sold before others with later expiration dates. This does not, however, prevent the same corporation from using the LIFO method to account for its goods.To learn more about FIFO and LIFO visit:https://brainly.com/question/24938626
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All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT
a) Agent's report
b) Medical Information Bureau (MIB)
c) Inspection reports
d) National Association of Insurance Underwriters
All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk except option(d) i.e, National Association of Insurance Underwriters.
An underwriter is a statistician the one takes examines your finances and determines by what method much risk a bestower will oppose if they conclude to present you with a loan. Underwriters decide the level of risk for lenders. Underwriters are critical to contract manufacturing, security manufacturing, impartiality markets, and universal types of damage safety trading by way of their capability to find out risk.
The National Association of Health Underwriters shows in addition to 100,000 licensed medical insurance powers, brokers, comprehensive powers, specialists, and benefit artists through as well 200 chapters across America.
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if a type of production cost for a firm cannot be changed in the short run and cannot be changed by changing the amount of output, it must be a: multiple choice profit. variable cost. average cost. fixed cost.
If a type of production cost for a firm can't be changed in the short run and can't be changed by changing the amount of output, it should be a fixed cost.
So, the correct option is D.
Only variable expenses and revenues have an influence on short-term production costs; fixed costs have no bearing on them. Production and variable costs are cyclical. Overhead expenses, period costs, and supplemental costs are further names for fixed costs. Prime costs and direct costs are other names for variable expenses, which have a direct impact on production levels. Nature. Fixed expenses are time-related, meaning they are constant over an extended period of time.
The amount of output has little impact on fixed expenses. Within the appropriate range, total fixed costs stay constant. Nevertheless, when output rises, the fixed cost per unit falls since the same fixed expenses are distributed across a greater number of units. One of the elements of the overall cost of the company or business is the fixed cost.
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The boss at your company wants a way to block certain websites from employees. as the sole it professional at the company, what can you set up to help with this request?
Explanation:
1. You can set up awards to people who heed to the request.
2. You can meet the owner of the websites to restrict certain people from the website and you can make a deal with them.
is a technical analyst at saturna inc. and has consistently impressed her managers with her ability to perform outstandingly in all projects assigned to her. her manager, raul, understands that she is really good at her job, but also believes she might experience burnout because of the repetitive nature of the job. he talks to her about developing other possible skills by working full time for a short period at a different company. in this scenario, which approac
In the scenario that we have here the approach that is being used to talk to her by her manager is what is called externship.
What is externship?This is the term that is used to refer to the experiential period of training that people are made to receive. This is one that is done that would help a person to gain all of the experiences that they may need as a way of the temporary training that they would be offered in the work place.
It is a part of the course of study that students are made to undergoing as they are studying for their degrees. This is what is happening here.
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the advantage of a precedence diagram like pert or cpm over a gantt chart is: a. its ability to reveal relationships among activities b. its difficulty in depicting networks c. its complexity d. its simplicity e. its lack of riskiness
The advantage a precedence diagram has over a Gantt chart is: Its ability to reveal relationships among activities.
Therefore Option A is Correct.
The precedence diagram method (PDM) is a tool for project planning that allows for the scheduling of tasks.It is a technique for creating a project schedule network diagram that connects boxes, known as nodes, to represent tasks and arrows to demonstrate dependencies between them.Relationships between Precedence Diagramming Method Types
The precedence diagramming method (PDM) is the most generally used technique for creating network diagrams, even though they depict project activities and their interactions with one another.To learn more about precedence diagram, click the links
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which factor determines the degree to which subordinates should participate in the decision-making process, according to vroom's decision tree approach?
The characteristics of the situation determines the degree to which subordinates should participate in the decision-making process, according to vroom's decision tree approach.
Based on your existing scenario, the Vroom-Yetton model is intended to assist you in choosing the optimum leadership style and decision-making strategy. In their 1973 book "Leadership and Decision Making," Victor Vroom and Philip Yetton first introduced it.
There is no one decision-making method that works in every situation. Instead, Vroom-Yetton gives a selection of several procedures and guides you toward the most appropriate one for your circumstances. For instance, if swiftness and decisiveness are required, this will probably push you in the direction of an authoritarian approach. If cooperation is required, it will push you in the direction of a more democratic procedure.
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apple contracts with companies in taiwan to make inputs such as the chips, batteries, and lcd displays that power its digital devices at lower costs. this strategy is an example of global
In order to produce the chips, batteries, as well as LCD displays that power Apple's digital devices at lower costs, the company has contracts with businesses in Taiwan. This strategy is an illustration of global outsourcing.
What is strategy?
A strategy is an overarching plan to accomplish one or more long-term or broad goals in the face of uncertainty. The phrase was first used in the 6th century C.E. in terms of the "art of the general," which included a number of subsets of skills such as military tactics, siegecraft, logistics, etc. It was only in the 18th century that the term was translated in to the Western vernacular languages. Between that time and the turn of the 20th century, the term "strategy" came to mean a comprehensive method for attempting to pursue political ends, such as the threat or actual use of force, inside a dialectic of wills" inside a military conflict, in which both opponents interact.
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chuck spends all his income on two goods: tacos and milkshakes. his income is $100, the price of tacos is $10, and the price of milkshakes is $2. put tacos on the horizontal axis and milkshakes on the vertical axis. the opportunity cost of one taco equals units of milkshakes.
Axis - The opportunity cost of one taco equals units of milkshakes 10.
What is axis?
A Cartesian coordinate system in an aircraft is a coordinate system in which each point is uniquely specified by a pair of numerical coordinates, that are the signed distances to a point from two fixed perpendicularly oriented lines measured in the same unit of length. Each reference coordinate line is referred to as a coordinate axis or simply an axis of the scheme, and the point at which they intersect is known as the origin, or ordered pair (0, 0). The locations can also be defined as the signed distances from the origin of the point's perpendicular projections onto the two axes. The same principle can be used to specify the position of the any point in three-dimensional space using three Cartesian coordinates, its signed distances to mutually perpendicular planes.
Price of Milkshakes = $2
Price of Tacos = $10
Income = $100
The budget equation will be
10T + 2M = 100
where T is the number of units of tacos and M is the number of units of milkshakes.
The horizontal intercept for Chuck's budget line is when the budget line touches the X-axis or we can say when the number of units of milkshakes is zero.
10T + 2M = 100
10T + 2(0) = 100
10T = 100
T = 10
Hence the horizontal intercept for Chuck's budget line is 10
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the following represents the probability distribution for the daily demand of computers at a local store. demand probability 0 0.15 1 0.25 2 0.35 3 0.2 4 0.05 the expected daily demand is
The demand probability for the probability distribution for expected daily demand is 0.25.
What is probability?Probabilities are mathematical justifications of the probability that an event will happen or that a proposition is true. A number between 0 and 1, with 0 typically signifying impossibility and 1 typically signifying certainty, denotes the likelihood of an event. If an event's probability is higher, it has a larger chance of happening. The coin is fair, thus the possibilities ("heads" and "tails") are equally likely; the chance of "heads" equals the probability of "tails," and as there are no other outcomes possible, the likelihood of either "heads" or "tails" is half.
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If Japan can produce 3 rice cakes or 6 seaweed salads in an hour, while Indonesia can produce 2 rice cakes and 5 seaweed salads in an hour, which of the following is true?
a. Japan has a comparative advantage in producing both goods.
b. Japan has a comparative advantage in producing seaweed salads.
c. Indonesia has a comparative advantage in producing rice cakes.
d. Indonesia has a comparative advantage in producing seaweed salads.
The correct option is d. Indonesia has a comparative advantage in producing seaweed salads.
Thousands of different types of microscopic, multicellular, marine algae are referred to as seaweed or macroalgae. Some varieties of Rhodophyta, Phaeophyta, and Chlorophyta macroalgae are included in the name. Other species, including planktonic algae, play a crucial role in collecting carbon, creating at least 50% of Earth's oxygen. Seaweed species like kelps provide crucial nursery environment for fisheries and other marine creatures, protecting food sources. Human activities can sometimes endanger natural seaweed habitats. Seaweeds have been grown for use by humans for a very long time. Growing seaweed for food, salads and as a source of materials for various chemicals has recently spread across the world.
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from the following list, select all the key aspects of today’s e-commerce landscape that organizations should consider when conducting business in this environment.
The from the following list all the key aspects of today’s e-commerce landscape that organizations should consider when conducting business in this environment are:
Dedicated workspaces are viewable and editable by approved users, regardless of their physical location.The software is cloud-based, removing the need for users to have specific software downloaded on a device.Remote users create individual, dedicated workspaces online for managing their own data and workflows.Changes to project documents or spreadsheets must be saved and sent to the members of a team.What is e-commerce landscape?E commerce can be described as the term that explains the electronic commerce or internet commerce way of selling goods by the firms.
Therefore, all the options are correct expect the second option.
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Check the missing options:
Dedicated workspaces are viewable and editable by approved users, regardless of their physical location.
Unreasonable changes that can be used in the software
The software is cloud-based, removing the need for users to have specific software downloaded on a device.
Remote users create individual, dedicated workspaces online for managing their own data and workflows.
Changes to project documents or spreadsheets must be saved and sent to the members of a team.
A cost that can be traced directly to a specific segment should be charged directly to that segment and not allocated to other segments.
a. True
b. False
True, because these costs cannot be allocated to other segments.
The definition of direct costs are costs that can be charged directly to cost objects or products. Direct costs are costs incurred, the only cause of which is because something is being financed. If something that is financed does not exist, then direct costs will not occur.
Examples of direct costs are direct materials (raw materials), wages of workers who are directly involved in the production process of goods at the factory, advertising, transportation costs, and so on.
For example, a company that wants to design a new building needs to hire a project manager to oversee the construction of the building. Project manager salaries are included in direct costs. Examples of direct costs: costs of gravel, sand, cement and wages incurred in the production of concrete.
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The aggregate demand curve illustrates the relationship between ________ and the ________, holding constant all other factors that affect aggregate expenditure.
An aggregate demand curve illustrates the relationship between the price level and the quantity of planned aggregate expenditure, holding constant all other factors that affect aggregate expenditure.
What is an aggregate demand curve?
Basically, a demand curve refers to the graph depicting the relationship between the price of a certain commodity and the quantity of that commodity that is demanded at that price. These curves can be used either for the price-quantity relationship for an individual consumer or for all consumers in a particular market.
Also, an aggregate demand means the measurement of total amount of demand for all finished goods and services produced in an economy. It is often expressed as the total amount of money exchanged for those goods and services at a specific price level and point in time.
In conclusion, the typical aggregate demand curve represents the total of consumption, investment, government purchases and net exports at each any price level in any period of time.
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a prospective client was intimidated by an agent to purchase an insurance contract. the agent could be found guilty of'
A prospective client was intimidated by an agent to purchase an insurance contract. the agent could be found guilty of coercion.
There are many different types of insurance, but they all have one purpose. It is to protect you financially in the event of an unexpected loss. If you purchase, it can cover your medical expenses, your home or business, your possessions, or your life.
An insurance agent is a professional who helps people select and purchase insurance policies. They work with a variety of insurance companies and help their clients find the best coverage for their needs.
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Pete and George own and operate a small specialty sandwich shop. What primary type of legal responsibility do they have toward their employees to cover issues with on-the-job injuries?
A. Flexible contracts
B. Worker’s compensation
C. Corporate shares
D. Safety training
Worker's Compensation is one of the most important things that concerned Employers to look after the in-job injuries of a person. Hence, option B is appropriate.
What is Worker's Compensation?Worker's Compensation is one of the premium means and responsibilities which are aligned with working in a company. People are to be working tenuously and also motivating their lives.
Worker's Compensation also includes the use of the most tedious measures for official purposes.
Hence, option B is correct.
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suppose that the miami heat basketball franchise enters into a contract with a sports apparel producer and screen printer. the team agrees to purchase 100,000 t-shirts for $5 each and 25,000 hats for $6 each, indicating that the miami heat are the nba champions. however, the terms of the contract indicate that the contract will occur only if the miami heat win the championship that year.
The terms of the contract indicate that the contract will occur only if the Miami heat wins the championship that year. This scenario is an example of a Condition precedent.
A condition precedent is a condition or an occasion that have to occur before a proper, claim, obligation, or pursuits arises. A condition precedent is contrasted with a situation next. In a contract, a condition precedent is an occasion that must occur earlier than the events are obligated to carry out.
A circumstance precedent is an event or scenario this is required before something else will arise. In agreement regulation, a situation precedent is an event which ought to arise, except its non-incidence is excused, earlier than overall performance below a settlement becomes due, i.e., earlier than any contractual responsibility exists.
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Disclaimer:- your question is incomplete, please see below for the complete question.
Suppose that the Miami heat basketball franchise enters into a contract with a sports apparel producer and screen-printer. the team agrees to purchase 100,000 t-shirts for $5 each and 25,000 hats for $6 each, indicating that the Miami heat is the NBA champion. however, the terms of the contract indicate that the contract will occur only if the Miami heat wins the championship that year. This scenario is an example of what?
steel mill inc. makes an offer to tag to enter into a contract to work as a mechanical engineer for a certain salary for one year subject to a five-year renewal based on his performance. tag accepts the offer. this is a valid contract because it includes
Tag accepts the offer. this is a valid contract because it includes an offer and an acceptance.
A contract is a legally enforceable agreement that creates, defines, and governs mutual rights and obligations among its parties. A contract commonly involves the switch of products, services, cash, or a promise to switch any of these at a destiny date. Within the occasion of a breach of agreement, the injured birthday party can also are seeking judicial remedies consisting of damages or rescission. Settlement regulation, the sphere of the law of obligations worried with contracts, is based totally at the precept that agreements ought to be venerated. Contract law, like other areas of private regulation, varies among jurisdictions. The diverse systems of agreement law can broadly be broken up between not unusual regulation jurisdictions, civil law jurisdictions, and combined law jurisdictions which integrate elements of both not unusual and civil law.
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what encompasses all of the information contained within a single business process or unit of work and its primary purpose is to support the performance of daily operational tasks? timeliness transactional information analytical information quality
All of the data in a single business operations as well as unit of work is referred to as "transactional information," and its main function is to facilitate the accomplishment of routine administrative tasks.
What is transactional information?
Every day, organisations process a huge number of transactions. Transactional information is the end result of these transactions. All of the data in a business unit is considered transactional data. Transactional information is primarily used to support the unit's daily operations. Sales receipts, packing slips, purchase confirmations, and other examples of transactional information are provided. Transactional information is a byproduct of carrying out routine business operations. Analytical information, as opposed to transactional information, is utilised for managerial analysis and decision-making. Higher-ranking members of the organization's hierarchy typically do not require all the specifics of transactional information. They require a broader perspective. This is where analytic data is put to use. A report on sales volume is an illustration of analytical data.
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derek purchases a small business from art on july 30, 2021. he paid the following amounts for the business: fixed assets $180,000 goodwill 40,000 covenant not to compete 30,000 total $250,000 question content area a. how much of the $250,000 purchase price is for section 197 intangible assets? $ fill in the blank 404312fdd03e05f 1 question content area b. what amount can derek deduct on his 2021 tax return as section 197 intangible amortization? use months, not days, in your computations. round your answer to the nearest dollar. $ fill in the blank 89e41500dfa906a 1
a. The amount from $250,000 purchase price that is for section 197 intangible assets is $70000.
b. The amount that Derek deduct on his 2021 tax return as section 197 intangible amortization is $2,333
What is an intangible asset?An intangible asset is one that does not have physical substance. Patents, copyright, franchises, goodwill, trademarks, and trade names, as well as software, are examples. This contrasts with physical and financial assets. An intangible asset is a distinct non-monetary item that lacks physical substance.
From the $250,000 purchase price the intangible assets for sec 197 are
Goodwill = $40,000
Covenant not to compete=$30,000
Total = $40000 + $30000 = $70,000
b) As per sec 197 these intangibles need to be amortized over a period of 15 years beginning from the date of acquisition irrespective of the useful life.
So amortization,
= 70,000/15=$ 4667 yearly
Since 2019 starting from 1st July to 31st Dec 2019
= 4667*6/12= $2,333
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This is the premium added to the equilibrium interest rate on a security that cannot be bought or sold quickly enough to prevent or minimize loss.
This is the premium added to the equilibrium interest rate on a security that cannot be bought or sold quickly enough to prevent or minimize loss which is the Liquidity Risk Premium.
The equilibrium real interest rate is the short-term real interest rate that is consistent with aggregate output in the long run, under potential and stable inflation. When interest rates exceed the equilibrium level, the amount supplied exceeds the amount demanded. Short-term bond prices are more sensitive to interest rate changes than long-term bond prices because of short-term.
Interest rates are more volatile than long-term ones. The higher the inflation rate the faster interest rates rise. This is because lenders charge higher interest rates in the future to compensate for the reduced purchasing power of the money paid to them. The nominal interest rate is the expected inflation rate plus the real interest rate. The real inflation rate was higher than the nominal interest rate.
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in a perpetual inventory system, inventory is initially recorded at . multiple choice question. cost gross profit expected resale value expected profit expected selling price
in a perpetual inventory system, inventory is initially recorded at cost.
What Is Perpetual Inventory System?A perpetual inventory system can be described as the techniques that is been used by the company so that they can continuously estimates the inventory that is been formed in the company which is usually based on the electronic records.
It should be noted that when using this system that is been described above, the the inventory is usually been recorded at the cost so as to allow the further calculation that can be used in analyzing the inventory in the future.
Therefore, first option is correct.
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Charlie is recently retired and set in her ways. When she finds a product she likes, she tends to stick with it, even after stores stop carrying it. She is curious about new electronic gadgets and digital apps but does not know a lot about them. Charlie falls into the ________ category.
She is curious about new electronic gadgets and digital apps but does not know a lot about them. Charlie falls into the laggard category.
What is laggard category?Laggard category can be defined as the way in which a person is often always the person that his left behind or when a person is to slow to understand or respond to something.
Based on the scenario she is laggard category because despite always been curious about a new product she does have enough information about them.
Therefore we can conclude that charlie is in a laggard category.
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What is the population doubling time in years for a country with an annual growth rate of 3. 5 percent?.
An investment's "doubling time" is the period of time during which it doubles its original value. In terms of GDP, the doubling time is the period of time during which the GDP, at its current growth rate, will have doubled.
The doubling time at r% is T = 70/ r according to the rule of 70.
70 /3.5 = 20 years
The Rule of 70: What Is It?
By using the rule of 70, you may determine how many years it will take for your money or an investment to double. According to a given rate of return, the rule of 70 calculates how many years it will take for your money to double. The formula is frequently applied to compare investments with various yearly compound interest rates in order to rapidly estimate how long an investment would take to increase. Double-time is another name for the rule of 70.
Methods for Applying the Rule of 70
Identify the investment's or variable's yearly rate of return or growth.
Subtract 70 from the yield or growth rate every year.
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why may a company want to pay its workers more than the prevailing market wage? a wage above the market equilibrium
A company may want to pay its workers a wage more than market equilibrium when it requires workers in urgency.
What is market equilibrium?In this context, market equilibrium refers to a situation where a market price is created through competition such that the quantity of products or services sought by buyers is equal to the quantity of goods or services produced by sellers. The quantity is referred to as the "competitive quantity" or market clearing quantity, and the price is frequently referred to as the competitive price or market clearing price. This price will typically not change unless demand or supply changes. But the idea of equilibrium in economics also holds true in imperfectly competitive marketplaces, where it takes the shape of a Nash equilibrium. When an economic agent cannot alter the circumstance by using any strategy, the situation is said to be in an economic equilibrium.
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The revenue collected from a tax equals?
The revenue collected from a tax equals even when no money has changed hands in the transaction, earnings or expenses that have an impact on a company's net income are recorded on the income statement.
What is the tax revenue equivalent?
Tax revenue is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes.
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Final answer:
The tax revenue equates to the product of the tax rate and the tax base. It's the total income earned by the government from taxpayers, used to fund public goods and services like education, healthcare and infrastructure.
Explanation:
The revenue collected from a tax is defined as the entire amount of income or earnings received by the government or the tax-collecting organization from taxpayers. It can be computed as the product of the tax rate and the tax base, which is the total amount assessed for taxation. For example, if the tax rate is 10% and the tax base is $1,000,000, the tax revenue would be $100,000.
Tax revenue is a vital aspect for the operation of the government as it provides funding for public goods and services such as education, healthcare, defense, and infrastructure. The enforcement of tax laws and collection of these revenues are handled by specific bodies such as the Internal Revenue Service (IRS) in the United States.
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