Homework Answers
Positive economics : It is an approach will help us to understand the outcome without making any judgement
Normative economics: It is an approach of economics where analysis of the outcome is done and we evaluate that whether it is a positive or a negative outcome and we even try to provide a better course of action for that analysis.
| Statement | comes under which economics |
| Canada is the best country in the world to live-in | Normative |
| Canada national income has raisen over last five years | positive |
| If the world price of wheat rises , Canada exports less wheat | positive |
| Unemployment a more serious problem than inflation | Normative |
In the above statement Canada is a best country in the world to live in and Unemployment is a more serious issue than inflation the person is making judgement on the outcome rather than understanding it . So it is normative economics.
In the above statement Canada national income has risen over last five years and If the world price of wheat rises Canada exports less wheat are positive statements because here the author is try to understand the behaviour because of the changes taking place. He is not giving any judgement on outcomes but he is trying to predict what may happen.
Prove each problem, prove by induction 1)Statement 2 Statement: 3 (n-1)n 2forn 2 1
Prove each problem, prove by induction
1)Statement 2 Statement: 3 (n-1)n 2forn 2 1
Statement 1: Rise in savings(or savings rate) is typically associated with higher growth rates. Statement 2:...
Statement 1: Rise in savings(or savings rate) is typically associated with higher growth rates. Statement 2: China has a lower growth rate than the USA for the last 5 years. A Statement 1 is True, Statement 2 is True. B Statement 1 is True, Statement 2 is False. C Statement 1 is False, Statement 2 is True. D Statement 1 is False, Statement 2 is False.
Statement 1: A monopoly firm can make positive economic profits in the short run. Statement 2:...
Statement 1: A monopoly firm can make positive economic profits in the short run. Statement 2: A monopoly firm can make positive economic profits in the long run. Statement (1) and statement (2) are both false. Statement (1) and statement (2) are both true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Afirm finds that the profit-maximizing level of output, Q is equal to 100 units. At this quantity, P - $5,...
Which assertion about statement 1 and statement 2 is true? Project A would cost 13,702 dollars...
Which assertion about statement 1 and statement 2 is true? Project A would cost 13,702 dollars today and have the following other expected cash flows: 2,107 dollars in 1 year, 7,356 dollars in 2 years, and 11,328 dollars in 4 years. The cost of capital for project A is 12.76 percent. Project B would cost 16,619 dollars today and have the following other expected cash flows: 2,296 dollars in 1 year, 5,313 dollars in 3 years, and 13,327 dollars in...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
THE PERSONAL INCOME STATEMENT 1. What is the primary purpose of the income statement? 2. Distinguish...
THE PERSONAL INCOME STATEMENT 1. What is the primary purpose of the income statement? 2. Distinguish between Total Income and Income Available for Living Expenditures. 3. Distinguish between variable and fixed expenditures
Identify and explain what are the four financial statements. 1.Income Statement 2. Statement of Retained Earnings...
Identify and explain what are the four financial statements. 1.Income Statement 2. Statement of Retained Earnings 3. Balance Sheet 4. Statement of Cash Flow What are the types of accounts included on each statement. Identify the relationship between each statement. Cite your sources (APA).
1.) Prepare a statement for cost of goods sold 2.) Prepare a statement for cost of...
1.) Prepare a statement for cost of goods sold 2.) Prepare a statement for cost of goods manufactured - Gross Profit is 40% of Sales Beginning Finished Goods: $1,375,200 Beginning Materials: $856,000 Beginning Work in Process: $725,000 Direct Labor: $836,700 Ending Finished Goods: $1,145,670 Ending Material: $871,350 Ending Work in Process: $697,300 Manufactured Overhead: $2,579,220 Purchased Material: ? Sales: $10,025,000
PR 1-5A Statement of cost of goods manufactured and income statement for a OBJ. 2, 3...
PR 1-5A Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for The New Quest Corporation for 2016: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense Depreciation expense-office equipment Depreciation expense--factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense--factory Sales Sales salaries expense Supplies---factory...
E1-2 Matching Financial Statement Items to Financial Statement Categories LO1-1 nem that would appear on the...
E1-2 Matching Financial Statement Items to Financial Statement Categories LO1-1 nem that would appear on the balance sheet or a revenue (R) or expense (E) tem that would appear on the income statement (9) Income taxes
Prove each problem, prove by induction
1)Statement 2 Statement: 3 (n-1)n 2forn 2 1
Statement 1: A monopoly firm can make positive economic profits in the short run. Statement 2: A monopoly firm can make positive economic profits in the long run. Statement (1) and statement (2) are both false. Statement (1) and statement (2) are both true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Afirm finds that the profit-maximizing level of output, Q is equal to 100 units. At this quantity, P - $5,...
Which assertion about statement 1 and statement 2 is true? Project A would cost 13,702 dollars today and have the following other expected cash flows: 2,107 dollars in 1 year, 7,356 dollars in 2 years, and 11,328 dollars in 4 years. The cost of capital for project A is 12.76 percent. Project B would cost 16,619 dollars today and have the following other expected cash flows: 2,296 dollars in 1 year, 5,313 dollars in 3 years, and 13,327 dollars in...
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: 0 Required Required 2 > Cherokee, Inc. Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0 Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling...
THE PERSONAL INCOME STATEMENT 1. What is the primary purpose of the income statement? 2. Distinguish between Total Income and Income Available for Living Expenditures. 3. Distinguish between variable and fixed expenditures
1.) Prepare a statement for cost of goods sold 2.) Prepare a statement for cost of goods manufactured - Gross Profit is 40% of Sales Beginning Finished Goods: $1,375,200 Beginning Materials: $856,000 Beginning Work in Process: $725,000 Direct Labor: $836,700 Ending Finished Goods: $1,145,670 Ending Material: $871,350 Ending Work in Process: $697,300 Manufactured Overhead: $2,579,220 Purchased Material: ? Sales: $10,025,000
PR 1-5A Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for The New Quest Corporation for 2016: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense Depreciation expense-office equipment Depreciation expense--factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense--factory Sales Sales salaries expense Supplies---factory...
E1-2 Matching Financial Statement Items to Financial Statement Categories LO1-1 nem that would appear on the balance sheet or a revenue (R) or expense (E) tem that would appear on the income statement (9) Income taxes
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