According to basic economics, as the demand for a product increases,.pdf

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According to basic economics, as the demand for a product increases, the price will decrease. Listed below is the number of units demanded and the price. Demand Price 2 $120.0 5 90.0 8 80.0 12 70.0 16 50.0 21 45.0 27 31.0 35 30.0 45 25.0 60 21.0 Click here for the Excel Data File 8.value: 5.00 points (a-3) Does the relationship seem to be linear? The correlation indicates a fairly , linear relationship. check my workeBook Linkreferences 9.value: 5.00 points (b-3) State True or False. The correlation of demand and log-price expresses an even closer linear relation. True False Solution (a-3) Does the relationship seem to be linear? No its not linear as it seems in order (inverse or reverse) according to demand and price ratio. (b-3) True.

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Solution
(a-3) Does the relationship seem to be linear? No its not linear as it seems in order
(inverse or reverse) according to demand and price ratio. (b-3) True

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According to Classical economists, which type of fiscal policy financing produces \"crowding out\" A. Tax Increases B. Monetizing Debt C. Borrowing D. Charging user fees to those who use government services Solution A) Tax Increases Crowding out happens when governments increase too much tax and leaving business with less money, This happened in India before 1990s when there was socialistic economic structure and also in china, before 80\'s. Their economies were just super bad..

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Adam Smith is called the \"father of modern economics\" and his book The Weath of Nations, a fundamental work in the field of economics, is considered the first modern book on economics. In addition, economics first became a study in 1776 when The Wealth of Nations was published. Why is the word \"modern\" used in both descriptions? I know that individuals throughout the centuries and even Aristotle have dabbled with some economic theories, but I do not recall anyone making any significant contributions to economics before Adam Smith. Were there important contributions to economics made before 1776? If not, then why do we use the term \"modern\" even if there was no one in the study previously? Solution Direct predecessors to Adam Smith within the classical tradition (maybe a more useful distinction than modern) include Hume, Locke and Dudley North. Before the classical economists, there were the physiocrats (18th century), such as Francois Quesnay and Turgot. The physiocrats emphasised agricultural productivity as a driver of the wealth of nations. They were contemporaneous with, but also preceded by mercantilists (16th century - 18th century). Mercantilists mostly concentrated on creating a favorable balance of trade, which would allow reserves to accumulate in the possession of an absolute ruler. They emphasized government control of the economy as an extension of state power. The mercantilists had a lot of influence in the policies of nations, for instance in the form of Colbert. Famous writers might include de Malynes and Mun. Mercantilists were one of the main targets of Adam Smith\'s critique. The distinction being that mercantilists believed the quantity of reserves to be the ultimate source of a nation\'s wealth and so emphasized protectionism, while Smith focused more on trade allowing inputs to become more productive. In doing so he was very influenced by Quesnay to whom he had considered dedicating The Theory of Moral Sentiments. The inclusion of gains from trade, self-interest and competition leading to increased productivity, and division of labor distinguishes Smith from these earlier writings and forms the link to \"modern\" economics. There were also \"economists\" long before the 16th century, the connections between them and economics is we understand it tends to become more tenuous the farther back you go. Iba Khaldun is a good example, Aristotle (or more likely one of his students) literally wrote a book called \"Economics\" (this deals with economics in the literal sense of management of a household), you could also talk about Hesiod\'s \"Works and Days\" (a very old text indeed) being an example of early economics..

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Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Classifying Assets Identify each of the following as a current asset or property, plant, and equipment:a. Building YES/NOb. Cash YES/NOc. Interest Expense YES/NOd. Miscellaneous Expense YES/NOe. Common Stock YES/NOf. Prepaid Insurance YES/NO Solution Accounts Requiring Adjustment a) Building : Yes b) Cash : No c) Interest Expense : Yes d) Miscellaneous Expense : No e) Common Stock : Yes f) Prepaid Insurance : Yes Classifying Assets 1. Accounts Receivable : Current Asset 2. Building : Property Plant and Equipment 3. Cash : Current Asset 4. Equipment : Property Plant and Equipment 5. Prepaid Insurance : Current Asset 6. Supplies ; Current Asset.

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Accrual accounting consists of all the techniques developed by accountants to apply the matching rule. What is the importance of the matching rule? Solution Answer: Matching Principle requires that expenses incurred by an organization must be charged to the income statement in the accounting period in which the revenue, to which those expenses relate, is earned. Importance of matching: The matching principle a basic accounting principle that is adhered to in order to ensure consistency in a company\'s financial statements: i.e. the income statement, balance sheet, etc. If expenses are recognized at the wrong time, the financial statements may be greatly distorted: in turn jeapordizing the quality of the statements and providing an unfair representation of the financial position of the business. For example:.

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Accounting is the information system that identifies records and communicates the economic events of an organization to interested users. True False Bookkeeping deals with the record-keeping process and is only one aspect of accounting. True False Internal users are those who manage the business. True False The Financial Accounting Standards Board is a private organization that establishes broad reporting guidelines of general applicability as well as specific accounting rules. True False Certified Public Accountants are only permitted to prepare audit reports and tax returns. True False The economic entity assumption requires that the activities of the entity be kept separate and distinct from the activities of its owners and all other economic entities. True False Collection of account receivable will increase both cash and accounts receivable. True False An expense paid with cash would result in an equal decrease in liabilities and owner’s equity. True False Liabilities represent the owner ship claim on total assets. True False Net Income is the excess of revenues over expenses for the accounting period. True False Assets are increased by debits and liabilities are decreased by credits. True False The owner’s capital account is increased by credits True False An account will have a credit balance if the total debit amounts exceed the total credit amounts. True False The ledger is the entire group of accounts and is referred to as the book of original entry. True False The basic steps in the recording process are (1) to analyze each transaction, (2) to enter the transaction in a journal, and (3) to transfer the journal entry to the appropriate ledger accounts. True False The procedure of transferring journal entries to the ledger accounts is called posting and should be performed in chronological order. True False Assets = Liabilities + owner’s capital - owner’s drawing + revenues – expenses is a correct form of the expanded basic accounting equation. True False In posting, one should enter “J2” in the post ref. column on page two of the journal. True False When the columns of the trial balance equal each other, it proves no errors occurred in recording and posting. True False The double entry system is possible because all business transactions may be expressed in equal debit and credit entries. True False All of the following are external users of accounting information except labor unions taxing authorities regulatory agencies company officers Recording consists of: identifying and measuring economic events preparing and disturbing accounting reports Keeping a systematic, chronological diary of events measured in dollars and cents. Identifying measuring, receiving, and communicating economic events to interested users. Accounting for government, foundations, hospitals, labor unions, colleges/universities, and charities is part of which broad category within the accounting profession? Not-for-profit accounting Management accounting Public.

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Accordingly to Whitman and Mattord the containment phase is the third stage of the incident response phase. Two-bit level copies of the system\'s hard drive will be made once the system is in the posession of the incident-handling team. What are the two copies and why are they made? Solution A bit-stream copy is a bit-by-bit copy of the original storage medium. A bit-stream copy is an exact duplicate of the original disk, while a backup copy is nothing but a compressed file stored in a folder. Bit-streaming can create an exact image of a disk, as it is copied bit-by-bit. A bit-stream image is a file that contains a duplicate copy of all the data on a disk or disk partition. To create a bit-stream image of an evidence disk, an investigator should copy the bit- stream image to a target work disk, which is identical in all aspects to the evidence disk. Before copying the disk, the investigator must ensure that the disk used for copying is similar (in other words, the manufacturer and model of the target disk must be the same as the manufacturer and model of the original evidence disk). Although some software tools that create bit-stream images can accommodate a target disk of a different size, it is better to have the same size disks. The computer is used only when the bit- stream copies of the disk drives and floppy disks are made..

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