Regarding income distribution and the distribution of wealth
A) wealth is a stock concept and income a flow concept.
B) a stock is evaluated at a given moment in time; a flow is evaluated during a period of time.
C) income, a flow, can be viewed as a return on wealth.
D) All of the above are correct.
Answer: D
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What is the journal entry to record the direct labor summarized on the labor distribution report?
a. debit to Finished Goods and credit to Payroll b. debit to Work-in-Process and credit to Payroll c. debit to Payroll and credit to Direct Labor d. debit to Payroll and credit to Cash
Government spending as a percent of national income
A) peaked during the Reagan administration. B) peaked during World War II. C) has been steadily climbing since 1850. D) has been almost constant this century.
Given that the firm decides to only offer the high-end wok, what is the highest price it can charge the chefs?
a. $70 b. $80 c. $90 d. $100
If the U.S. government runs a budget deficit (G? T), that deficit must be financed by an excess of
A. T over G. B. C over T plus G. C. investment by American businesses and individuals. D. S over I by American businesses and individuals, or by borrowing from foreigners.