In Our Simple Macro Model with Government,which Statement Correctly Describes

question 53

Multiple Choice

In our simple macro model with government,which statement correctly describes the following equation: = (0.75) Y?

• A)If disposable income increases by $0.75,then national income increases by $1.00 and total tax revenue rises by $0.75.
• B)Net tax revenue is equal to 75% of national income.
• C)If national income increases by $1.00,then disposable income increases by $0.75 and net tax revenue increases by $0.25.
• D)Net tax revenue is equal to 25% of disposable income.
• E)If national income increases by $1.00,then disposable income increases by $0.25 and net tax revenue increases by $0.75.

Compare and contrast the uses, similarities, and differences between conditional sales agreements and chattel mortgages.

Identify the characteristics that distinguish services from tangible goods.

Understand the classification of services based on their method of delivery (people-based vs. equipment-based).

Recognize the unique marketing concerns associated with different types of services.

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Definitions:

Standard Machine-Hours

A predetermined amount of time that a machine is expected to operate to meet production requirements.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including rent, utilities, and salaries for employees not directly involved in production.

Standard Hours Allowed

The time budgeted for the completion of a task or production of goods, based on efficient operations.

Standard Costing System

An accounting framework that assigns predetermined costs to products and services, which are then compared against actual costs for variance analysis.