Economics Answers

In economics, "the long run" is referred to as
[1] a period in which the amounts of labour are fixed.
[2] a period in which the amounts of capital are variable.
[3] a period in which the amounts of all factors of production can be changed.
[4] a period in which the amounts of all factors of production are fixed.

The market for organic cabbage is represented by

what is macroeconomcs

Assume that the market price for a 5kg bag of rice is R80 and the government has announced that a 5kg bag of rice cannot be sold for less than R100.
With the aid of a well labelled diagram, explain the effect the above government decision will have in the market for rice.

A small country produces sugar domestically but also imports from other countries. The domestic supply curve is Q(domestic) = 5P and the foreign supply curve is Q(foreign)=10P . The demand of sugar in this country is given by Qd=100-5P .

Give the coefficients of the aggregate (i.e. combined) supply curve for this market, expressed as Q(agrregart)= a+bp

Question:
Describe (80–100 words) how you could index the data to ensure it can be quickly located and referred to later. Be specific.

Answer:
C. To index the data to ensure it can be quickly located and referred to later we can calculate several ratios like gross profit ratio, gross margin ratio, net operating profit ratio and net profit ratio to get several conclusions about it. https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-and-loss-statement-pl/

Feedback:
The explanation of indexing does not describe how it can be identified and what elements should be considered in the indexing of each piece of data ensuring it can be quickly located and referred to later

Question;
How will a business determine the correct lodgement requirements for its particular circumstances

Answer:
The lodgement process requires that the business maintains its tax records to explain the transactions that they have made.
To meet the on-time lodgement requirement, the things that need to be done are a review and update of client list and also checking if new clients who used to be self-prepares have any outstanding tax returns
If the business is registered for GST then they need to lodge the business activity statement , which helps you report and pay the GST, PAYG instalments and PAYG withholding tax and any other taxes.


Feedback:
This activity is about HOW will a business determine the correct lodgement requirements, not a brief explanation of the lodgement requirements

Question:
A business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $16,500 (GST inclusive).

Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and why?

Answer:
The Australian tax office requires you to submit the BAS monthly, quarterly or annually and the BAS is used to report the GST and PAYG instalments, PAYG withholding tax and other tax obligations.
In the case of the ten televisions they should all be under taxation, and this is because they were bought to be used in the business.


Feedback:
Only 9 televisions can be claimed for business purposes, have not clearly explained how much input tax credit can be claimed in the BAS, what fields are used and how is deprecation considered and processed.

What is ear making?

For the following statements, state Agree or Disagree. And provide brief explanations:

More than a half of the money issued by the government is actually held by people in foreign countries. Australia is hence less than half as wealthy as government statistics indicate’