A restaurant offers a 20% discount on all meals for people aged 60 and older. This restaurant is practicing:_________

a. monopolistic competition.
b. efficient pricing.
c. reservation pricing.
d. price discrimination.
e. price retention.

Answers

Answer 1

Answer:

d

Explanation:

Price discrimination is when the same product is sold at different prices to customers in different markets

types of price discrimination

1. first degree price discrimination : here sellers charge each consumer at their willingness to pay in order to eliminate consumer surplus.

2. second degree price discrimination : here firms offer different prices depending on the quantity purchased. e.g. giving discounts for bulk purchases.  

3, third degree price discrimination : firms charge different prices to different groups of customers. e.g. having a certain price for senior citizens, students  

Requirements to practice successful price discrimination  

1. The firm must have market power. If the firm does not have market power and attempts to price discriminate they would lose customers

2. The firm must have different elasticities of demand for their product in different markets

3. The firm must be able to segment the market for their products  

Answer 2

The restaurant who offers a 20% discount on all meals for people aged 60 years and above is practicing price discrimination.

Price discrimination can be defined as a situation in which the producer charges different prices for different groups of customers buying the same product.

This means, all customers be are purchasing the bc same commodity but are charged differently by the producer.

Therefore, the restaurant is practicing price discrimination system

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Related Questions

Why does the Aggregate Demand Curve slope downwards?

a. GDP Effect
b. Exchange-RMC Effect
c. Turn-Rate Effect
d. Substitution Effect
e. Interest-Rate Effect
f. Marginal Effect
g. Wealth Effect

Answers

Answer:

b. Exchange - RMC Effect c. Interest-Rate effect d. Wealth effect

Explanation:

When the exchange rate of the country falls, goods denominated in that currency will become cheaper and this would have the effect of making exports cheaper. Exports therefore rise with lower price levels.

A lower interest rate will mean that more companies will take loans to invest. Investment is a component of Aggregate demand so when investment increases, so does AD.

When prices are lower in the economy, the Aggregate Demand will increase because people will be able to afford more goods and services. This is the wealth effect.

Below are several amounts reported at the end of the year. Currency located at the company $ 950 Supplies 2,800 Short-term investments that mature within three months 1,850 Accounts receivable 3,100 Balance in savings account 8,100 Checks received from customers but not yet deposited 550 Prepaid rent 1,350 Coins located at the company 100 Equipment 9,000 Balance in checking account 5,800 Required: Calculate the amount of cash to report in the balance sheet.

Answers

Answer:

$17,350

Explanation:

Calculation to determine the amount of cash to report in the balance sheet.

Currency located at the company $950

Add Short-term investments that mature within three months 1,850

Add Balance in savings account 8,100

Add Checks received from customers but not yet deposited 550

Add Coins located at the company 100

Add Balance in checking account 5,800

Total Cash $17,350

Therefore the amount of cash to report in the balance sheet is $17,350

The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month.

a. Cash sales for November Year 1 were $65,500 plus sales tax of 9 percent.
b. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1.
c. Cash sales for December Year 1 were $79,500 plus sales tax of 9 percent.

Required:
Record the effect of the given transactions in a horizontal statements model.

Answers

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $0.50 coming 3 years from today. The dividend should grow rapidly - at a rate of 49% per year - during Years 4 and 5; but after Year 5, growth should be a constant 9% per year. If the required return on Computech is 16%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations.

Answers

Answer: $8.81

Explanation:

To solve this, add the present values of the dividends from years 3, 4 and 5 and then add the present value of the terminal value of the stock at year 5.

Year 3 dividend = $0.50

Year 4 dividend = 0.50 * (1 + 49%) = $0.745

Year 5 dividend = 0.745 * 1.49 = $1.11005

= Dividend in year 3 / (1 + required rate of return)³ + Dividend in year 4 / (1 + required rate of return)⁴ + Dividend in year 5 / (1 + required rate of return)⁵ +   (Dividend in year 5 * (1 + growth rate) / ( required rate of return - growth rate ) ) / (1 + required rate of return)⁵

= 0.5 / 1.16³ + 0.745/1.16⁴ + 1.11005/1.16⁵ + ( 1.11005 / (16% - 9%)) / 1.16⁵

= $8.81

If the required return on Compu tech is 16%, the value of stock today is $8.81. To answer this, sum the present values of the dividends from years 3, 4, and 5, followed by the present value of the stock's terminal value in year 5.

The current value of a future sum of money or stream of cash flows at a predetermined rate of return is known as its present value (PV). The present value of future cash flows is reduced by the discount rate, and the higher the discount rate, the lower the present value of future cash flows.

Given,

Year 3 dividend = $0.50

Year 4 dividend = 0.50 * (1 + 49%) = $0.745

Year 5 dividend = 0.745 * 1.49 = $1.11005

Dividend in year 3 / (1 + required rate of return)³ + Dividend in year 4 / (1 + required rate of return)⁴ + Dividend in year 5 / (1 + required rate of return)⁵ +   (Dividend in year 5 * (1 + growth rate) / ( required rate of return - growth rate ) ) / (1 + required rate of return)⁵

= 0.5 / 1.16³ + 0.745/1.16⁴ + 1.11005/1.16⁵ + ( 1.11005 / (16% - 9%)) / 1.16⁵

= $8.81

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Dog Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 3,100 tenant-days, but its actual level of activity was 3,120 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Fixed element per month Variable element per tenant-day Revenue - $ 34.00 Wages and salaries $ 2,000 $ 7.00 Food and supplies 1,000 13.50 Facility expenses 7,500 2.50 Administrative expenses 6,000 0.10 Total expenses $ 16,500 $ 23.10 Actual results for March: Revenue $ 104,372 Wages and salaries $ 28,500 Food and supplies $ 44,025 Facility expenses $ 14,900 Administrative expenses $ 7,090 The revenue variance for March would be closest to: Multiple Choice $1,708 F $1,708 U $1,028 U $1,028 F

Answers

Answer:

Dog Kennel

The revenue variance for March would be closest to:

= $1,028 U

Explanation:

a) Data and Calculations:

Budgeted kennel tenant-days = 3,100

Actual kennel tenant-days = 3,120

                                    Fixed element   Variable element     Total

                                        per month        per tenant-day

Revenue                                      -                   $ 34.00        $105,400

Wages and salaries         $ 2,000                    $ 7.00          $23,700

Food and supplies               1,000                     13.50            42,850

Facility expenses                7,500                      2.50             15,250

Administrative expenses   6,000                       0.10               6,310

Total expenses             $ 16,500                  $ 23.10            $88,110

Actual results for March:

Revenue                          $ 104,372

Wages and salaries         $ 28,500

Food and supplies          $ 44,025

Facility expenses             $ 14,900

Administrative expenses $ 7,090

Total expenses                $94,515

Revenue variance for March would be closest to: $1,028 U ($105,400 - $104,372)

During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800; indirect labor, $6,600; utilities cost, $4,800; and factory depreciation, $9,000. Journalize the entry to record the factory overhead incurred during May.

Answers

Answer:

Dr Factory Overhead $29,200

Cr Materials 8800

Cr Wages payable 6600 Cr Utilities Payable 4800

Cr Accumulated Depreciation-Factory 9000

Explanation:

Preparation of the entry to record the factory overhead incurred during May.

Dr Factory Overhead $29,200

($8,800 + $6,600 + $4,800 + $9,000)

Cr Materials 8800

Cr Wages payable 6600 Cr Utilities Payable 4800

Cr Accumulated Depreciation-Factory 9000

(To record the factory overhead incurred during May)

Goose Corporation has a basis of $3,340,000 in the stock of Swift Corporation, a wholly owned subsidiary acquired 30 years ago. Goose liquidates Swift Corporation and receives assets that are worth $2,672,000 and have a basis to Swift of $2,338,000.

Required:
a. Determine Goose Corporation’s recognized gain or loss on the liquidation.
b. Determine Goose Corporation’s basis in the assets received in liquidation.

Answers

Answer:

A. No gain or loss

B. Carryover; $2,338,000

Explanation:

A. Based on the information given the Corporation’s RECOGNIZED NO GAIN OR LOSS on the liquidation reason been that under SECTION 332 GOOSE'S BASIS IN THE SWIFT STOCK OF THE AMOUNT OF $3,340,000 IS REDUCED TO ZERO AMOUNT.

B. Based on the information given the Corporation’s BASIS IN THE ASSETS RECEIVED IN LIQUIDATION will be CARRYOVER BASIS of the amount of $2,338,000.

A company purchased a computer system on January 2, 2010 for $1,600,000. The company used the straight-line depreciation method with an estimated useful life of 6 years and a residual value of $130,000. The company prepares financial statements at December 31. Assume the company decides to sell the computer system on July 1, 2012 for $1,000,000. Which of the following is not true concerning the journal entry(ies) required on July 1 is not correct?

a. The Equipment asset account must be credited for $1,600,000 to record the sale.
b. The loss on the sale is $12,500.
c. Accumulated Depreciation is debited for $612,500 in the entry to record the sale.
d. The depreciation expense must be recorded for 6 months, January 1 to July 1.

Answers

Answer: b. The loss on the sale is $12,500.

Explanation:

The value of the equipment on the date it was sold is:

= Cost price - Accumulated depreciation

Accumulated depreciation = Depreciation * Number of years of service

Depreciation = (1,600,000 - 130,000) / 6 years useful life

= $245,000

Number of years of service is 2.5 years because the asset was sold on July 1, 2012.

Accumulated depreciation = 245,000 * 2.5

= $612,500

Value at date of sale:

= 1,600,000 - 612,500

= $987,500

Gain (loss) on sale = Selling price - Value at date of sale

= 1,000,000 - 987,500

= $12,500

The $12,500 is a gain not a loss.

Given the following, the standard cost of this item is $_____per unit.
Direct materials per unit: 2 pounds
Direct material cost: $2.50 per pound
Direct labor per unit: .75 hours
Direct labor rate: $16.00 per hour
Variable overhead rate: $8.00 per hour

Answers

Answer:

$23 per unit

Explanation:

Standard cost = Direct materials + Direct labor + Variable overhead

Standard cost = (2 pounds*$2.50 per pound) + (0.75 hours*$16.00 per hour) + (0.75 hours*$8.00 per hour)

Standard cost = $5 + $12 + $6

Standard cost = $23

So, the standard cost of this item is $23 per unit.

You are to receive a cash flow of $1,500 two years from now. Once received, you will invest the money and earn a 10.5% return. What is the value of the investment in year 5?

Answers

Answer:

$2,471.17

Explanation:

The value of the investment in 5 years time from the day of investment is known as the Future Value.

The Future Value is calculated by compounding the Principle Amount (amount invested) using the effective interest rate.

We can determine the Future Value using a Financial Calculator as follows :

PV = - $1,500

PMT = $0

P/YR = 1

N = 5

I = 10.5%

FV = ??

The Future Value (FV) is $2,471.17

Thus,

the value of the investment in year 5 is $2,471.17

A 4 year maturity bond with a 14% coupon rate can bought for $1200. i- What is the yield to maturity if the coupon is paid annually? (4) ii- What if it is paid semiannually?

Answers

Answer:a

Explanation:b

On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.

Answers

Answer:

See below

Explanation:

Prepaid insurance.                              Insurance expense

————————————-                     ———————————-

debit.   |    Credit.                                  Debit.   |      Credit

            |.     150.00.                                  150.   |

             

enter the debit of 150 under insurance expense in the journal

enter the credit of 150 under prepaid insurance in the journal

Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory.
4.
value:
3.00 points
(1) Prepare journal entries to establish the fund on January 1.
check my workreferencesebook & resources
5.
value:
3.00 points
(2) Prepare journal entry to reimburse the petty cash fund on January 8.
check my workreferencesebook & resources
6.
value:
3.00 points
(3) Prepare journal entries to both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2.

Answers

Answer:

1. Date  Account Titles and Explanation    Debit   Credit

1 Jan     Petty cash                                         $200

                      Cash                                                     $200

2. Date  Account Titles and Explanation    Debit   Credit

8 Jan    Postage Expenses                              $74

             Merchandise inventory                      $29                  

             Delivery expense                               $16

             Miscellaneous expense                     $43

                      Cash                                                       $162

3. Date  Account Titles and Explanation    Debit   Credit

8 Jan     Petty cash                                          $250

                      Cash                                                      $250

The sequence of events that results in a new equilibrium interest rate, after the Fed makes the change you selected, may be described as follows:

Because there is ______________ money in the financial system, the quantity of interest-bearing financial assets such as bonds demanded _____________, which means that bond issuers __________________ sell the bonds. This process continues until the new equilibrium interest rate is achieved.

Answers

Answer:

Following are the responses to the given question:

Explanation:

Due to the increased amount of currency in the banking sector, the amount of interest-bearing economic stocks and bonds has reduced, because when interest rates fall and bond demand rises or vice versa, the interplay between bond yields and bond prices grows In this case, bond demand will decline, implying, therefore, corporate bonds must increase interest for issue debt still. It is because, whereas if bond rates increase, the price of the bond will drop, that will lead to an increase in the consumption for bonds.

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Answers

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Answers

I don’t know what you mean

Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets

Required:
a. If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the opportunity cost of each of those outlets?
b. If Bill painted 5 walls in the first hour of work, and then switched to doing 5 outlets in the second hour of work, what was the opportunity cost of each of those outlets?

Answers

Answer:

1.33 walls

1 wall

Explanation:

Tradeoff is the opportunity cost of taking a particular decision

Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives

My doing he outlet, the opportunity to paint is forgone

Amy = 8/6 = 1.33

Bill = 5/5

O'Garro Inc. has paid a regular quarterly cash dividend of $0.70 per share for several years. The common stock is publicly traded. On February 21 of the current year, O'Garro’s board of directors declared the regular first-quarter dividend of $0.70 per share payable on March 30 to stockholders of record on March 15.

Required:
As a result of this dividend action, state what you would expect to happen to the market price of the common stock of O’Garro, Inc., on each of the following dates. Explain your answers.

a. February 21.
b. March 13.
c. March 15.
d. March 30.

Answers

Answer:

A.) February 21st

For the first quarter, this date is the date of declaration. In earlier years, this same dividend is what is paid. The price of the stock would not be affected too much by this.

B. March 13th

This is a date for ex dividend. The price in the stock market could fall by the same amount of the dividend.

C. March 15th

This date is the record date. The price cannot be influenced given that any stock that is traded in public is usually affected by the date of the ex dividend.

D. March 30tg

This date is the payment date. Liability is paid only as dividends payable.

Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise):
A building with a book value of $400,000 was sold for $500,000.
Additional common stock was issued for $160,000.
Dristell purchased its own common stock as treasury stock at a cost of $75,000.
Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller.
A dividend of $40,000 was paid to shareholders.
An investment in Fleet Corp.’s common stock was made for $120,000.
New equipment was purchased for $65,000.
A $90,000 note payable issued three years ago was paid in full.
A loan for $100,000 was made to one of Dristell’s suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months.

Answers

Answer:

Net cash flows from financing activities = (45000)

Explanation:

Common stock issued 160000

Treasury stock purchased (75000)

Dividends paid (40000)

Note payable repaid (90000)

Net cash flows from financing activities

(45000)

The multiplier effect of changes in government transfers is: greater than the multiplier effect of a change in government spending. impossible to determine. less than the multiplier effect of a change in government spending. zero because transfer payments do not affect aggregate demand.

Answers

Answer: less than the multiplier effect of a change in government spending.

Explanation:

The multiplier effect of government transfers refers to the measure by which the aggregate demand will increase by as a result of government transfers increasing.

This multiplier is less than the multiplier effect of a change in government spending. This is because government spending affects more people in the economy as it targets both companies and consumers. Government transfers on the other hand, target only welfare and unemployment payments amongst others so it cannot have the same effect as government spending.

jacks immediate boss lets him set his own schedule, does not offer support or direction, and is generally hands-off. Jack's boss is following which of the following leadership philosophies?

Answers

Answer:

Laissez-faire

Explanation:

Leadership forms are often diverse depending on how the leaders or heads decide to run their team. The laissez-faire leadership stuole is one which is popular and categorized based on the the level of freedom afforded to team members. The laissez-faire leadership style is one which is very open such that decision making are usually left in the hands of team members and they are being afforded the chance and power to make decisions with very little oversight from the leader. This is similar to the leadership style portrayed by Jack's boss who leaves Jack to set his schedule and make decisions.

William took out a $440,000 mortgage to purchase his personal residence. The residence is worth almost $1 million, and William wants to take out a $200,000 second mortgage and use the proceeds to consolidate his credit card debt. William can deduct the interest he pays on both mortgages.

a. True
b. False

Answers

Answer:

false

Explanation:

this is false than

In choosing to acquire a TV manufacturer as part of your entry strategy to enter the Smart TV market, Apple intends to integrate the TV manufacturer within its own company. The transfer of which competencies between the two companies creates the possible scenario for success?
A. Fully integrate the company and combine it with the current computer business because monitors and televisions are similar in their requirements
B. Transfer the knowledge of touchscreen capabilities and the Apple ecosystem from Apple to the TV manufacturer to use for the new Apple Smart TV

Answers

Answer:

B. Transfer the knowledge of touchscreen capabilities and the Apple ecosystem from Apple to the TV manufacturer to use for the new Apple Smart TV

Explanation:

In the first case, Apple doesn't have technical expertise on manfucturing the TV. Here the differences in both the devies with respect to the technology that applied in ports, operating system tec

So here the technology that adapted would be difficult for implementation

Instead of this, the apple would create the better position.

So, the option b is correct

Hence, the option a is incorrect

Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues. Based on this information, what is accounting profit for Laura's Pizza Place

Answers

Answer:

$500,000

Explanation:

Jefferson tutoring had the following payroll information on Feb 28:
Gross pay: 4,000
Cumulative earnings prior to this payroll: 4,000
Assume:
FICA tax rates are OASDI 6.2% on a limit of 117,000 and medicare 1.45%.
State unemployment tax rate is 2% on the first 7,000.
Federal unemployment tax rate is 0.8% on the first 7,000
Using the information above the journal entry to record the payroll tax expense for jefferson tutoring would include:____.
A. a credit to FUTA payable for 24.
B. a debit to payroll tax expense in the amount of 390.
C. a credit to SUTA payable for 60.
D. all of the above.

Answers

Answer: D. all of the above.

Explanation:

FUTA:

Cumulative earnings were $4,000. FUTA is one the first $7,000 which means that only $3,000 is left to be taxed on account of the cumulative earnings prior to this payroll having been taxed:

= 0.8% * 3,000

= $24

This will be credited to FUTA Payable to recognize that Jefferson owes this liability.

SUTA:

Same goes for SUTA:

= 2% * 3,000

= $60

This will be credited to SUTA Payable to recognize that Jefferson owes this liability.

Payroll tax expense:

= FICA taxes + Medicare + FUTA + SUTA

= ((6.2% + 1.45%) * 4,000) + 24 + 60

= $390

This will be debited to Payroll Tax expense because expenses are debited when they increase.

As part of an estate settlement Mary received $1 million. She decided to use the money to purchase a small business in Anywhere, USA. If Mary would have invested the $1 million in a risk-free bond fund she could have made $100,000 each year. She also quit her job with Lucky.Com Inc. to devote all of her time to her new business; her salary at Lucky.Com Inc. was $75,000 per year.

1. At the end of the first year of operating her new business, Mary's accountant reported an accounting profit of $150,000. What was Mary's economic profit?

a. $25,000 loss
b. $50,000 loss
c. $25,000 profit
d. $150,000 profit 13.

2. What are Mary's opportunity costs of operating he r new business?

a. $25,000
b. $75,000
c. $100,000
d. $175,000

3. How large would Mary's accounting profits need to be to allow her to attain zero economic profit?

a. $100,000
b. $125,000
c. $175,000
d. $225,000

Answers

Answer:

Following are the solution to the given point.

Explanation:

For question 1:

Economic gains are distinct from bookkeeping gains. Accounting value also takes into account the cost of potential.

[tex]\text{Economic Profit = Accounting Profit - Loss of salary - Risk free bond income}[/tex]

                          [tex]= 150, 000 -75,000 - 1,00,000\\\\= - 25,000[/tex]

that's why "option a" is correct.

For question 2:

The "option d" is correct.

For question 3:

The "option c" is correct.

Fill inthe blanks.
a. Fiscal Policy involves changing __________ . In the United States, Fiscal Policy is implemented by the _________.
b. ____________can be used to address a Recessionary Gap by __________ taxes and _________ government purchases. Meanwhile, ___________can be used to address an Inflationary Gap by ________ taxes and __________government purchases.

Answers

Answer:

a) taxes and government spending, President and Congress

b) Expansionary Fiscal Policy, lowering, raising, Contractionary Fiscal Policy, raising, lowering.

Explanation:

a. Fiscal Policy involves changing taxes and government spending. In the United States, Fiscal Policy is implemented by the President and Congress.

b. Expansionary Fiscal Policy can be used to address a Recessionary Gap by lowering taxes and raising government purchases. Meanwhile, Contractionary Fiscal Policy can be used to address an Inflationary Gap by raising taxes and lowering government purchases.

The inventory turnover ratio and days sales outstanding (DSO) are two ratios that can be used to assess how effectively the firm is managing its liquidity in consideration of current and projected operating levels.
A. True
B. False

Answers

Answer:

A. True

Explanation:

In the case of the inventory turnover ratio and the days sales outstanding, these two ratios are applied in order to analyze how the firm would managed in effective manner in terms of the liquidity with respect to the present and the expected level of operations

So, the given statement is true

Therefore the option a is correct

If the best surgeon in town is also the best at cleaning swimming pools, then according to the theory of comparative advantage, this person should split his time evenly between being a surgeon and cleaning swimming pools. pursue the activity he enjoys more. specialize in being a surgeon because its opportunity cost is lower. specialize in cleaning swimming pools because it is more labor-intensive.

Answers

Answer:

tspecialize in being a surgeon because its opportunity cost is lower

Explanation:

A person has comparative advantage in production if it produces at a lower opportunity cost when compared to other people.

Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

What the surgeon would give up to pratice as a surgeon would be lower compared than if he decided to specialise in cleaning pools

thus he should specialize in being a surgeon because its opportunity cost is lower

Suppose that Raphael, an economist from an AM talk radio program, and Susan, an economist from a school of industrial relations, are arguing Over saving incentives. The following dialogue Shows an excerpt from their debate:

Susan: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards.
Raphael: I think a switch from the income tax to a consumption tax would bring growth in living standards.
Susan: You really think households would change their saving behavior enough in response to this to make a difference? Because I don't.


The disagreement between these economists is most likely due to_____________ . Despite their differences, with which proposition are two economists chosen at random most likely to agree?

a. Rent ceilings reduce the quantity and quality of available housing.
b. Immigrants receive more in government benefits than they contribute in taxes.
c. Having a single income tax rate would improve economic performance.

Answers

Answer:

a. Difference in values

b. a. Rent ceilings reduce the quantity and quality of available housing.

Explanation:

The disagreement between these economists is most likely due to difference in values.

Economists are known to disagree a lot with each other and this is down to them having different values and perspectives with regards to several economic decisions. This is why there are different economic theories subscribed to by economists such as Keynesian and New Classical theories.

Despite these disagreements however, there are certain things they would always agree on and one of those is that rent ceilings reduce the quantity and quality of available housing.

The logic behind this is that imposing a rent ceiling would dissuade real estate investors from putting in more money to develop properties because the rent ceiling would limit the returns that they can get.

Supply of real estate would also fall because less investors would go into the market because they would fear being unable to recoup adequate returns on account of the rent ceiling.

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