Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs.

1. Mimics the actual flow of inventory for most businesses.

2. Cost of goods sold approximates its current cost.

3. Precisely matches the costs of items with the revenues they generate.

4. Yields the lowest net income.

5. Has the lowest tax expense because of reporting the lowest net income.

OPTIONS: WEIGHTED AVERAGE, SPECIFIC IDENTIFICATION, FIFO, OR LIFO

The revised revenue recognition accounting standard employs a five-step process to achieve the core principle to recognize income upon the transfer of promised goods or services. Use the Internet to research a company that bundles a product and a service. Examine income recognition of the bundled product and service for the company by addressing each step in the five-step process for revenue recognition. Give your opinion on the most critical step for accurately reporting revenue in the five-step process. Provide support for your response.

1. The business cycle looks like rolling waves and has natural rises (recoveries and booms) followed by drops (recessions) and occasionally depressions.

True

False

2. Efficient firms provide the most goods/services using the least amount of resources.

True

False

3. Stockholders include the suppliers, employees, community, and others impacted by a business."

True

False

4. The secret to developing a prosperous free enterprise economy is to ensure the government owns and controls all factors of production.

True

False

this is a major assignment

Read the following excerpts taken from the Governor of the Reserve Bank of Australia's speech on 21 April 2020. Available in full in text, or audio here:

Economic forecasting is difficult at the best of times. It is even harder at times like this when we are experiencing a once in a lifetime event. Given this, I don't think it makes sense at the moment to focus on forecasts to the nearest decimal point, as we often do. Instead, I would like to focus on two broad issues:

. the immediate outlook for the economy

. the nature and speed of the recovery

The next few months are going to be difficult ones for the Australian economy.

One very obvious consequence of the efforts needed to contain the virus is that many normal activities are restricted or not permitted. This means that, for as long as these restrictions are in place, we don't have the jobs and incomes that come from these activities. On top of this, there is a high level of uncertainty about the future, which means that many households and businesses are holding back their spending and investment.

The result of both the restrictions and the uncertainty is that over the first half of 2020 we are likely to experience the biggest contraction in national output and income that we have witnessed since the 1930s.

Putting precise numbers on the magnitude of this contraction is difficult, but our current thinking is along the following lines:

• National output is likely to fall by around 10 per cent over the first half of 2020, with most of this decline taking place in the June quarter.
• Total hours worked in Australia are likely to decline by around 20 per cent over the first half of this year.
• The unemployment rate is likely to be around 10 per cent by June, although I am hopeful that it might be lower than this if businesses are able to retain their employees on lower hours. The unemployment rate would have been much higher than this without the government's JobKeeper wage subsidy.
• These are all very large numbers and ones that were inconceivable just a few months ago. They speak to the immense challenge faced by our society to contain the virus.
• [...]
• Inevitably, the timing and pace of this recovery depend upon how long we need to restrict our economic activities, which in turn depends on how effectively we contain the virus. So it is difficult to be precise and it makes sense to think in terms of scenarios. Consistent with this, the Bank will discuss some possible scenarios in the Statement on Monetary Policy in a few weeks' time.

One plausible scenario is that the various restrictions begin to be progressively lessened as we get closer to the middle of the year, and are mostly removed by late in the year, except perhaps the restrictions on international travel.

Under this scenario we could expect the economy to begin its bounce-back in the September quarter and for that bounce-back to strengthen from there. If this is how things play out, the economy could be expected to grow very strongly next year, with GDP growth of perhaps 6-7 per cent, after a fall of around 6 per cent this year. There is though quite a lot of uncertainty around the numbers, with the exact profile of the recovery depending not only upon when the restrictions are lifted but also on the resolution of the uncertainty that people feel about the future.

It is harder to make forecasts about the unemployment rate given the uncertainty about how many employees will remain attached to their firm and whether people who are stood down will be looking for employment and thus be counted as unemployed. But it is likely that the unemployment rate will remain above 6 per cent over the next couple of years. With many firms delaying or cancelling wage increases, year-ended wage growth is expected to decline to below 2 per cent, before gradually picking up again. In underlying terms, inflation is expected to remain below 2 per cent over the next couple of years.

Of course, there are other scenarios as well. On the optimistic side, the restrictions could be lifted more quickly, with the virus being contained. In that case, a stronger recovery could be expected, particularly in light of the very large monetary and fiscal support that is in place. On the other hand, if the restrictions stay in place longer, or they have to be reimposed, the recovery will be delayed and interrupted. In that case, the loss of incomes and jobs would be even more pronounced.

Your main Task:

With reference to the speech excerpts above, discuss what the GDP and unemployment figures for the current period are expected to be, and how they might change throughout the remainder of 2020.

Within your answer, make sure to focus on showing your understanding of what the GDP and unemployment figures mean, and that you reference key concepts and use the key terminology that we have studied in this topic.

Please follow the criteria: 1. Evidence is shown of a deep understanding of GDP and related concepts

2. Evidence is shown of a deep understanding of unemployment and related concepts

3. Economic concepts have been applied well to the real-world context

4. Explanation is clearly related back to the article content

Read the following excerpts taken from the Governor of the Reserve Bank of Australia's

speech on 21 April 2020.

Economic forecasting is difficult at the best of times. It is even harder at times like this when

we are experiencing a once in a lifetime event. Given this, I don't think it makes sense at the

moment to focus on forecasts to the nearest decimal point, as we often do. Instead, I would

like to focus on two broad issues:

• the immediate outlook for the economy

• the nature and speed of the recovery.

The next few months are going to be difficult ones for the Australian economy.

One very obvious consequence of the efforts needed to contain the virus is that many

normal activities are restricted or not permitted. This means that, for as long as these

restrictions are in place, we don't have the jobs and incomes that come from these

activities. On top of this, there is a high level of uncertainty about the future, which means

that many households and businesses are holding back their spending and investment.

The result of both the restrictions and the uncertainty is that over the first half of 2020 we

are likely to experience the biggest contraction in national output and income that we have

witnessed since the 1930s.

Putting precise numbers on the magnitude of this contraction is difficult, but our current

thinking is along the following lines:

• National output is likely to fall by around 10 per cent over the first half of 2020, with

most of this decline taking place in the June quarter.

• Total hours worked in Australia are likely to decline by around 20 per cent over the

first half of this year.

• The unemployment rate is likely to be around 10 per cent by June, although I am

hopeful that it might be lower than this if businesses are able to retain their

employees on lower hours. The unemployment rate would have been much higher

than this without the government's JobKeeper wage subsidy.

These are all very large numbers and ones that were inconceivable just a few months ago.

They speak to the immense challenge faced by our society to contain the virus.

[...]

Inevitably, the timing and pace of this recovery depend upon how long we need to restrict

our economic activities, which in turn depends on how effectively we contain the virus. So it

is difficult to be precise and it makes sense to think in terms of scenarios. Consistent with

this, the Bank will discuss some possible scenarios in the Statement on Monetary Policy in a

few weeks' time.

One plausible scenario is that the various restrictions begin to be progressively lessened as

we get closer to the middle of the year, and are mostly removed by late in the year, except

perhaps the restrictions on international travel.

Under this scenario we could expect the economy to begin its bounce-back in the

September quarter and for that bounce-back to strengthen from there. If this is how things

play out, the economy could be expected to grow very strongly next year, with GDP growth

of perhaps 6-7 per cent, after a fall of around 6 per cent this year. There is though quite a

lot of uncertainty around the numbers, with the exact profile of the recovery depending not

only upon when the restrictions are lifted but also on the resolution of the uncertainty that

people feel about the future.

It is harder to make forecasts about the unemployment rate given the uncertainty about

how many employees will remain attached to their firm and whether people who are stood

down will be looking for employment and thus be counted as unemployed. But it is likely

that the unemployment rate will remain above 6 per cent over the next couple of years.

With many firms delaying or cancelling wage increases, year-ended wage growth is

expected to decline to below 2 per cent, before gradually picking up again. In underlying

terms, inflation is expected to remain below 2 per cent over the next couple of years.

Of course, there are other scenarios as well. On the optimistic side, the restrictions could be

lifted more quickly, with the virus being contained. In that case, a stronger recovery could

be expected, particularly in light of the very large monetary and fiscal support that is in

place. On the other hand, if the restrictions stay in place longer, or they have to be

reimposed, the recovery will be delayed and interrupted. In that case, the loss of incomes

and jobs would be even more pronounced.

Your Task:

With reference to the speech excerpts above, DISCUSS what the GDP and

unemployment figures for the current period are expected to be, and how they might

change throughout the remainder of 2020.

Within your answer, make sure to focus on showing your understanding of what the GDP

and unemployment figures mean, and that you reference key concepts and use the key

terminology that we have studied in this topic.

Please keep this criteria answering the question:

Evidence is shown of a deep understanding of GDP and related concepts

This criterion is linked to a learning outcome Evidence is shown of a deep understanding of unemployment and related concepts

This criterion is linked to a learning outcome Economic concepts have been applied well to the real world context

This criterion is linked to a learning outcome Explanation is clearly related back to the article content

This criterion is linked to a learning outcome Appropriate economic terminology used without error

This criterion is linked to a learning outcome Appropriate writing style and tone

1. Due to the recent reduction in corporate income tax rates, we can expect investment spending to _____ and the equilibrium interest rate to ____, all else the same.

2.People become less confident in the state of the economy. This is likely to cause national saving to _____ and the equilibrium interest rate to _______.

3. When households experience an increase in wealth they will tend to ___ private saving and ____ consumption spending.

4. When the federal government increases the budget deficit, this causes national saving to ____ and the equilibrium interest rate to ____ in a closed economy.

If the marginal propensity to consume is 0.81 and there is an initial increase in Government Spending of $83 Billion, how much will the recipients of that $83 Billion spend on Investment?

a- 67.23

b-0.81 billion

c- 81 billion

d- 15.77

e- 436.84

f- none

If the Keynesian Multiplier is 5.3 and there is an initial increase in Government Spending of $56 Billion, Real GDP in the economy will increase by _____.

a- 45.43 billion

b- 0

c- 5.3 billion

d-296.8 billion

e- 10.57 billion

A Food Marketing Institute found that 34% of households spend more than $125 a week on groceries. Assume the population proportion is 0.34 and a simple random sample of 101 households is selected from the population. What is the probability that the sample proportion of households spending more than $125 a week is less than 0.35?

There is a  probability that the sample proportion of households spending more than $125 a week is less than 0.35. Round the answer to 4 decimal places. to find answer

A Food Marketing Institute found that 28% of households spend more than $125 a week on groceries. Assume the population proportion is 0.28 and a simple random sample of 436 households is selected from the population. What is the probability that the sample proportion of households spending more than $125 a week is less than 0.3?

There is a  probability that the sample proportion of households spending more than $125 a week is less than 0.3. Round the answer to 4 decimal places.to find answer

The only way to pay down the national debt is to have a budget surplus. The only way to have a budget surplus is to increase tax revenues (increase taxes), cut government spending, or both. When is the best time to increase taxes and cut spending? So, when is the best time to start paying down the national debt?

What do you think will happen if we try paying down the national debt during a recessionary gap (when we should be running a budget deficit)?