 admin # A binding price ceiling on apartments (effective rent control) will: (A) increase the quantity supplied of rental housing. (B) decrease the quantity demanded of rental housing. (C) create a greater quantity supplied of rental housing to be made available to renters. (D) cause the quantity demanded to exceed the quantity supplied of rental housing.

2 months ago

## Solution 1 Guest #2392182
2 months ago

D) cause the quantity demanded to exceed the quantity supplied of rental housing.

Explanation:

A price ceiling is a binding government regulation in which it puts a cap on the price landlords can charge tenants to rent their properties. If this happens, there could be a rapid significant increase in the demand of apartments. This would lead  to excess demand that the existing  supply cannot meet , creating a shortage. The property owners may also choose to not rent their apartment at that lower price driving the supply even lower.

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If you invest 40% of your investment in GE with an expected rate of return of 10% and the remainder in IBM with an expected rate of return of 16%, the expected return on your portfolio is: A. 12.4% B. 13% C. 13.6% D. 14.5%
Solution 1
I would probably say 14.5 hopefully I’m not wrong
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In the market for desk lamps, which of the following will increase demand? Choose one or more: A. If desks are a complementary good for desk lamps, the price of desks decreases. B. If desks are a complementary good for desk lamps, the price of desks increases. C. If income increases and desk lamps are normal goods. D. If income increases anddesk lamps are inferior goods. E. If floor lamps are substitute goods for desk lamps, the price of floor lamps increases.
Solution 1

A. If desks are a complementary good for desk lamps, the price of desks decreases.

D. If income increases and desk lamps are inferior goods.

E. If floor lamps are substitute goods for desk lamps, the price of floor lamps increases.

Explanation:

In order to increase the demand of the desk lamps, the options A, D and E seem suitable.

If desks are a complementary good for desk lamps, the price of desks decreases. People would buy more desks which would lead to an increase in lamp sales.

If income increases and desk lamps are inferior goods. that would mean that lamps are a cheaper commodity and is in income range.

If floor lamps are substitute goods for desk lamps, the price of floor lamps increases. This would lead to shift in demand from floor lamps to desk lamps.

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________ means the message has a tendency to mislead, confuse, or deceive the public. a. Collusion b. Marketing fraud c. Literally false d. Implied falsity e. Puffery
Solution 1

Implied Falsity-d

Explanation:

implied false advertising is highlighting information that are literally true, but simply imply another message which is false.

Question
1. Name a product/service that you purchase, and the demand is inelastic. Explain. 2. Name a product/service that you purchase, and the demand is elastic. Explain.
Solution 1

Explanation:

1. Inelasyic Demand i.e Change in price has no effect on demand

basic necessity  goods such as: food, cloths, shelter etc are inelastic in demand because change in price will not affect the consumer behavior. due to decrease in price consumers will not start eating too much and vice versa.

2. Elastic Demand i.e change in price has significant effect on demand

These are the luxurious goods such as Apple iPhone, porchy car etc change in price will significantly affect the consumer demand decrease in price will induce the consumers to buy more and increase in price will reduce the consumer demand.

Question
"Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 17.1 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?" (Use 365 days a year. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Solution 1

APR 15.79% compounding daily

Explanation:

The bank will annunce the annual percentage rate which is equivalent to the effecte annual return APR = 0.157892225 = 15.79%

Solution 2

15.79%

Explanation: = EAR = where = EAR = Annual Rate of Return = 0.171

m = Number of compounding periods per year = 365

r = APR = ?     r = APR = 15.79%

Hence the Interest Rate required by the bank to report to potential borrowers is 15.79%

Question
"Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 20x2 for direct labor and manufacturing overhead are$4,200,000 and $5,460,000, respectively. Actual results for the year follow. Direct material used$5,550,000 Direct labor 4,350,000 Indirect material used 63,000 Indirect labor 2,860,000 Factory depreciation 1,740,000 Factory insurance 59,000 Factory utilities 830,000 Selling and administrative expenses 2,160,000 Total $17,612,000 Job no. 2077 was completed in January 2002; there was no work in process at year-end. All jobs produced during 2002 were sold with the exception of job no. 2143, which contained direct-material costs of$154,000 and direct-labor charges of $85,000. The company charges any under- or overapplied overhead to Cost of Goods Sold category. Using the above information, do the following:1. Calculate the company’s predetermined overhead application rate.2. Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.3. Calculate the finished-goods inventory for the 12/31/02 balance sheet.4. Calculate the over-applied or under-applied overhead at year-end.Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category. Solution 1 Answer:(1)$1.3 per direct labour cost, (2) $15,360,000 (3) ($82,200) (4) $11,957,000, it is appropriate to include selling and administrative expenses in the cost of good sold because it is the cost incurred when the goods were sold. Explanation: Budgeted Manufacturing overhead Cost / Budgeted Total unit in the Allocation Base = 5,460,000 /4,200,000 =$1.3 per direct labour cost

To calculate the addition to work in process inventory

$Raw materials. 5,550,000 Direct Labour. 4,350,000 Allocated manufacturing overhead 5,460,000 ------------------- Work in process inventory. 15,360,000 ---------------------- calculate the addition to work in process inventory$

Beginning work in process inventory. 156,800

Job no 2143 (Direct materials $154,000, Direct Labour$85,000,) 239,000

-------------

Finished good Inventory (job no 2077) (82,200)

----------

POAR = Budgeted Manufacturing overhead / Budgeted Direct Labour

= 5,460,000/ 4,200,000

= $1.3 per direct labour × actual activity = 1.3 × 4,350,000 = 5,655,000 Overhead absorbed = 5,655,000 Actual Overhead incurred - Overhead Absorbed = 17,612,000 - 5,655,000 =$11,957,000

It is appropriate to include selling and administrative expenses in the cost of good sold category because it is the cost incurred when the goods were sold.

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While the _____ theory of motivation may explain why we drink when we are thirsty or eat when we are hungry, the _____ theory of motivation suggests that we also seek activities that provide us with sources of external satisfaction (such as money). a. Yerkes-Dodson; arousal b. arousal; Yerkes-Dodson c. drive-reduction; incentive d. incentive; drive-reduction
Solution 1

c. drive-reduction; incentive

Explanation:

Drive - reduction theory states that drive is a feeling of arousal which is stimulated by biological needs like hunger , thirst etc. that triggers motivation for performance.

Incentive theory spells out that performance is triggered by a desire for incentive which also includes money.

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An example of a perfectly competitive market would be the market fora.tennis racquets.b.pizza.c.garbage collection.d.wheat.
Solution 1

d.wheat.

Explanation:

The wheat has a quality none of the other items has, which is are identitcal. Whice pizza, tennis racquets and even ype of garbage (organical, plastic, other) have a degree of differenciation that may derive in market segmentation. One of the condition for perfectly competitve market is that all osupplier offer the same good and it doesn't occur in the other options.

Question
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2014 Jan. 4. Purchased a used delivery truck for $28,000, paying cash. Nov. 2. Paid garage$675 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,000 for the truck. 2015 Jan. 6. Purchased a new truck for$48,000, paying cash. Apr. 1. Sold the used truck for $15,000. (Record depreciation to date in 2015 for the truck.) June 11. Paid garage$450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $9,000 and an estimated life of five years. 2016 July 1. Purchased a new truck for$54,000, paying cash. Oct. 2. Sold the truck purchased January 6, 2015, for $16,750. (Record depreciation to date for 2016 for the truck.) Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of$12,000 and an estimated useful life of eight years. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. Be sure to include the YEAR in the date for the FIRST transaction on each page.
Solution 1

Please see the Journal entries of Legacy Furniture Co. during a three year period, below:

Explanation:

(1)

Jan. 4, 2014

Debit: Delivery Truck $28,000 Credit: Cash$28,000

To record purchase of Delivery Truck.

(2)

Nov. 2, 2014

Debit: Miscellaneous Repairs Expense $675 Credit: Cash$675

To record payment of miscellaneous repairs expense.

(3)

Dec. 31, 2014

Debit: Depreciation Expense $14,000 Credit: Accumulated Depreciation$14,000

To Record double-declining depreciation expense.

Depreciation Expense Calculation:

Depreciation Rate = 1 / Estimated Useful Life

Decipherable Rate = 1 / 4

Decipherable Rate = 0.25

or

Decipherable Rate = 25%

Double Declining Decipherable Rate = 2 x 25%

Double Declining Decipherable Rate = 50%

Depreciation Expense = Book Value x Double Declining Decipherable Rate

Depreciation Expense = $28,000 x 50% Depreciation Expense =$14,000

(4)

Jan. 6, 2015

Debit: Delivery Truck $48,000 Credit: Cash$48,000

To record purchase of new Delivery Truck.

(5)

Apr. 1, 2015

Debit: Cash $15,000 Debit: Accumulated Depreciation$15,750

Credit: Delivery Truck $28,000 Credit: Gain on Sale$2,750

To record Sale of Used Truck.

Apr. 1, 2015

Debit: Depreciation Expense $1,750 Credit: Accumulated Depreciation$1,750

To Record Depreciation Expense of Used Truck.

Accumulated Depreciation & Proceed from Sale Calculation:

Year 1:

Depreciation Expense = $14,000 Year 2 New Book Value =$28,000 - $14,000 Year 2 New Book Value =$14,000

3 Months in Year 2:

Pro Rated Depreciation Expense for Used Truck

= New Book Value x Rate x No. of months used/Total No. of months in year

= $14,000 x 50% x 3/12 =$1,750

Accumulated Depreciation = $14,000 +$1,750

Accumulated Depreciation = $15,750 Net Value of Used Truck = Book Value - Accumulated Depreciation Net Value of Used Truck =$28,000 - $15,750 Net Value of Used Truck =$12,250

Gain on Sale of Used Truck = Sale Price - Net Value

Gain on Sale of Used Truck = $15,000 -$12,250

Gain on Sale of Used Truck = $2,750 (6) June 11, 2015 Debit: Miscellaneous Repairs Expense$450

Credit: Cash $450 To record payment of miscellaneous repairs expense. (7) Dec. 31, 2015 Debit: Depreciation Expense$19,200

Credit: Accumulated Depreciation $19,200 To Record double-declining depreciation expense. Depreciation Expense Calculation: Depreciation Rate = 1 / Estimated Useful Life Decipherable Rate = 1 / 5 Decipherable Rate = 0.20 or Decipherable Rate = 20% DDR = Double Declining Rate = 2 x 20% DDR = Double Declining Rate = 40% Depreciation Expense = Decipherable Asset Cost x Decipherable Rate Depreciation Expense =$48,000 x 40%

Depreciation Expense = $19,200 (8) July 1,2016 Debit: Delivery Truck$54,000

Credit: Cash $54,000 To record purchase of new Delivery Truck. (9) Oct. 2, 2016 Debit: Cash$16,750

Debit: Loss on Sale $3,410 Debit: Accumulated Depreciation$27,840

Credit: Delivery Truck $48,000 To record Sale of New Truck purchased in 2015. Oct. 2, 2016 Debit: Depreciation Expense$8,640

Credit: Accumulated Depreciation $8,640 To Record Depreciation Expense of New Truck purchased in 2015. Accumulated Depreciation & Proceed from Sale Calculation: Year 1: Depreciation Expense =$19,200

Year 2 New Book Value = $48,000 -$19,200

Year 2 New Book Value = $28,800 9 Months in Year 2: Pro Rated Depreciation Expense for Used Truck = New Book Value x DDR x No. of months used / Total No. of months in year =$28,800 x 40% x 9 / 12

= $8,640 Accumulated Depreciation =$19,200 + $8,640 Accumulated Depreciation =$27,840

Net Value of Used Truck = Book Value - Accumulated Depreciation

Net Value of Used Truck = $48,000 -$27,840

Net Value of Used Truck = $20,160 (Loss) on Sale of Used Truck = Sale Price - Net Value (Loss) on Sale of Used Truck =$16,750 - $20,160 (Loss) on Sale of Used Truck = ($3,410)

(10)

Dec. 31, 2016

Debit: Depreciation Expense $13,500 Credit: Accumulated Depreciation$13,500

To Record double-declining depreciation expense.

Depreciation Expense Calculation:

Depreciation Rate = 1 / Estimated Useful Life

Decipherable Rate = 1 / 8

Decipherable Rate = 0.125

or

Decipherable Rate = 12.50%

DDR = Double Declining Rate = 2 x 12.50%

DDR = Double Declining Rate = 25%

Depreciation Expense = Book Vale x DDR

Depreciation Expense = $54,000 x 25% Depreciation Expense =$13,500

New Book Value = $54,000 -$13,500

New Book Value = \$40,500

Question
EX 7.13. Create an interface called Visible that includes twomethods: makeVisible and makelnvisible. Both methods should takeno parameters and should return a Boolean result. Describe how aclass might implement this interface.public interface Visible{public: boolean makeVisibleO;public boolean makelnvisibleO;
Solution 1

public class Icon implements Visible

{

// instance variable

//Constructor variable

Public Icon()

{

//implementation

}

//two methods will be implemented make visible and makeInvisible with the signage and return type

//displayed below

\        public boolean makeVisible()

{

//the implementation is registered here

public boolean makeInvisible()

{       //implemetation will be here

}

//other methods are of this type

Explanation:

Create an interface called Visible that includes twomethods: makeVisible and makelnvisible. Both methods should takeno parameters and should return a Boolean result. Describe how aclass might implement this interface.public interface Visible{public: boolean makeVisibleO;public boolean makelnvisibleO;

The above can be executed as a javascript

public class Icon implements Visible

{

// instance variable

//Constructor variable

Public Icon()

{

//implementation

}

//two methods will be implemented make visible and makeInvisible with the signage and return type

//displayed below

\        public boolean makeVisible()

{

//the implementation is registered here

public boolean makeInvisible()

{       //implemetation will be here

}

//other methods are of this type

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