Will, a sprinter on the track team, has inelastic demand for sports drinks. the local store has raised the price of a sports drink from $1.00 to $1.50. which of the following could describe will’s response to the price change?
a. he bought 15 bottles a month at $1.00 and 20 bottles a month at $1.50.
b. he bought 10 bottles a month at $1.00 and 9 bottles a month at $1.50.
c. he bought 15 bottles a month at $1.00 and 5 bottles a month at $1.50.
d. he bought 10 bottles a month at $1.00 and 5 bottles a month at $1.50

If the government is required to balance the budget and the economy falls into a recession, which of the actions is a feasible policy response? cut taxes to encourage consumer spending invest in infrastructure increase government spending to stimulate the economy cut spending equal to the reduction in tax revenue what is a likely consequence of this policy? unemployment falls due to the economic stimulus. the negative consequences of the recession are magnified. consumer spending increases due to their ability to keep more of their after-tax income. there is hyperinflation due to an increase in aggregate demand.

After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period