As discussed in our text, the “economic calculation problem” posits that: question 20 options: a) a system of planning will never be able to achieve efficient outcomes, precisely because under such a system the planners do not have access to the information generated by market transactions. b) in order for economic outcomes to be fair, it is necessary to redistribute wealth through a highly progressive tax structure. c) it is impossible to come up with any estimate of the costs of complying with government bureaucracy. d) calculating the true economic value of a worker can only be done under a socialist system.

The budgeted overhead cost for the year is $1,260,000. the company has estimated that one-third of the budgeted overhead cost is incurred to support the firm's two partners, and two-thirds goes to support the staff accountants. the current audit bid for monoco industries requires $18,000 in direct partner professional labor, $30,000 in direct staff accountant professional labor, $5,000 in direct material. what is the overhead rate based on a single cost driver (rounded to the nearest percentage)?

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

Experienced problem solvers always consider both the value and units of their answer to a problem. why?