2. Ethel is a self -employed professional. She provided the following information for 2020 taxable year: Gross sales P1,650,000 Cost of sales 500,000 Business Expenses 425,000 Rental income (net) 308,750 Philippine Charity sweepstakes winnings 500,000 Royalty income-books 120,000
Functions of the Federal Reserve System
The Federal Reserve System looks after the financial activities and operations of the banking system. It is the apex body that has complete control over the banking regulations. All the guidelines regarding the banking system, money supply, and formulation of the monetary policy come under the purview of the Federal Reserve System. The New York Fed also helps in drafting the monetary policy and supervising the financial system.
Elastic and Inelastic Markets
Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.
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