g According to the Taylor rule, if real GDP is 4 percent below potential GDP, the Fed should Multiple Choice lower the federal funds rate by 2 percentage points. lower the federal funds rate by 4 percentage points. lower the federal funds rate by 8 percentage points. do nothing, as the economy will correct itself.

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.