Depending on the demand for a monopolistically competitive firm's product, it may have economic profits, losses, normal profit is appropriate response.
What is monopolistically competitive firm?When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition exists. A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals.
Monopolistic competition is a form of imperfect competition when numerous manufacturers compete with one another yet sell various items that are not exact substitutes for one another.
Hence, the appropriate response is statement 1.
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of the options listed below, which is the best example of a diversifiable risk? question 2 options: core inflation increases energy costs increase federal income taxes increase a firm's sales decrease interest rates increase
"A firm's sales decrease" is the best example of diversifiable risk.
What is a diversifiable risk?The probability that a security's price would vary as a result of its unique qualities is known as diversifiable risk. An investor's portfolio can be diversified to reduce and ultimately get rid of this kind of risk. The risk that can be diversified is distinct from the risk that is present across the board in the market.
For instance, a product recall may cause the issuer of a security to lose sales, which will lower the value of its shares. Just the price of that company's security will decrease; not the market as a whole.
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One of the best ways businesses can utilize digital media is for _____ purposes, such as increasing brand awareness and connecting with consumers.
A. promotion
B. distribution
C. product
D. pricing
E. placement
One of the best ways businesses can utilize digital media is for promotion purposes, such as increasing brand awareness and connecting with consumers.
Social media may assist you in communicating with your clients and learning what others are saying about your company. Social networking is also useful for marketing, giving away free stuff, and developing mobile apps. Social networking may benefit your company by bringing in new clients, gathering feedback from existing ones, and cultivating a dedicated following.
Text, images, video, and audio may all be shared through digital media, which enables a wide range of media forms. Additionally, it supports online interactions and gatherings of individuals, taking the place of many personal ties and responsibilities.
Hence the correct option is A
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Indicate whether each statement is true or false. (a) A reaction that is spontaneous in one direction will be nonspontaneous in the reverse direction under the same reaction conditions. (b) All spontaneous processes are fast. (c) Most spontaneous processes are reversible. (d) An isothermal process is one in which the system loses no heat. (e) The maximum amount of work can be accomplished by an irreversible process rather than a reversible one.
A spontaneous reaction is one that favors the formation of products under the conditions of the reaction.
Which of the statements is true?(a) Under the same reaction conditions, a spontaneous reaction in one
direction will be nonspontaneous in the opposite direction- True.
(b) All spontaneous processes move quickly. - False.
(c) The majority of spontaneous processes are reversible. - False.
(d) An isothermal process is one in which no heat is lost. - True.
(e) An irreversible process, rather than a reversible one, can accomplish
the most work. - False.
Spontaneous reactions are chemical or biological reactions that occur without the intervention of outside factors.A reversible reaction is one that occurs in both the forward and reverse directions.An irreversible reaction occurs when the entire amount of reactant is changed into product and no reaction from the product side occurs.To learn more about reactions refer to :
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Illustrate your understanding of an accounts receivable subsidiary ledger by completing the following sentence. A separate record for each (asset/customer/vendor) is kept in the accounts receivable subsidiary ledger which serves as a supporting record to its (control/contra/equity) account in the general ledge
customer, control
A separate record for each customer is kept in the accounts receivable subsidiary ledger which serves as a supporting record to its equity account in the general ledger control.
What is an Account receivables ledger?
An accounting ledger called an accounts receivable subsidiary ledger displays each customer to whom the company offers credit together with their transactional and payment history.
To ensure accuracy, the balance in each customer account is frequently compared to the accounts receivable balance in the general ledger. The subledger or subaccount are other names for the subsidiary ledger that are frequently used. The transactions and payment history of each customer who has been given credit are displayed in the accounts receivable subsidiary ledger.
The accounts receivable subsidiary ledger's balance and the general ledger's accounts receivables are compared.
One advantage of the accounts receivable subsidiary ledger is tracking unpaid client invoices.
The accounts receivable subsidiary ledger offers thorough perception into a company that can assist it in operating.
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a stock that pays investors a regular dividend would be classified as group of answer choices cyclical blue chip growth income
A stock that pays investors a regular dividend would be classified as income.
In finance, stock consists of all the stocks via which possession of a employer or organization is divided. A single percentage of the inventory approach fractional possession of the agency in proportion to the total quantity of shares.
A stock is a form of safety that indicates the holder has proportionate ownership in the issuing agency and is bought predominantly on inventory exchanges. groups problem stock to elevate price range to perform their businesses. There are two foremost kinds of inventory: common and desired.
Stocks are a type of protection that gives stockholders a share of possession in a agency. shares also are called “equities.”
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current assets are assets that are likely to be converted into cash or used up within the next 12 months through the day-to-day operations of the business true false
It is accurate (TRUE) to say that current assets are those that are likely to be used up or converted into cash within the next year as a result of normal business operations.
A corporation expects to use up, convert into cash, or sell a current asset, also known as a liquid asset, within one fiscal year or operational cycle. On the other hand, non-current assets are long-term assets that are difficult to quickly turn into cash within a year. All assets possessed by the company that can be turned into cash within a year are recorded in the Current Assets account, which is a line item on the balance sheet under the Assets heading. Because it shows a company's ability to fulfill its short-term obligations and short-term liquidity, the Current Assets account is significant.
Cash and cash equivalents, accounts receivable, inventories, and different prepaid expenses are examples of current assets.
Therefore, the statement is TRUE.
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Hart Attorney at Law experienced the follwoing transactions in 2016, the first year of operations:
1. Accepted $36,000 on 4/1/16, as a retainer for services to be performed evenly over the next 12 months (2) Performed legal services for cash of $54,000 (3) Purchased $2,800 of office suppies on account (4) Paid $2,400 of the amount due on accounts payable (5) Paid a cahs dividend to the stockholders of $5,000 (6) Paid cash for operationg expenses of $31,000 (7) Determined that at the end of the accounting period $200 of office supplies remained on hand (8) On 12/31/16, recognized the revenue that had been earned for services performed in accordance with Transaction 1
Problem: Show the effects of the events on the fianncial statements using a horizontal statement model. In the cash flow column, use the initials OA to designate 'operating activity'; IA for 'investing activity'; FA for 'financial activity'; and NC for 'net change in cash'. Use NA to indicate accounts not affected by the event.
Horizontal analysis, also referred to as trend analysis, is a method for identifying financial patterns over a predefined number of accounting periods. A horizontal analysis may use a balance sheet as well as an income statement.
Using a horizontal statement model, demonstrate how the events have affected the financial statements.(a). Accepted a retainer of $36,000 on April 1 of Year 1 for services to be rendered evenly over the following 12 months.
Cash Dr. 36,000
Unearned revenue 36,000
(b). Provided legal services in exchange for $54,000 in cash.
Cash- dr. 54,000
Fees earned 54,000
(c). Made an account-based $2,800 purchase of office supplies.
Supplies- Dr. 2,800
Accounts payable 2,800
d) Paid $2,400 of the accounts payable debt that was outstanding.
Accounts payable- Dr 2,400
Cash 2,400
e) Distributed a $5,000 cash dividend to owners.
Dividend- Dr 5,000
Cash 5,000
f) $31,000 in operating expenses were paid in cash.
Operating expenses Dr 31,000
Cash 31,000
g) Found that there were still $200 worth of office supplies on hand at the end of the accounting period.
Supplies expense Dr 2,600
Supplies 2,600
h) Year 1 recognized the revenue obtained for services rendered in line with Transaction 1 on December 31, Year 1.
Unearned revenue Dr 36,000
Fees earned 36,000
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In her Business class Joanne learned that Title VII of this act prohibits discrimination in hiring, firing, compensation, apprenticeships, training, conditions or privileges of employment.
Joanne discovered in her business class that the Civil Rights Act of 1964's Title VII forbids discrimination in hiring, firing, salary, apprenticeships, training, conditions, or privileges of employment.
Discrimination in employment on the basis of race, color, religion, sex, or national origin is illegal under Title VII of the Civil Rights Act of 1964. In general, Title VII prohibits discrimination in all facets of the work relationship, including hiring and termination.
You have the right to pursue justice when your employer infringes on your Title VII rights. Without worrying about being wrongfully fired or subjected to various types of retribution, you have the right to register a complaint. Demanding a workplace devoid of harassment and discrimination is a legal right.
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why did some southerners believe their region was immune to the effects of the market revolution? why was this thinking misguided?
Some southerners claimed that the South's monopoly on the profitable cotton crop was essential to the broader American and Atlantic markets.
Its reliance on a slave workforce made it immune to the market revolution. The larger U.S. and international markets, which provided, among other things, the food and clothing slaves needed, the furniture and other manufactured goods that defined the southern standard of comfortable living, and the banks from which southerners borrowed necessary funds, increased the South's dependence on the larger U.S. and global markets.
What is the market revolution?
A market revolution was reshaping American industry and international trade in the 1820s and 1830s. Independent artisans were progressively supplanted by factories and mass production. Produce was grown and shipped using cheap modes of transportation, like the Erie Canal, to markets that were far away from the farms' original location.
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an intentional effort by a company to structure its finanaching arrangements to avoid showign liabilites on its balace sheet is called_____financing
According to question, an intentional effort by a company to structure its financing arrangements to avoid showing Liabilites on its balance sheet is called OBSF financing .
Off-balance sheet financing (OBSF) is an accounting term that describes the process of documenting business assets or liabilities in a way that prevents them from showing up on a company's balance sheet. This method is employed to maintain low leverage and debt-to-equity (D/E) ratios, particularly when the inclusion of a sizable expenditure would violate negative debt covenants. Off-balance sheet financing is acceptable as long as businesses are involved.
A financial tactic used by businesses to remove certain assets, liabilities, or transactions off their balance sheets is known as off-balance sheet financing. When companies have a lot of debt but need to borrow more money to fund their operations, they could do this to draw in more investors.
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the wolfpack corp. is a u.s. exporter that invoices its exports to the united kingdom in british pounds. if it expects that the pound will appreciate against the dollar in the future, should it hedge its exports with a forward contract? explain.
A US Exporter should invoice its export and expect the payment in future if it expects that the pound will appreciate against the dollar in the future.
Who exactly is the exporter?A person or company that has been granted authorization by a government agency to export goods is known as an exporter. The value of the goods is paid by the foreign buyer to the exporter, who is thought of as the seller of commodities. For the goods they intend to export, the exporter gets an export order.
How does an exporter appear?Champagne: The kind of sparkling wine that France exports can only be made in the Champagne region of France. This item is a prime example of France's competitive advantage because it can only be produced there.
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TRUE/FALSE graduated payments let the borrower pay more at the beginning of the mortgage and make lower payments later.
The statement is False. A graduated payment mortgage (GPM) may be a kind of fixed-rate mortgage that the payments increase step by step from an initially low base level to a better final level.
Typically, the payments can grow between seven-membered to twelve-tone system annually from their initial base payment quantity till the total monthly payment quantity is reached. With a graduated-payment mortgage (GPM), the monthly payment for principal and interest step by step will increase by an exact proportion annually for an exact range of years so it levels off for the remaining term of the mortgage.
The Graduated compensation arrangement starts with lower payments that increase every 2 years. Payments are created for up to ten years (between ten and thirty years for consolidation loans).
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What lie does Huck tell in Chapter 16?.
Huck lies when he claims that the man on his raft is white. The men said they'll check it out for themselves. Huck tells them he wishes they would because the white man on the raft is his father, who is ill, as are his mother and Mary Ann, who are also on the raft.
Huck also lies several times to avoid being discovered, either by himself or Jim. He lies about his name wherever he goes since he is thought to be dead. When he initially walks on shore to check what's going on, he disguises himself as a girl. This proves to be Huck's most unsuccessful deception; he is immediately exposed.
Why does Huck lie so frequently?
Huckleberry Finn begins to lie not only for pranks and gags, but also to protect others. He usually defends Jim during their trip since he develops close relationships with him and Jim is a fugitive slave. Huckleberry faces issues with society as a result of his guardianship of Jim.
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in some cases, jobs are stacked at a workstation as they arrive. this results in a stack with the oldest job (first to arrive) on the bottom of the stack, and the newest job on the top of the stack. for the operator, it is often easier to process the job at the top of the stack first, utilizing the sequence.
It is often easier to process the job at the top of the stack first, utilizing the sequence is LCFS sequence
Which does stack mean?a big collection of something, like letters: This afternoon, I have a ton of bills to process.Expressions with operands and operators can be evaluated using a stack. Backtracking is possible with stacks.An ordered, linear sequence of items can be stored on a stack, an abstract data type. Stacks are last in, first out (LIFO) structures, as opposed to queues. A stack of plates serves as an example where you can only take a plate from the top and add a plate to the top of the stack.To learn more about stack refer to:
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a monopoly firm is one that multiple choice question. sells a product with no close substitutes and barriers that prevent entry. sells a product with lots of very good substitutes and no entry barriers. sells a product that might or might not have substitutes, but has relatively difficult entry. sells a produce with similar, but not perfect, substitutes, but low entry barriers.
Sells a product with lots of very good substitutes and no entry barriers. sells a product that might or might not have substitutes, but has relatively difficult entry. sells a product with similar, but not perfect, substitutes, but low entry barriers. A monopoly is defined as a single firm in an industry with no close substitutes.
An example of alternative goods is Coca-Cola and Pepsi; the interchangeable factor of those goods is because of the similarity of the reason they serve, i.e fulfilling customers' desire for a gentle drink. these sorts of substitutes may be referred to as close substitutes.
There are two forms of replacement items: oblique and direct. a direct substitute is wherein two merchandise can be without problems exchanged for one another. think of Pepsi and Cola. with the aid of assessment, an oblique replacement is wherein items can nevertheless be replaced by using each other, however, have a weak correlation.
In microeconomics, items and services are taken into consideration as substitutes if a discount within the charge of 1 reason a lower in demand the opposite. Many folks that drink cola have a preference between Pepsi and Coke. For a few humans, the two manufacturers serve an identical cause and are effortlessly interchangeable.
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when consumer income decreases but the price of each good does not change what happens to the budget line?
The budget line is a graphical representation of every combination of the two commodities that may be purchased using the given income and cost, with the price of each combination being equal to the customer's monetary earnings.
It's essential to note that the slope of the budget line corresponds to the cost-to-volume ratio of two commodities.
In the given question if the, consumer income reduces but the prices of both the commodities remain unchanged, then there will be an leftward shift in the budget line. The consumer can purchase less of both products when their income declines and prices remain unchanged. This is so that the consumer can purchase both products in larger numbers for the same price. In accordance with the initial budget line, the budget line will therefore move to the left.
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What is the business cycle and what causes it?.
The periodic expansion and decline of a country's economy, primarily as expressed by its GDP, is known as a business cycle.
What is meant by business cycle ?The periodic expansion and decline of a country's economy, primarily as expressed by its GDP, is known as a business cycle. Governments make an effort to regulate business cycles by increasing or decreasing spending, raising or lowering taxes, and changing interest rates.
The forces of supply and demand, changes in the GDP, the availability of capital, and future expectations all contribute to the economic cycle. The four main parts of this cycle are typically distinguished as follows: expansion, peak, contraction, and trough.
Business decisions, interest rates, consumer expectations, and external challenges are the key causes of fluctuations in the business cycle. Businesses that expand production contribute to an expansion by boosting the overall supply.
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suppose prices adjust immediately because there is no sticky inflation. then, monetary policy will suppose prices adjust immediately because there is no sticky inflation. then, monetary policy will have only real effects have only nominal effects have both real and nominal effects have no effect
If there is no sticky inflation, then monetary policy will have only nominal effects.
How does monetary policy respond to inflation?The term "inflation" describes a general rise in price levels brought on by an increase in the amount of money; the rate of expansion of the money stock is higher than the rate of economic production. Although there is extensive economic discussion regarding the precise nature of price increases, in this context, the term "inflation" is used to refer specifically to a monetary phenomenon.When productivity increases more quickly than the money stock, it is referred to as deflation. A broad decline in prices and the cost of living results from this, which many economists curiously perceive as being detrimental. John Maynard Keynes' paradox of thrift serves as the foundation for the arguments against deflation.If inflation is not sticky, then the classical dichotomy will hold in the short run. This means that nominal variables will have only nominal effects on the economy.To learn more about inflation, refer to
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executive agreements are concerned with domestic issues while executive orders act as treaties between the leaders of multiple countries
False, executive agreements are not concerned with domestic issues and executive orders doesn't act as treaties between the leaders of multiple countries
An executive agreement is a pact between the leaders of two or more countries that has not been approved by the legislature in the same way that treaties are approved. To distinguish them from treaties, which are legally binding, executive agreements are seen as having political force.
Executive agreements are only made by the President of the United States in this country. They are one of three methods by which the United States commits to legally binding obligations abroad. Given that they bind both the United States and another sovereign state, some academics believe presidential agreements qualify as treaties under international law.
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this fiber has smooth and uniform edges because it is a manufactured fiber. this fiber is a regenerated fiber, meaning that it is made from modified natural fibers. it is dark yellow in color and consistent throughout.
This fiber has smooth and uniform edges because it is a manufactured fiber. Thus, option A is correct.
What is fiber?
Fibers are created by human beings through chemical processing in contrast to natural fibers, which come straight from living organisms like plants or mammal fur. Composites are really the outcome of in-depth scientific investigation into the replication of found spontaneous animal and vegetable fibers.
This fiber is made, so its corners are uniformly smooth. This fiber is regeneration, which means it was created from naturally occurring fibers that have been altered. It is uniformly colored and then almost clear throughout.
Therefore, option A is the correct option.
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The reliability of a test refers to the quality of exhibiting a reasonable consistency in results obtained.TrueFalse
It is completely appropriate and factually correct to mention that the test can be stated as a reliable one only when the quality of exhibiting reasonable consistency is experienced in a number of results that have been obtained. Therefore, the statement given above is True.
A reliability test can be referred to or considered as the one wherein the an individual can infer analytical studies related to the fact that expressively tend to show the consistency in the series of results obtained during similar tests at different periods of time.
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government agencies, fast-food chains, and traditional large manufacturing companies are all examples of organizations with a(n) culture.
Government agencies, fast-food chains, and traditional large manufacturing companies are all examples of organizations with a hierarchy culture.
Characteristics of hierarchy culture:
The following traits are listed as belonging to the hierarchical organizational culture model by consultants and business executives.
1. Top-down leadership: In hierarchical organizations, the CEO or company president is often in charge. A group of executives who are each in charge of a specific area of the company provide support for that person. A chain of command exists within each department of the company.
2. Careful decision-making: In a hierarchical culture, important decisions are reached only after engaging a wide variety of individuals, including daily team members, department leaders, and corporate authorities. This can make it challenging to make snap decisions, but it also serves as a brake on hasty decisions.
3. A focus on consistency and dependability Hierarchical cultures are created to provide consistency and dependability. Team members are expected to frequently meet deadlines and for significant events, like product launches, to go off without a hitch thanks to open lines of communication.
4. Big hierarchical companies, which are supposed to last beyond the employment of any one individual, generate a strong corporate culture. Major hierarchical businesses devote a lot of effort into maintaining their brand identity and reputation for decades, even when the entire staff roster changes.
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rom time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process
False in order to create a more efficient marketing process, certain of the operations within the eight core elements of marketing are deleted.
Which definition of marketing suits it the best?Marketing refers to the activities a company carries out to promote the acquisition or selling of a product or service. Marketing includes everything associated with promoting, marketing, and shipping packages to clients or other business. Affiliates carry out some marketing for a business.
Who originally defined marketing?Marketing, according to Doctor Keller, is "fulfilling your demands of the customer at a profit." That concept goes beyond simply discussing product information in my opinion. 360-degree experiences are the responsibility of the marketer.
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The correct question is-
From time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process. T/F
in what direction will each of the following occurrences shift the consumption and saving schedules, other things equal? a. a large decrease in real estate values, including private homes. the consumption schedule will shift (click to select) . the saving schedule will shift (click to select) . b. a sharp, sustained increase in stock prices. the consumption schedule will shift (click to select) . the saving schedule will shift (click to select) . c. a 5-year increase in the minimum age for collecting social security benefits. the consumption schedule will shift (click to select) . the saving schedule will shift (click to select) . d. an economywide expectation that a recession is over and that a robust expansion will occur. the consumption schedule will shift (click to select) . the saving schedule will shift (click to select) . e. a substantial increase in household borrowing to finance auto purchases. the consumption schedule will shift (click to select) . the saving schedule will shift (click to select) .
According to the statements, the consumption and saving schedules will shift a. downward; upward, b. upward; downward, c. upward; downward, d. upward; downward, e. upward; downward.
Which schedule is followed for consumption?The consumption schedule or curve, which assumes no change in the nonincome determinants of consumption—wealth, the price level, expectations, debts, and taxes—shows how much households plan to consume at various levels of disposable income at a particular point in time.
Why would you want to make a consumption and savings schedule?A analogous table illustrating the relationship between saving and income is the savings schedule. A consumption schedule is a numerical table that depicts the relationship between household consumption spending and income. National income or disposable income are the two most often used income measures.
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what budgetary considerations would you anticipate the project requiring? what timeline do you recommend?
The purchase of furniture is a known financial adjustment that necessitates budgetary Attention.When you do this, you are examining the project using the worst-case scenario.
This is a risk management idea where the individual planner prepares for the worst possible catastrophe they can think of, taking into account all the most dire scenarios that could arise from a specific event.This is done to lessen the effects of a poor choice.This is an individual’s projected income and the method by which they want to acquire a portion of a household good.This would be a strategy to accumulate funds in order to buy something that is deemed to be essential.You can set financial goals by using a technique called budgetary consideration. Comparable to having a forecast for best, middle, and worst case situations is a budgetary issue. In this case, buying furniture necessitates a prediction to determine whether the buyer has the income and financial resources necessary to pay for the furniture without running into any short- or long-term financial difficulties.
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According to experts, what organizational practice will allow the growth of ai to create new jobs?.
Artificial intelligence-based software may help human workers with repetitive and data-focused tasks.
What is organizational practice?Upskilling frequently occurs along a planned professional path, giving people visible opportunities for advancement as they increase their skill levels.
Artificial intelligence (AI)-based programs may assist human employees with repetitive and data-focused tasks, enabling them to acquire information quickly and reliably.
Additionally, this method allows employees more time to focus on difficult creative activities.
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fiscal policy works primarily through question 14 options: shifts of the as curve. shifts of the ad curve. the improvement of worker skills through subsidized training programs. shifts of both ad and as, as a result of changes in the interest rate.
The fiscal policy leads to the shift of the AD curve.
What is a fiscal policy?The use of government spending and tax policies to influence economic conditions, particularly macroeconomic conditions, is referred to as fiscal policy. These include total goods and services demand, employment, inflation, and economic growth.
The aggregate demand curve, or AD curve, shifts to the right as the aggregate demand components—consumption spending, investment spending, government spending, and exports minus imports—increase.
Therefore the shift of the aggregate demand (AD) is related with fiscal policy.
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In the Keynesian-cross model, if the MPC equals 0.75, then a $3 billion decrease in taxes increases planned expenditures by and increases the equilibrium level of income by A) $3 billion; $9 billion B) $2.25 billion; $6.75 billion C) $2.25 billion; $2.25 billion D) $3 billion; $3 billion
In the Keynesian-cross model, if the MPC equals 0.75, then a $3 billion decrease in taxes increases planned expenditures by $2.25 billion and increases the equilibrium level of income by $9 billion.
How to solve for the equilibrium levelMPC is equal to 0.75 in this case.
Multiplier = (1 / 1 - MPC) =
1 / 1 - 0.75
= 1/0.25 = 4 as a result.
The tax cut is a one-time lump sum payment.
Therefore, $2.25 billion more in spending results from $3 billion less in taxes.
- as new consumption: 0.75 times $3 billion, which is $2.25 billion.
The multiplier enables it to increase the economic impact of the $2.25 billion spent.
Changes in income overall:
4 times $2.25 billion
$9.00 billion
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On your way home from Super Groceries your car breaks down. It is a hot summer day and you have nobody to call Wh little time before the food spoils, you decide to prioritize what to carry on the walk home. You choose to take three items with you. Since you will need all five items today, you will replace the two abandoned items at the corner store near your house, Conv enient Grocers The table below contains the prices you paid for each good at Super Groceries and the prices you will need to pay at Conveniant Grocers to replace the goods Which three items should you save? Place them in the bin. Leave the rest of the items unplaced Items that you save item Super Convenient Groceries $3.65 $3.60 $2.75 $4.00 $2.75 Grocers eggs turkey milk vegetables fruits $4.25 $2.75 $5.15 $3.00 $3.60 turkey milk vegetables fruits eggs
The three items that ought to be saved are:
EggsTurkey; andFruits.Although the prices of these items are given, note that the key criteria for making your choice is not in the prices of the items but in which is likely to get spoilt before you got home. This is a prompt on decision-making.
What is decision-making in Economics?
Aside from the psychological definition, economics defines decision-making as the process of discovering multiple courses of action and selecting an appropriate option when presented with a decision.
Similarly, the purpose of every decision is to receive some sort of benefit.
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McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,400,000. • Cost of goods manufactured was $1,370,000 • Applied manufacturing overhead was 20 percent of total manufacturing costs. • Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. • Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31 Required: Compute the following to support the preparation of financial statements. 1. Compute the total direct-labor cost for the year and Calculate the total cost of direct material used during the year.
The total direct-labor cost for the year is $937,500 and the total cost of direct material used during the year is $812,500
Direct-labor cost:
Direct labor cost refers the wages that are incurred in order to produce goods or provide services to customers.
Given,
McAllister employs a normal costing system ‐ actual direct materials, actual direct labor and applied overhead added to work in process.
Here we need to calculate the the total direct-labor cost for the year and Calculate the total cost of direct material used during the year.
While we looking into the given question, we have identified that following,
The total manufacturing costs = $2,500,000
Cost of goods manufactured = $2,425,000.
The applied manufacturing overhead is calculated as,
=> 30% x Total manufacturing costs
=> 30% x $2,500,000 = $750,000
Manufacturing overhead applied at a rate of 80% of direct labor costs.
Here we know that, January 1 work in process was 75% of December 31 work in process.
So, the total direct labor cost for the year is calculated as,
=> $750,000 (applied overhead) = 80% of direct labor costs
=> Direct labor costs = $750,000 ÷ 80%
=> Direct cost = $937,500
Similarly, the total direct materials used during the year
=> Total costs = Direct materials + Direct labor + Applied overhead
=> $2,500,000 = Direct materials + $937,500 + $750,000
=> Direct materials = $2,500,000 ‐ $937,500 ‐ $750,000
=> Direct material = $812,500
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