Answer:
$11,870
Explanation:
Given:
List price = $168,000
Discount = 10%
Shipping cost = $1,000
Sales tax = $6,500
Salvage value = $40,000
Useful life = 10 years
Now,
Purchasing price = List price - Discount
Purchasing price = $168,000 - [10% × $168,000]
Purchasing price = $168,000 - $16,800
Purchasing price = $151,200
Costs that are directly related to the purchase of asset are capitalized.
Thus,
Cost = Purchasing price + Shipping costs + Sales tax
Cost = $151,200 + $1,000 + $6,500
Cost = $158,700
Now,
Annual straight line depreciation = [tex]\frac{Cost-Residual Value}{Useful life}[/tex]
Annual straight line depreciation = [tex]\frac{158,700 - 40,000}{10}[/tex]
Annual straight line depreciation = [tex]\frac{118,700}{10}[/tex]
Annual straight line depreciation = $11,870
If the parties do not expressly discharge the old contract when writing a novation, the old contract will be impliedly discharged if the new contract's terms are inconsistent with the old contract's terms. True or False?
Answer:
The correct answer is True.
Explanation:
In law, novation is defined as the modification or termination of a legal obligation or transmission by another subsequent obligation. If it extinguishes an obligation, it is called its own or extinction novation, if it essentially modifies the preexisting obligation, it is called an improper or modifying novation.
The objective Novation is a contract whereby the party extinguishes the original obligation by replacing it with a new obligation with a different purpose or title. The institution in question apparently has the category of way of extinguishing the obligations, particularly in the unsatisfactory way as long as it does not fulfill the interest of the creditor. The debit is extinguished, but the credit was not satisfied.
An economy’s natural rate of unemployment is the
a. economy’s long-run target level of unemployment.
b. amount of unemployment that the economy normally experiences.
c. lowest rate of unemployment the economy can achieve.
Option (B) The natural rate of unemployment represents the baseline level of unemployment in an economy due to frictional and structural reasons, considering all current economic, social, and political factors.
The natural rate of unemployment is a concept within economics that refers to the level of unemployment that exists due to the various frictional and structural factors, including the way the labor market operates in a dynamic economy. It is not the absolute minimum level of unemployment but rather the level expected when the economy is neither in boom nor recession, considering all the current economic, social, and political factors.
This rate includes unemployment due to normal labor market turnover (frictional unemployment), and the mismatch between workers' skills and job requirements (structural unemployment). Contrary to some misconceptions, the natural rate of unemployment is not the target or the best an economy can achieve; instead, it is a baseline for policymakers to understand when considering potential improvements in employment levels.
The natural rate is an indicator of an economy's long-term equilibrium level of unemployment, and understanding it can help in forming effective employment policies and anticipating the effects of economic changes.
Suppose the market for tortillas is initially in equilibrium, but then the equilibrium wage rate and the equilibrium quantity of labor both increased. What happened in the market for tortilla?
Answer:
The supply of tortillas decreased
Explanation:
Advantages of the corporate form that have led to the growth of this form of business ownership include all of the following except: Select one:
A. Ability to raise capital.
B. Ability to transfer ownership.
C. Limited liability.
D. Low government regulation.
Answer: (D) Low government regulation
Explanation:
The Low government regulation is not the advantage of the corporation as the government regulation basically increase the productivity in an organization and also protect the working environment.
The main benefit of the government regulation is that it helps in the growth of the business ownership and also provide the fair competition in an organization and provide the various types of product and services in cheap price with high quality.
Therefore, The low government regulation is not the advantage of corporation.
A(n)__________is a branch of decision support systems (DSSs) that gives managers easy access to internal and external data and typically includes drill-down features and a digital dashboard for examining and analyzing information.
(A) group support system
(B) executive information system
(C) electronic meeting system
(D) geographic information system
Answer:
B
Explanation:
An executive information system is a branch of decision support systems (DSSs) that gives managers easy access to internal and external data and typically includes drill-down features and a digital dashboard for examining and analyzing information. Thus, option B is correct.
What is a decision support systems?A framework that helps an organization's decision-making is referred to as a system for the course of action support.
A DSS sorts and examines enormous amounts of data, amassing thorough knowledge that may be applied to problem-solving and judgment.
Executive information systems, a subset of DSSs, are interactive video schemes with "drill-down" capabilities and a visual panel for reviewing and evaluating data. They provide CEOs with simple access to data.
Therefore, option B is the correct option.
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A cook went to a market to buy some eggs and paid $12. But since the eggs were quite small, he talked the seller into adding two more eggs, free of charge. As the two eggs were added, the price per dozen went down by a dollar. How many eggs did the cook bring home from the market?
A. 8
B. 12
C. 15
D. 16
E. 18
Answer:
The correct answer is E that is 18 eggs.
Explanation:
Assuming initially eggs be n which he bought
So, the price per dozen = $(12×12/n)
But finally, he bought (n + 2) eggs in the same price that is $12.
So, the new price per dozen = $(12×12/(n + 2))
Therefore,
12×12/n - 12×12/(n + 2) = 1
Taking 12 × 12 common from the above equation:
(12×12)[(n + 2) - n]/[n(n + 2)] = 1
144×2 = n(n + 2)
n(n + 2) = 288
n² +2n - 288 = 0
Now, we can either solve the above quadratic equation as follows,
n² + 2n - 288 = 0
n² + 18n - 16n - 288 = 0
(n + 18)(n - 16) = 0
As n would be positive because eggs cannot be in negative numbers therefore, n = 16
And he bought 2 extra, So
n = 16 + 2
n = 18 eggs
The eggs he bought is 18
The Soma Inn is trying to determine its break-even point. The inn has 75 rooms that are rented at $52 a night. Operating costs are as follows
Salaries $9550 per month
Utilities 2600 per month
Depreciation 1500 per month
Maintenance 750 per month
Maid service 6 per room
Other costs 28 per room
Determine the inn's break-even point in (1) number of rented rooms per month and (2) dollars.
1. Break-even point in rooms
2. Break-even point
If the inn plans on renting an average of 50 rooms per day (assuming a 30-day month), what is
(1) the monthly margin of safety in dollars and
(2) the margin of safety ratio? (Round ratio to 0 decimal places, e.g. 10.) 1. Margin of safety 2. Margin of safety ratio
Answer:
1) break even point in units = 720 rooms per month
2) break even point in dollars = $37,440 per month
____________ . ____________
1) safety margin is $40,560
2) margin of safety ratio = 52%
Explanation:
First we have to determine the fixed and variable costs:
fixed costs = salaries + utilities + depreciation + maintenance = $9,550 + $2,600 + $1,500 + $750 = $14,400
variable costs = maid service + other costs = $6 + $26 = $32 per room
now we have to determine the contribution margin per room rented = rent price - variable costs = $52 - $32 = $20
so the break even level in units = $14,400 / $20 = 720 rooms per month
the 720 rooms per month x $52 per room = $37,440
____________ . ____________
if Soma estimates to rent 50 rooms per day, that equals 1,500 rooms per month
Soma expects to earn 1,500 rooms x $52 per room = $78,000 per month, which means that their safety margin is $40,560 (= $78,000 - $37,440)
their margin of safety ratio = $40,560 / $78,000 = 0.52 x 100 = 52%
A company uses straight line depreciation for an item of equipment that cost $12000, had a salvage value of $2,000 and a five year useful life. After depreciating the asset for three complete years, the salvage value was reduced to $1200 but its total useful life remained the same. Determine the amount of depreciation to be charged against the equipment during each of the remaining years of its useful life.a. 1000b. 1800c. 5400d. 2400e. 2000
Answer:
option (d) 2400
Explanation:
Data provided in the question:
Initial book value = $12,000
Salvage value = $2000
Useful life = 5 years
Thus,
Using the straight line method of depreciation
Annual depreciation = [Cost - Salvage value] ÷ Useful life
= [ $12,000 - $2,000 ] ÷ 5
= $2,000
Accumulated Depreciation for 3 years
= Annual depreciation × Time
= $2,000 × 3
= $6,000
Book value after 3 years = Cost - Accumulated depreciation
= $12,000 - $6,000
= $6,000
Remaining useful life = 2 years
Reduced Salvage value after 3 years = $1,200
Therefore,
Depreciable value of the Asset = Book value - Reduced salvage value
= $6,000 - $1,200
= $4,800
Revised depreciation to be charged every year
= Depreciable value of the Asset ÷ (Remaining useful life)
= $4,800 ÷ 2
= $2,400
Hence,
The correct answer is option (d) 2400
JT Engineering usually pays $21 per pound of copper and uses 300 pounds of copper per 1,000 widgets. Due to the current high demand for copper, JT is currently paying $32 per pound of copper. What will JT’s materials price variance be for this purchase?A : $3,300B : $3,200C : $1,300D : $2,100
Answer:
A : $3,300
Explanation:
Given;
Initial cost = $21 per pound of copper
Current cost = $32 per pound of copper
Cost variance = $32 - $21
= $11
If 300 pounds of copper per 1,000 widgets, then
JT’s materials price variance be for this purchase
= Cost variance × Pound required
= $11 × 300
= $3,300
The right answer is A : $3,300
When a principal falsely leads a third party to believe that another individual serves as his or her agent, the principal has created agency by:_______.
Answer:
Estoppel
Explanation:
An agency is created between two parties when one party, with consent of the other party assign a third party to act on his behalf under his control. This third party is called a agent.
Under agency by estoppel, if the principal (who appoints agent to undertake task) assigns a third party, instead of agent, to carry out a task. It is called an agency by estoppel. The principal cannot deny later that he had assigned the work to a third party.
Martin and Carl own properties that are adjacent to one another, and Carl’s property abuts a public pond and grazing area for animals. For 35 years, Martin has crossed to the pond and grazing area via a path that cuts across the back of Carl’s property. Martin’s longtime use of the path across Carl’s property has created an easement ________.
Answer:
appurtenant
Explanation:
This is like the right over someone's land for a specific reason or purpose.
It is legal and it is an easement where the right of use is attached to the land itself. The property that benefits from the easement is known as the dominant estate (which is Martin), while the property that is burdened by the easement is known as the servient estate (which is Carl) because it serves the dominant estate.
Answer: easement appurtenant
Explanation:
Easement Appurtenant is an interest allowing someone else to make a specific use of your land or preventing the owner from doing some particular things on the land in which the easement of use is attached to the land itself. In this case the easement appurtenant is attached to martin and carl's property permitting martin to use the path across Carl's property.
At Debrelas, a cosmetics manufacturing company, the salespeople are eligible for quarterly bonuses only if they meet their sales target for each month in that particular quarter. In the context of reinforcement theory of motivation, which of the following intermittent reinforcement schedules does this scenario best illustrate?
A) A fixed ratio reinforcement scheduleB) A fixed interval reinforcement scheduleC) A variable interval reinforcement scheduleD) A variable ratio reinforcement schedule
Answer:
The correct answer is A. A fixed ratio reinforcement schedule
Explanation:
When we perform an operant conditioning following a fixed interval reinforcement program, we administer to the subject the reinforcing stimulus only when a certain time has elapsed since the last presentation of the reinforcement, that is, with a constant time interval, for example, every minute. If the time interval is not constant but variable, that is once every minute, another every three, another every two, ..., then we have a variable interval reinforcement program.
If we want to create an operant behavior in a subject, we can administer the reinforcing stimulus only when the subject performs a certain number of times the behavior in question, for example every three times; in that case we have a fixed rate reinforcement program. If we prefer to administer the reinforcement when the subject performs a variable number of behaviors (for example, sometimes every three behaviors, sometimes every two, sometimes every four) we have a variable rate reinforcement program.
Unlike goods, services are______________.
a. stored, warehoused, and inventoried.
b. tangible performances.
c. produced in a centralized location and consumed in decentralized locations.
d. more heterogeneous and less standardized and uniform.
Answer:
b
Explanation:
Services are more heterogeneous and less standardized and uniform than goods. This means services can vary greatly depending on the provider.
Explanation:Unlike goods, services are more heterogeneous and less standardized and uniform. This means that services often vary from provider to provider, even when they're supposed to be the same type of service. For example, two different hair stylists may produce very different results, even when performing the same haircut. Goods, on the other hand, are typically more uniform and standardized. For instance, if you buy a certain brand and model of a smartphone, you'd expect it to be identical to all other smartphones of the same brand and model.
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Capital budgeting is the process Question 2 options: used in sell or process further decisions.
of determining how much capital stock to issue.
of making capital expenditure decisions.
of eliminating unprofitable product lines.
Answer:
Capital budgeting is the process "of making capital expenditure decisions"
Explanation:
Capital budgeting is a planning process employed by a firm's management to evaluate if embarking on long-term investments (like purchase of a new machinery, replacement of old non-current assets, new product line, etc) are viable and profitable.
Decisions made by management must be informed decisions and one of the ways in which an investment decision can be evaluated to check if it is worthwhile is the capital budgeting process
Capital budgeting is the process of making capital expenditure decisions.
Capital budgeting is the process of making capital expenditure decisions. It involves analyzing and evaluating potential investment opportunities to determine which projects to undertake. This process typically includes estimating cash flows, assessing the risk associated with the projects, and calculating measures such as net present value (NPV) and internal rate of return (IRR) to help in decision-making.
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Obie is trying to make an online purchase, but he doesn't have his credit card. He calls his wife, who reads the 16-digit credit card number to him. Unfortunately, Obie cannot remember the number long enough to type it into the computer. This is because:______________.
Answer:
Short-term memory is limited in duration and capacity.
Explanation:
Since short memory is restricted in both limit and length, the maintenance of remembrances requires moving the data from short-term in to long term memory. Practice can likewise assist data with making it into long-term memory. A human capacity is to remember things for a short period of time. Which explains why, Obie forgot the 16 digit code which was just read by her wife.
The economic definition of money is__________.A. A good that has intrinsic value.B. Anything authorized by the government to be used in an exchange.C. Anything of value owned by a person or a firm.D. Any asset that people are generally willing to accept in exchange for goods and services.
Answer:
The correct answer is option D.
Explanation:
Money can be defined as any asset that is generally accepted by people in exchange for goods and services. The basic function of money is to act as a medium of exchange.
It reduces the transaction cost in exchange for goods and services by eliminating the double coincidence of wants.
Money can be of different types such as commodity money, fiat money, etc.
Other functions of money are to act as a store of value and unit of account.
Your bank statement shows you have a balance of $268.93. All the checks you have written during this statement period are shown on the statement, but there is a deposit missing on your bank statement. If your check register shows you have a balance of $302.43, how much is the missing deposit?
Answer:
The missing deposit is $33.50
Explanation:
Given,
Bank statement balance = $268.93
Check register balance = $302.43
If all the transactions recorded in the check register where captured in the bank statement, the balances in the statement and register would have been the same. However, we are told that there is a deposit missing on your bank statement. Therefore,
Missing deposit = $302.43 - $268.93
= $33.50
The missing deposit amounts to $33.50.
Given no monthly adjustments were made during the year, the December 31 year-end adjusting entry to record the interest on a $100,000, 12% bond that pays interest annually on November 1 and was sold at par value will include ______.
Answer:
Dr Interest Expense account 10,000
Cr Cash account 10,000
Explanation:
We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000
Then we must record the journal entries
Dr Interest Expense account 10,000Cr Cash account 10,000Since cash is an asset and it decreases, then it should be credited.
Since interest is an expense and it increases, it should be debited.
The year-end adjusting entry will include a debit to Interest Expense and a credit to Interest Payable for $2,000, representing two months of accrued interest on the bond.
The December 31 year-end adjusting entry to record the interest on a $100,000, 12% bond that pays interest annually on November 1 and was sold at par value will include a debit to Interest Expense and a credit to Interest Payable for the amount of accrued interest from November 1 to December 31.
To calculate the accrued interest: The annual interest payment is 12% of $100,000, which is $12,000. Given that interest is paid annually on November 1, by December 31, two months of interest have accrued. The two months of interest is calculated as follows:
((12% of $100,000) / 12 months) x 2 months
$12,000 / 12 months = $1,000 per month
$1,000 x 2 months = $2,000 of accrued interest
Thus, the journal entry would be:
Debit Interest Expense $2,000Credit Interest Payable $2,000
String Inc. is a software development firm that specializes in information systems. The firm receives a contract to create an information system for one of its clients. What indicates that String is using the prototyping approach?
Answer:
create a demo application
Explanation:
A prototyping approach focuses on created a draft version of the product that is being developed in order to test out it's functionalities and explore additional implementations or changes to the product. This being the case the indication that String Inc. is using the prototyping approach would be if they create a demo application and gather user feedback in order to change the application before creating the final version for release.
Which of the following is incorrect?
a. Given aggregate demand, an increase in aggregate supply increases real output and, assuming downward-flexible prices, reduces the price level.
b. As the U.S. price level rises, U.S. goods become relatively more expensive so that U.S. exports fall and U.S. imports rise.
c. As the price level falls, the demand for money declines, the interest rate declines, and interest-rate-sensitive spending increases.
d. When the price level increases, real balances increase and businesses and households find themselves wealthier and therefore increase their spending.
Answer:
The answer that is incorrect is D)
Explanation:
First of all, it is incorrect because if prices increase, real money balances decrease. The real money balances formula explains this fact:
Real money balances (RMB) = M/P
Where M is the amount of money and P the price level.
If P increases, then M will RMB will decrease.
If RMB are less, then, houses will find themselves poorer, not wealthier, and will decrease their spending, not increase it.
An isocost line shows:
A. all the possible output levels that can be produced at a given total cost.
B. all the input combinations that produce the same total output.
C. all the input combinations that can be purchased at a given total cost.
D. the total cost of producing each possible level of output.
Answer:
C) all the input combinations that can be purchased at a given total cost.
Explanation:
The isocost formula is C =wL + rK
where:
C = Total Cost w = wage rate of labor (L) r = cost of capital (K)The isocost line shows the different combinations of inputs that can be purchased for a given level of total expenditure (C) at given input prices (w, r).
The total costs should be minimized at the point where the isocost line intersects with the isoquant line (shows all possible input combinations capable of producing a given level of output).
Rick, a marketing manager for Fix-It Tools, is discouraged with the way his organization markets its products. Currently, Fix-It-Tools utilizes a strategy aimed toward the largest possible number of people. The company also relies heavily on television and online advertising. Rick protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers.
What is Fix-It currently practicing?
A. a constant change strategy
B. market segmentation
C. relationship marketing
D. mass marketing
The correct answer would be option D, Mass Marketing.
Rick protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. Fix it is currently practicing Mass Marketing.
Explanation:
Rick who is the marketing manager of the Fix it Tools is currently utilizing a strategy which is aimed towards the largest possible number of people. This marketing strategy to attract a large number of people through different advertising techniques is called as Mass Marketing.
Mass Marketing helps in attracting and capturing the largest number of people. It is usually done through Televisions. Online advertisement also contribute in mass marketing due to the increased use of social media now a days.
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Fix-It Tools is currently utilizing a mass marketing approach which, while capable of reaching a broad audience, lacks a personal connection with customers that methods like relationship marketing can establish.
Explanation:Rick is expressing a concern about Fix-It Tools' use of a mass marketing approach. Mass marketing is a strategy in which a company decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which lets them broadcast a single message to a large audience. However, the method lacks a personal touch and fails to create a dialogue with individual customers.
Examples of mass marketing include television and online advertising, both of which Fix-It Tools utilizes heavily. As Rick pointed out, this lack of customer communication can be a significant drawback, and companies may lose clients to firms that practice relationship marketing, an approach that involves creating a deep, even personal connection with customers.
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Governments, for many reasons, often intervene in international markets, offsetting some of the efficiencies that may be realized with specialization based on comparative advantage and trade.
When governments imposes a tax on imports, this is knows as:
a. a quota.
b. a tariff.
c. an export subsidy.
d. dumping.
Answer:
The correct answer is option b.
Explanation:
A tariff is a tax imposed on the imports of a product. It is used to restricts imports from another country by increasing the price of goods and services. Tariffs are generally of two types:
Specific tariffAd-valorem tariffA quota is a quantitative restriction on imports of goods and services. An export subsidy is a type of subsidy that is paid to the domestic producers to encourage exports.
Dumping is a situation when a country, a firm or an industry sells a product in a foreign market at a lower price than what it charges in domestic market.
Excess capacity
A) allows a facility to be very flexible and to respond to wide swings in the demands placed on it.
B) costs money and therefore can decrease efficiency.
C) requires proximity to customers and the rest of the network.
D) both A and B
E) all of the above
Answer:
A) allows a facility to be very flexible and to respond to wide swings in the demands placed on it.
Explanation:
Excess capacity means when company have potential to process higher amount of product but still produce lower amount of product though the unit is designed work more and efficiently. you can produce more goods and also can sale it at lower prices, so that means it can fulfil demand flexibility.
If, due to a recession, foreign workers begin to leave the United States to search for temporary work in their home countries until the recession has ended, this willA. shift the short-run aggregate supply curve of the home country to the left. B. move the home country's economy down along a stationary short-run aggregate supply curve. C. move the home country's economy up along a stationary short-run aggregate supply curve. D. shift the short-run aggregate supply curve of the home country to the right.
Answer:
The correct answer is option D.
Explanation:
Due to the recession in the US, if the workers from foreign countries go back to their countries until the recession has ended, this will increase the availability of labor for the home country.
As the supply of labor increases, the nominal wages will decline. It will become cheaper for firms to hire more workers. As firms hire more and more workers, they will be able to produce more. So the short-run aggregate supply curve of the home country will move to the right.
Foreign workers leaving the U.S. during a recession causes the SRAS curve to shift to the left, reflecting decreased production capacity due to reduced labor availability.
Explanation:When foreign workers leave the United States during a recession to find work in their home countries, the labor force in the U.S. decreases. Since firms are hiring a lower quantity of labor at any given wage during a recession, the labor demand curve shifts to the left. This change corresponds to a leftward shift in the short-run aggregate supply (SRAS) curve because the total production capacity of the economy declines when there are fewer workers. This shift reflects a reduction in the immediate output capability of the economy without changing the price level, which is a different event than moving along a stationary SRAS curve due to changes in the price level.
The correct answer to the student's question is A. shift the short-run aggregate supply curve of the home country to the left. This happens because the decrease in available labor reduces firms' capacity to produce goods and services. Changes in aggregate demand can lead to cyclical unemployment, which is the variation in unemployment caused by the business cycle, moving from expansion to recession or vice versa. However, a shift in the SRAS curve represents a change in the quantities that suppliers are willing to produce at every price level, not just cyclical unemployment.
According to the Economic Model of CSR, the pursuit of profit will continuously work towards the optimal satisfaction of consumer demand which, in the interpretation of _____ is the optimal social good.
Answer:
utilitarianism
Explanation:
Based on the information provided within the question it can be said that the term that is being mentioned for interpretation is utilitarianism. This term refers to a theory that believes that the best approach is the one who's outcome will bring the most good to the most people. Which According to the Economic Model of CSR, it is pushing towards achieving the most satisfaction of it's consumers when pursuing profits.
why are separate operating statements prepared for governmental funds and proprietary funds in the the fund financial statements?
Answer:
As a general rule operating statements for governmental funds and proprietary funds should be displayed separately.
In order to prepare financial statements for governmental funds an accountant must use a modified accrual accounting system which combines accrual basis and cash basis accounting.
When an accountant prepares financial statements for proprietary funds they will use the accrual basis accounting system.
The balance sheets also include different accounts. For example, Property, Plant and Equipment accounts are not used in governmental funds' balance sheet. While the governmental fund balances should be segregated in five components: nonspendable, restricted, committed, assigned and unassigned.
In class, we discussed the core and the auxiliary dimensions of Crest toothpaste. We went on to think about things such as "social confidence," "safety," and "good taste." These were examples of:
a. Core features
b. Auxiliary Dimensions
c. the benefits of the augmented product
d. the "unsought" attributes of the brand
e. the brand's positioning
Answer:
C) the benefits of the augmented product
Explanation:
An augmented product not only satisfies its customers' needs, but it also provides additional features and services that distinguish it from its competition. When a product is augmented, it doesn't change as a product, e.g. Crest is still a toothpaste, instead it adds more benefits and value, e.g. good taste, etc.
Usually augmented products are perceived as higher value products by its customers and many times that will lead to a price increase.
Answer:
Probably C
Explanation:
_________________ involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet customer requirements at a profit.
Answer:
Logistics
Explanation:
Logistics is the process of managing the movement of merchandise or resources from their point of origin to the intended consumer. Logistics in an organization is the management of mobility and storage activities undertaken by the company. Logistics management will involve the identification of distributors and suppliers of the company's products.
Poor logistics will hurt business performance. If the company's products are not available for consumers to buy, low sales will be realized. An inefficient logistics system will make company products expensive. As a result, the company's goods becomes uncompetitive in the market.
Explain and evaluate the following statements:
a. The invention of money is one of the greatest achievements of humankind, for without it the enrichment that comes from broadening trade would have been impossible
b. Money is whatever society says it is
c. In the United States, the debts of government and commercial banks are used as money
d. People often say they would like to have more money, but what they usually mean is that they would like to have more goods and services
e. When the price of everything goes up, it is not because everything is worth more but because the currency is worth less
f. Any central bank can create money, the trick is to create enough, but not too much, of it.
Answer:
A) This statement refers to the fact that money is great as a medium of exchange, because it is accepted by people, and it's easy to tansport.
B) Money has three functions: as a store of value, as a unit of account, and as means of exchange. When a society thinks that something (be it coins, bills, cigarrettes) has those three functions, it becomes money.
C) The government issues treasure bonds that are bought by the central bank, the money the central bank pays from these bonds enters the market. Commercial banks also borrow from the central bank. These funds they borrow are used to make loans, and put more money in the market.
D) Money has value as long as it is exchanged for goods and services. Even if a person hoards money for a long period of time, that person does so because he or she expects the money to gain value, or because he or she wants to save for the future.
E) This statement is describing what inflation is. Inflation is the rate of price increase in time. When there is more money than goods and services in an economy, money itself loses value and all the prices expressed in monetary value increase.
F) The statement is true. If a central bank creates too much money, it will lead to inflation, or even hyperinflation.
The invention of money has greatly facilitated trade and economic growth. Money's value is determined by societal beliefs. In the United States, government and commercial bank debts are not used as money. People's desire for 'more money' often refers to wanting more goods and services. Rising prices can be a result of inflation or a devaluation of currency. Central banks create and manage money supply to balance economic growth.
Explanation:a. The invention of money has indeed been one of the greatest achievements of humankind. Money serves as a medium of exchange, allowing for the specialization of labor and the expansion of trade. Without money, bartering would be the only means of exchange, which would limit trade and economic growth.
b. The statement that money is whatever society says it is holds true. Money only has value because people believe in it and accept it as a medium of exchange. The value of money is largely determined by the trust and confidence people have in the currency.
c. In the United States, the debts of government and commercial banks, such as Treasury bonds and bank deposits, are not used as money. Instead, the Federal Reserve Bank controls the money supply by creating and regulating the amount of currency in circulation.
d. It is true that when people say they want more money, they usually mean they want more goods and services. Money is simply a means to acquire the things we want and need. It represents purchasing power, but it is the goods and services themselves that hold intrinsic value.
e. When the price of everything goes up, it can be due to multiple factors. It could be a result of increased demand, scarcity of resources, or inflation, which is the devaluation of currency. If the currency loses its value, the prices of goods and services denominated in that currency will appear to go up.
f. Any central bank has the authority to create money, but it must strike a delicate balance. Creating too much money can lead to inflation, decreasing the value of each unit of currency. Creating too little money can stifle economic growth. Central banks use monetary policy tools to manage the money supply.
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