Answer:
The private sector is reluctant to produce public goods because their key characteristics, nonexcludability and nonrivalrousness, make it difficult to sell them to individual customers.
Explanation:
Nonexcludability means one person cannot prevent others from using the good, such as good air. Non rivalriousness means one person using a good does not prevent others from using it, such as a the beautiful view of a monument. Because people can free-ride (using the goods without paying), firms do not profit.
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
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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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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When JP saw Helene in the stockroom stuffing her purse with expensive printer cartridges, Helene was quick to say, "We've been friends since first grade, so I'm sure you won't say anything about this." What was Helene using on JP?
A. pressure tactic
B. coalition tactic
C. personal appeal
D. legitimating tactic
E. exchange tactic
Answer:
C. personal appeal
Explanation:
Helene was using a classic personal appeal tactic when pleading JP no to tell on her. She relied on friendship and a personal relationship between them, which is what personal appeal is all about.
It is one of the influence tactics. If this was a pressure tactic, Helene would probably threat JP, which she didn't do in the example.
If it was a coalition tactic, Helene would try to get JP to help her persuade someone else, which is a non-existent aspect here.
Legitimating tactics, on the other hand, base on the authority gained by an individual's organizational position or some established policies.
Exchange tactics always imply some returned favors.
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
State tax officials, having had considerable success in persuading delinquent individuals to pay their back taxes through the incentive of reduced penalties, plan to adopt a similar approach in order to collect past due taxes from corporations.The state tax plan outlined above assumes thatA) federal tax officials will not attempt to collect back taxes in the same mannerB) stiff fines are not the only way to collect past due corporate taxesC) corporations tend to be delinquent in their taxes for the same length of time that individual taxpayers areD) past due taxes cannot be collected without a reduction in penaltiesE) penalties for delinquent corporations will have to be reduced by the same percentage as were penalties for delinquent individuals
Answer:
B) stiff fines are not the only way to collect past due corporate taxes
Explanation:
Collecting taxes is not an easy or inexpensive job. The IRS spends billions of dollars in order to collect taxes and the same applies to state taxing entities (at a smaller proportion).
So if state tax official can find a way to collect past due taxes then it should always be a good idea. Everyone loves a discount and corporations probably love discounts more. If the reduction or elimination of fines will make corporations pay their state taxes, then it's a great idea.
It's always better to collect $100 in taxes than to have $200 in past due taxes that aren't collected.
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.
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%
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 main reason why the standard of living improved in the united states was the
Answer:
increased production of goods
Explanation:
A main reason why the standard of living improved in the united states was the increased production of goods
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.
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.
The development group in a company's IS department is staffed primarily by programmers, test engineers, technical writers, and other development personnel. Based on this information, which of the following is most likely to be trueA) The company develops programs in-house.
B) The company uses licensed software.
C) The company has negotiated outsourcing agreements with other companies.
D) The company contracts work to other companies.
Answer:
A) The company develops programs in-house.
Explanation:
Many companies prefer to develop the resources it wants if it is possible. In cases when companies desire so, it has its own research and development team.
When the company has its own personnel for the development of programs, that is consisting test engineers, technical writers, and many other required development personnel, will specify for the company's own programs development.
The company has its own inbuilt capacity to develop the programs in house.
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.
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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An economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labor to produce its total output of 640 units. Each unit of capital costs $10; each unit of raw materials, $4; and each unit of labor, $3. The per-unit cost of production in this economy is _____.
a. $0.10.
b. $0.50.
c. $1.00.
d. $0.05.
Answer: $0.1
Explanation:
Per unit cost of production = Total cost of factors of production / total quantity
Total cost of Labour = $3 × 8 = $24
Total cost of capital = $10 × 2 = $20
Total cost of raw materials = $4 × 5 = $20
Total cost of factors of production = $24 +$20 + $20 = $64
$64 / 640 = $0.1
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.
_________________ 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.
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:
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
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.
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.
A monopolist maximizes profits by:
a) by charging price equal to average cost.
b) charging price equal to marginal cost.
c) by setting MR(q)=MC(q) at a q for which p(q) is at least AVC(q).
d) by setting marginal profit equal to marginal cost.
e) by setting marginal revenue equal to marginal profit at a q for which p(q) is at least AVC(q).
Answer:
c) by setting MR(q)=MC(q) at a q for which p(q) is at least AVC(q)
Explanation:
Profit is maximised at MR= MC and price is greater than MC for monopoly.
A monopolist maximizes profits by setting marginal revenue equal to marginal cost for a quantity where price is at least the average variable cost, as determined by the market demand curve.
Explanation:A monopolist maximizes profits by selecting the profit-maximizing level of output where marginal revenue (MR) equals marginal cost (MC), and then charging the price for that quantity of output as determined by the market demand curve. If that price is above average cost, the monopolist earns positive profits. The correct answer from the options provided is c) by setting MR(q)=MC(q) at a q for which p(q) is at least AVC(q). This is because the monopolist will maximize profits by producing at the level where MR equals MC, then setting a price based on the market demand that covers at least the average variable cost (AVC).
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If 206 people in a sample of 560 people say that they "liked a product" that they purchased during a test market study in Cincinnati, the proportion of people in this study who said that they liked this product was about _____.a.0.40b.0.37c.0.56d.2.71
Answer:
b.0.37
Explanation:
Given
Number of people sampled = 560
Number of people that "liked a product" = 206
Proportion of people in this study who said that they liked this product
= Number of people that "liked a product"/ Number of people sampled
= 206/560
= 0.3679
= 0.37 (to 2 decimal places)
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.
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.
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
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.
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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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.