Answer: Someone in Zimbabwe would have been willing to accept U.S. dollars in exchange for goods and services because U.S. dollars were a good store of value.
A store of value can be stated as an entity that keep its value without disparaging over the period of time.
Which of the following statements is true? A. Expenses are decreased by debits. B. Liabilities are decreased by credits. C. Revenues are increased by credits. D. Assets are decreased by debits.
In double-entry bookkeeping, revenues are increased by credits. Reductions in revenues would be debited. The other given statements about expenses, assets, and liabilities are incorrect.The correct option is C.
Explanation:The correct statement is C. Revenues are increased by credits. In double-entry bookkeeping, revenues, like liabilities and owner's equity, follow the rule that increases are recorded as credits.
Therefore, when a business earns revenues, it increases them by crediting the revenue account. On the other hand, reductions in revenues would be debited.
This rule aligns with the fundamental accounting equation: Assets = Liabilities + Owner's Equity. The other statements provided are inaccurate as expenses and assets are increased by debits, and liabilities are decreased by debits.The correct option is C
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The correct answer to the question is that revenues are increased by credits. This is a fundamental concept in the dual-entry accounting system where assets and liabilities are recorded using debits and credits.
Explanation:In your question, you're asking which of the following statements is true concerning debits, credits, expenses, liabilities, revenues, and assets. The correct answer is C. Revenues are increased by credits. Understanding this requires knowledge of basic accounting principles, specifically the system of debits and credits.
In the T-account system, which every firm uses, assets are placed on the left side and liabilities on the right. Assets represent the resources the organization owns, like loans provided by a bank or the U.S. Treasury bonds it purchased. Liabilities are what the bank owes to others, such as its deposits.
So, in this dual-entry accounting system, revenues (income a company earns from its normal business activities) are increased by credits. A credit to a revenue account indicates an increase in revenue, helping to boost the net worth or equity of the business. Making it clearer, if a customer pays for a service, the company would debit the cash account (an asset increase) and credit the revenue account (revenue increase).
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An asset was purchased for $36,000 on January 1, 2016. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $18,000 on December 31, 2016, the last day of the accounting period.
Answer:
A loss of $11600
Explanation:
The cost of the item is $36000. to calculate depreciation per year we first minus residual value and then divide it by the number of useful years as so:
$36000 - $4000 = $32000
$32000 ÷ $5 = 6400
This means on 31 December 2016 the Carrying amount would be :
$36000 - $6400 = 29600
if it was sold on this day that means that it would have been sold at a loss as the carrying amount exceeds the amount of money it was sold for
$18000 - $29600 = -$11600
Opportunity cost __. A) is always the value of the next best forgone opportunity B) can only be measured as a paid cost C) does not exist since there are no receipts D) is always the lowest valued alternative
Answer:
A) is always the value of the next best forgone opportunity
Explanation:
Opportunity cost is always the value of the next best forgone opportunity.
When an incident occurs and relevant agencies or departments are dispatched to the scene, the lead agency assumes Incident Command and a PIO is designated. This person is usually: A. The local or regional Emergency Manager. B. A full-time PIO whose role has been predetermined in emergency plans and SOPs. C. The Incident Commander, who originates from the lead agency. D. A volunteer PIO who is experienced in incidents of all sizes and magnitudes.
Answer:
When an incident occurs and relevant agencies or departments are dispatched to the scene, the lead agency assumes Incident Command and a PIO is designated. This person is usually A full-time PIO whose role has been predetermined in emergency plans and SOPs- B.
Answer:
C
Explanation:
The supply of loanable funds slopes A. downward because an increase in the interest rate induces people to invest less. B. downward because an increase in the interest rate induces people to save less. C. upward because an increase in the interest rate induces people to save more. D. upward because an increase in the interest rate induces people to invest more.
Answer:
A. downward because an increase in the interest rate induces people to invest less
Explanation:
Whenever the interest rate rises more on loans, people do not take more loans as the cost increases of carrying funds, which further leads to people investing less as they cannot afford to take loans for there needs, or investments, as here interest increase is referred to increase in rate of interest on loan able funds. Accordingly there will be less supply of loan funds, and the slope will go downward as the supply will decrease.
A. downward because an increase in the interest rate induces people to invest less
On December 31, Joe Deer Corporation has the following data available: Net Income $200,000 Interest expense 20,000 Total assets at the beginning of the year 850,000 Total assets at the end of the year 780,000 Total common stockholders' equity at the beginning of the year 550,000 Total common stockholders' equity at the end of the year 490,000. What is Joe Deer’s return on equity?
The Return on Equity (ROE) for Joe Deer Corporation is calculated by dividing the net income by the average shareholders' equity for the year. The average shareholder's equity for the year is calculated as 520,000 and divided into the net income of 200,000, resulting in an ROE of 38.5%
Explanation:The question is asking for the calculation of Joe Deer Corporation's Return on Equity (ROE). ROE measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. It's calculated by dividing net income by shareholders' equity. The formula is ROE = Net Income / Shareholders' Equity.
In this case, for Joe Deer Corporation, the average shareholder's equity for the year needs to be calculated first because the equity amount changed over the year. This is done by adding the equity at the beginning of the year to the equity at the end of the year and dividing it by 2. In terms of numbers, it's (550,000 + 490,000) / 2 = 520,000.
Then, we plug the numbers into the ROE formula: 200,000 / 520,000 = 0.3846. So, the Return on Equity for Joe Deer Corporation is approximately 0.385 or 38.5% when expressed as a percentage.
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What was the first product sold by heinz in 1869?
Final answer:
The first product sold by Heinz in 1869 was horseradish, chosen for its quality and longevity. It was packaged in clear glass bottles to showcase its purity, setting a standard for the brand's commitment to quality.
Explanation:
The first product sold by Heinz in 1869 was not the ketchup that the company is famously known for today, but rather horseradish. This product was selected because it could be processed to maintain purity and longevity without losing its flavor, which aligned with Heinz's commitment to quality and healthful food options. Horseradish was initially sold in clear glass bottles, a novel packaging choice at the time that allowed consumers to see the product's purity for themselves. This commitment to quality and transparency played a significant role in the company's growth and reputation, making Heinz a household name across the world and laying the foundation for its expansive product range that includes today's iconic Heinz Ketchup.
How have right to work laws affected union workers? a. They have increased union membership. b. They have decreased union membership. c. They have kept membership rates steady. d. They have had no effect on union membership.
Answer:
They have decreased union membership- b.
Daniel takes out a $10,000.00 loan. At the end of each month, the bank calculates 1% of the remaining loan balance (the “accrued interest”) and adds that amount to the remaining loan balance. If Daniel’s monthly payment was $100.00, would Daniel be able to eventually pay-off the loan? Explain your reasons or show your work.
Answer:
Daniel will not be able to eventually pay of the loan.
Explanation:
At the end of the first month, the bank will charge interest of $100 i.e [tex]interest = $10,000 * 1% = $100[/tex]
Daniel pays $100 at the end of this first month, and this payment goes towards covering the interest charged on the loan, such that he begins month 2 with a balance of $10,000 in his loan account. At the end of the month, the bank charges interest of $100 again, i.e 1% of $10,000 and Daniel again makes a payment that is just enough to cover the interest only for that month and this payment is not reducing the principal owed.
This goes on and on, with Daniel only paying accrued interest at the end of each month. Therefore, Daniel will not eventually be able to pay off his loan.
Zimmerman Auto sells new and used cars. Among its assets are the following: (1) the showroom building, a separate building used to service customer cars, and various parking lots, (2) a nearby acre of land not currently used by the auto dealership, (3) new and used cars and trucks for sale to customers, and (4) a car that is used to provide rides to customers who prefer to wait at home while their cars are serviced. The assets that are classified as plant assets on the company's balance sheet include _____.
Answer: The assets that are classified as plant assets on the company's balance sheet include :
(1) the showroom building, a separate building used to service customer cars, and various parking lots.
Plant asset is known as the long-term fixed asset that is used to bring forth or sell commodities and services for the institution. These assets are tangible and are expected to produce economic benefits for the organization.
When a price ceiling is imposed, the price system is prohibited from rationing the product in the market in which the ceiling was imposed. What other alternative rationing methods are available to determine who receives the scarce commodity? A. Queuing, shortages, and favoring customers. B. Queuing, favoring customers, and ration coupons. C. Queuing, rationing, and ration coupons. D. Queuing, shortages, and price increases.
Answer: Other alternative rationing methods available to determine who receives the scarce commodity are as follow: Queuing, favoring customers, and ration coupons.
Queuing: This system refers to waiting in queue as a way of distributing goods and services; a non-price rationing mechanism.
Favored customers: This refers to those individual who receive exceptional treatment on transaction during excess demand.
Ration coupons: These are referred as tickets that empower respective individual to buy a certain amount of a given commodity.
Barrett, Inc. reports the following information for the year ended December 31: Beginning Finished Goods Inventory 70 units Units produced 450 units Units sold 520 units Sales price $ 150 per unit Direct materials $ 25 per unit Direct labor $ 10 per unit Variable manufacturing overhead $ 15 per unit Fixed manufacturing overhead $ 15 comma 600 per year Variable selling and administrative costs $ 6 per unit Fixed selling and administrative costs $ 13 comma 000 per year The beginning Finished Goods Inventory costs were $ 3 comma 600 under absorption costing and $ 3 comma 500 under variable costing. What is the operating income using variable costing
Answer:
Operating Income 20,600
Explanation:
First Step will be to calculate the contribution of the begining inventory and the contribution of the untis produced in this period:
BEGINNING INVENTORY
70 units at $150 = $10,500
cost of BI $3,600
Contribution Begining Inventory $6,900
get the production of this year contribution
Sales Units 150
Direct Materials 25
Direct Labour 10
Variable MO 15
Variable S&A 6
Total Variable 56
Contribution 94
Unit produced 450
Contribution Produced units 42300
Second, the operating income:
Contribution Begining Inventory $6,900
+ Contribution Produced units 42,300
Total contribution = 49,200
Fixed Cost
fixed MO 15,600
fixed S&A 13,000
Total Fixed Cost 28,600
Operating Income 20,600
Operating income, also known as operating profit or operating earnings, is a financial metric that measures a company's profitability from its core business operations. Hence Operating Income 20,600. Hence option B is correct.
Operating Income 20,600.
Explanation:
The first Step will be to calculate the contribution of the beginning inventory and the contribution of the units produced in this period:
BEGINNING INVENTORY
70 units at $150 = $10,500
cost of BI $3,600
Contribution Begining Inventory $6,900
get the production of this year contribution
Sales Units 150
Direct Materials 25
Direct Labour 10
Variable MO 15
Variable S&A 6
Total Variable 56
Contribution 94
Unit produced 450
Contribution Produced units 42300
Second, the operating income:
Contribution Begining Inventory $6,900
+ Contribution Produced units 42,300
Total contribution = 49,200
Fixed Cost
fixed MO 15,600
fixed S&A 13,000
Total Fixed Cost 28,600
Operating Income 20,600
It represents the revenue generated by a company's primary activities, such as selling goods or providing services, minus the direct costs associated with those activities, including production costs and operating expenses.
Operating income is a crucial indicator of a company's operational efficiency and its ability to generate profits before considering non-operating items such as interest and taxes. It provides insights into the company's financial health, its ability to cover fixed costs and its potential for growth and expansion.
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Barrett, Inc. reports the following information for the year ended December 31: Beginning Finished Goods Inventory 70 units Units produced 450 units Units sold 520 units Sales price $ 150 per unit Direct materials $ 25 per unit Direct labor $ 10 per unit Variable manufacturing overhead $ 15 per unit Fixed manufacturing overhead $ 15 comma 600 per year Variable selling and administrative costs $ 6 per unit Fixed selling and administrative costs $ 13 comma 000 per year The beginning Finished Goods Inventory costs were $ 3 comma 600 under absorption costing and $ 3 comma 500 under variable costing. What is the operating income using variable costing? What is the operating income using variable costing? A) $14,380 B) $20600 C) $4780 D) $45,200
Company Q plans to make a new product next year and sell each unit of this new product at a selling price of $2. The variable costs per unit in each production run are estimated to be 40% of the selling price, and the fixed costs for each production run are estimated to be $5,040. Based on these estimated costs, how many units of the new product will Company Q need to make and sell so that their revenue equals their total costs for each production process?
Answer:
23
Explanation:
You are thinking of making your home more energy efficient by replacing some of the light bulbs with compact fluorescent bulbs, and insulating part or all of your exterior walls. Each compact fluorescent light bulbs costs $4 and saves you an average of $2 per year in energy costs, and each square foot of wall insulation costs $1 and saves you an average of $.20 per year in energy costs. Your home has 60 light fittings and 1100 sq. ft of uninsulated exterior wall. You can spend no more than $1200 and would like to save as much per year in energy costs as possible. How many compact fluorescent light bulbs and how many square feet of insulation should you purchase? How much will you save in energy costs per year?
Answer:
The optimal solution is 80 bulbs and 1280 square feet insulation.
Your expected energy saving will be 416 dollars.
Explanation:
To maximize annual energy savings within a $1200 budget, purchase 60 CFLs for $240 and 960 sq. ft of insulation for $960, saving a total of $312 per year.
To determine the most cost-effective way to make a home more energy efficient within a budget of $1200, we need to compare the savings provided by compact fluorescent light bulbs (CFLs) and wall insulation. Each CFL costs $4 and saves $2 annually in energy costs, while each square foot of wall insulation costs $1 and saves $0.20 annually.
First, let's calculate the maximum number of CFLs that can be bought with the budget:
Max CFLs = Budget / Cost per CFL = $1200 / $4 = 300 CFLs
Since the home has 60 light fittings, we can only buy 60 CFLs, using $240 of the budget, leaving $960 for insulation. Now, let's calculate how much insulation can be purchased:
Max Insulation (sq. ft) = Remaining Budget / Cost per sq. ft = $960 / $1 = 960 sq. ft
The house has 1100 sq. ft of uninsulated exterior wall, so the full budget can be used.
Total Savings = (Savings per CFL * Number of CFLs) + (Savings per sq. ft * sq. ft of insulation)
Total Savings = ($2 * 60) + ($0.20 * 960)
Total Savings = $120 + $192 = $312 per year
Discussion
Energy efficiency investments can initially seem expensive, but CFLs illustrate how savings add up over time. CFLs use at least 75% less energy than incandescent bulbs and for businesses, the reduced labor costs due to less frequent replacement enhance these savings even further.
Suppose that consumers decide to walk to work more frequently and drive cars less. Companies that make walking shoes hire workers, while automobile companies lay off workers. This is an example of a. structural unemployment created by sectoral shifts. b. frictional unemployment created by efficiency wages. c. frictional unemployment created by sectoral shifts. d. structural unemployment created by efficiency wages.
Answer: Option C
Explanation: Shoe working companies are hiring workers and car manufacturing companies are laying of workers due to change in preference of consumers in general is an example of frictional unemployment created by sectoral shifts. Frictional unemployment means the unemployment caused when an individual is searching for a job and transitioning from one job to another. In this case due structural shift from cars to walk the workers of car factories have to shift to shoe factories.
Charlotte needs to raise money for a charity benefit she is attending. At lunch, she asks her friend, Samantha, to attend the benefit to keep her company and Samantha gladly accepts. By the end of lunch, Charlotte has told Samantha all about the purpose of the benefit and asks if she'd be willing to make a $100 donation to support the cause. What technique did Charlotte use?
A. Ingratiation
B. Door-in-the-Face
C. Need satisfaction
D. Foot-in-the-door
E. Adaptive Selling
Answer: Foot in the door
Explanation:
A. In Ingratiation one tries to influence the respondent by using flattery or compliments etc.
B. In Door-in-the-Face technique the influencer first make a big request followed by a small one that the respondent will most likely accept.
C. In need satisfaction the influencer first try to understand the needs of the respondent and then make his move as per the observations made.
D. In foot in the door first a small request is made which the respondent will most likely accept and then the crucial request is presented before the respondent.
E. In Adaptive Selling the technique of changing behavior is used as per the changing requirements.
Hence, from the above we can conclude that Charlotte used foot in the door.
Switzer, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. What lower-of-cost-or-market value should Switzer, Inc., have for the computers at the end of the year?
(A) $3,200.
(B) $4,800.
(C) $2,400.
(D) $7,200.
Answer:
(A) $3,200.
Explanation:
cost 600 replacement cost = market cost = 400
lower market 400
8 computers x 400 = 3,200
Notice: Under the lower-of-cost-or-market we can only recognize impairment. We cannot increase the value of assets under this method.
To calculate the lower-of-cost-or-market value for Switzer, Inc.'s computers, compare the original cost to the current replacement cost and use the lower figure. With a current replacement cost of $400 per computer for 8 computers, the total LCM value is $3,200.
Explanation:The question asks what lower-of-cost-or-market value Switzer, Inc., should have for their computers at the end of the year. The formula for determining the lower-of-cost-or-market (LCM) value involves comparing the original cost of the inventory to its current replacement cost and using the lower of the two figures. In this case, each computer cost $600 originally, but has a current replacement cost of $400. Since the market value (current replacement cost) is lower than the cost, the LCM value is based on the market value. Switzer, Inc., has 8 computers, so the total LCM value of the computers at the end of the year is 8 computers x $400 per computer = $3,200.
Which of the following affect the expected rate of return for a portfolio? weight of each security held in the portfolio the probability of various economic states occurring the variance of each individual security the expected rate of return of each security given each economic state
Answer: the correct answer is weight of each security held in the portfolio, the probability of various economic states occurring and the expected rate of return of each security given each economic state.
Explanation: the variance of each individual security might not affect the expected rate because is one minor item in the whole basket.
All of the following policies are ways for a country to promote long-run economic growth except
A) increasing vaccinations against infectious diseases.
B) undergoing political reform to decrease corruption.
C) enacting stronger laws toprotect property rights.
D) imposing stricter regulations to limit foreign direct investment.
Answer: Option D
Explanation: In simple words, increase in the market value of goods and services produced in the economy over time is called long run economic growth .
A. Better medical facilities upgrades human resource in the economy thus increasing the quality of products produced resulting in increase in value.
B. Decreasing corruption will result in more capital resources in the economy and better facilities and technology resulting in economic growth.
C. Stronger property rights will protect the common individuals as well as helps in developing private sector in the economy, thus, economic growth.
D. Foreign direct investment brings the capital from foreign lands in the economy thus imposing regulations will decrease capital investment and will hinder economic growth.
Slimline and Distributor signed a contract providing that Distributor would use reasonable efforts to promote and sell Slimline’s diet drink. Slimline was already being sold in Warehouse Club. After the contract was signed, Distributor stopped conducting in-store demos of Slimline. It did not repackage the product as Slimline and Warehouse had requested. Sales of Slimline continued to increase during the term of the contract. Slimline sued Distributor, alleging a violation of the agreement. Who should win?
Answer: In this case, Slimline would win the case because Distributor's conduct and less inclination towards the product is breach of the contract. Therefore Slimline sued Distributor, alleging a violation of the agreement.
Hence, in this case Slimline is more likely to win the case as it was asked of the distributor to use reasonable efforts to promote and sell Slimline’s diet drink.
Final answer:
If Distributor's efforts to promote and sell Slimline, although not including in-store demos or repackaging, can be considered reasonable and sales increased, they may have fulfilled their contractual obligations. The court will look at the specific terms of the contract and what constitutes reasonable efforts.
Explanation:
When determining which party should win in the lawsuit between Slimline and Distributor, a court will likely examine the explicit terms of the contract, the definition of reasonable efforts, and the performance outcomes during the term of the contract. If the contract provided that Distributor would use reasonable efforts to promote and sell Slimline's diet drink, but did not specify that in-store demos or repackaging were required, Distributor's obligation may have been met as long as their efforts fell within what is considered reasonable under the circumstances. An important factor is that sales of Slimline increased despite Distributor stopping in-store demos and not repackaging the product. Consequently, Distributor may argue that they have fulfilled their contractual obligations since there was no negative impact on sales, implying that they may have used other reasonable methods to promote and sell Slimline's product.
In most business situations where firms compete, often they can escape the prisoner's dilemma and reach the most profitable outcome. Which of the following is a reason for this?A. Firms engage in aggressive advertising to overcome the barriers to loyalty.B. Most games are one-shot games so firms learn from their mistakes.C. Most games are repeated games and firms can employ retaliation strategies against those who do not cooperate.D. Firms are constantly improving their products and anticipating changing consumer tastes.
Answer:
The correct answer here is option C.
Explanation:
In real life business situations the firms are able to avoid prisoner's dilemma and reach the most profitable income because the games are repetitive and goes on continuously in the market or economy. The other firms in the market can adopt a retaliation strategy if a firm does not cooperate.
In order to avoid such situation the firms generally cooperate and thus are able to escape Prisoner's dilemma.
Pahn, a nongovernmental not-for-profit organization, received an unconditional pledge of $50,000. The donor stipulated that the pledge must be used in the next fiscal year. Pahn received and spent the $50,000 in the next year. For the current fiscal year, what element of Pahn's statement of financial position will increase as a result of the unconditional pledge?
Answer:
The element of Pahn's statement that will increase as a result of the unconditional pledge will be pledge receivables.
Explanation:
In the question it is given that Pahn (a non governmental not for profit organization ) has received a unconditional pledge $50,000 from a donor , who has given the stipulation that this $50,000 must be spent in the next year, this will lead to increase in the pledge receivables.
Whenever a not for profit organizations receives a pledge , it is recorded as pledge receivables , with given donor restriction ( restriction here are temporary inn nature ).
The ______ perspective views cultural systems by examining various components (natural environment, history, economics, etc.). A. human B. emic C. etic D. holistic E. linguistic
Answer:
Holistic perspective
Explanation:
As a general definition, the term holistic refers to the concept of the total variables in different ways that involve a situation. As a result the holistic perspective about a cultural system evaluates all the exisiting variables that affect the culture, involving, human, linguistic, social, economical, historical and all possible factors affecting an specific culture
Final answer:
The holistic perspective (D) is used by anthropologists to view cultural systems by examining its various components and how they interact within the socioecological system. It seeks to understand the interconnected nature of cultural elements rather than isolating any single part. It differs from etic perspectives, which are from an outsider's view and aim to avoid cultural biases. The correct answer is option (D).
Explanation:
The correct answer to the student's question is D. holistic. The holistic perspective is one that anthropologists use to study cultures by examining various components, including the natural environment, history, economics, and more. This approach considers the numerous connections between cultural institutions such as religious beliefs, kinship systems, economies, gender ideology, political life, cultural understandings of health, among others. The goal is not to isolate a single aspect of culture but to understand the interconnections and interactions between various elements that make up the socioecological system.
Etic perspectives, by contrast, offer an outsider's view of a culture, attempting to explain behaviors in ways that are meaningful to the observer and free of cultural biases. They are informed by scientific methods and can be helpful in studying cultures without altering them through direct interaction. Nevertheless, these provide a different type of value compared to the rich, detailed insights often derived from emic perspectives, which are based on the intrinsic cultural distinctions meaningful to the members of the society being studied.
The basic control process of business begins with _____.
A. The achievement of the organization's goals
B. Taking corrective action, if needed, to repair performance deficiencies
C. The establishment of clear standards of performance
D. The comparison of actual performance to expected performance
E. Identifying the source of the performance-hampering problem
Answer: Option C
Explanation:
A. Achievement of organizational goals is the result for which the controlling process is initiated.
B. Taking corrective action is the second last step in controlling process.
C. Controlling process starts with the establishment of standards from which the actual performance will be compared.
D. Comparison is the second step in controlling process.
E. Identification will be done only after the comparison and detection of deficiencies in the process.
Robert works for an electronics firm that sells cellular phones. Robert sells only V-Techs, a certain type of cellular phone, to distributors across the United States. Because of the specialized knowledge Robert must learn to sell the V-Techs, that is the only type of phone Robert sells. Robert's firm organizes its sales force by:
Answer:
Robert's firm organizes its sales force by product line.
Explanation:
When a company organizes it's force by product line, every sales team or representative will be in charge of the sales of a specific product; this is a benefit for the sellers because they just need to promote one type of product. It allows them to specialize in the product features and specific commercial activities to increase the sales results, including merchandising, advertising and personal promotion. Robert will be learning and creating strategies for the promotion of V-Techs and other workers will be doing the same with other types of cellular phones.
Robert's electronics firm organizes its sales force by product specialization. This allows Robert to focus solely on V-Techs, requiring specialized knowledge to sell them more effectively. This setup optimizes sales capabilities for specific products.
The fact that Robert only sells V-Techs, a specific type of cellular phone, indicates that his firm's sales force is organized by product specialization. This means that sales representatives are assigned to sell only one specific product or product line, thereby necessitating specialized knowledge about that product. In Robert's case, this specialized setup allows him to become an expert in V-Techs and offer more informed and effective sales services to distributors across the United States.
Robert works for an electronics firm that sells cellular phones. Robert sells only V-Techs, a certain type of cellular phone, to distributors across the United States. Because of the specialized knowledge Robert must learn to sell the V-Techs, that is the only type of phone Robert sells. Robert's firm organizes its sales force by what?
Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits. A consequence of their failure is that, relative to the outcome the vendors would like,
(i) the quantity of hot dogs supplied is closer to the socially optimal level.
(ii) the price of hot dogs is closer to marginal cost.
(iii) the hot dog market at the beach is less competitive.
Answer: A consequence of their failure is that, relative to the outcome the vendors would like,
(i) the quantity of hot dogs supplied is closer to the socially optimal level.
(ii) the price of hot dogs is closer to marginal cost.
In this case the hot vendor are relatively creating externalities. i.e. Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits.
Nadya and Owen work at Purified Water Company. Nadya is a sales representative who works with Purified’s customers, including restaurants, grocery stores, and other businesses, as well as individual consumers. Purified closely supervises all of its sales reps, and dictates their schedules. Owen is an engineer who works in Purified’s water treatment, but does not deal with third parties.With respect to third parties, Nadya is Purified’s a. employee, agent, and independent contractor. b. employee and agent. c. employee but not agent. d. independent contractor.
Answer:
B. employee and agent
Explanation:
Nadya is an employee of Purified Water Company because according to the situation, the company supervises her as a sales representative, also because she has a pre established schedule given my the company. These are specific aspects that make the difference between an independent contractor and an employee.
In the same way, an agent is a person who represents a company or a business with clients, other companies or other third parties. in Nadya's case, she is a sales agent, she represents Purified Water Company with Restaurants, grocery stores, and other businesses, as well as individual consumers.
The Surgeon General announces that eating apples promotes healthy teeth. As a result, the equilibrium price of apples A. increases, and producer surplus increases. B. decreases, and producer surplus decreases. C. increases, and producer surplus decreases. D. decreases, and producer surplus increases.
Answer:
The correct answer is option A.
Explanation:
When the surgeon general announces that eating apples is good for teeth, it would increase the demand for apples. The demand curve will shift rightwards. This will further lead to increase in price level. The producer surplus will also increase.
This is shown in the graph below:
When there is an increase in the demand, the demand curve moves to D' leading to an increase in the price level. It is further accompanied by an increase in the producer surplus.
Final answer:
Price increase decreases producer surplus; Consumer surplus increases as price decreases.
Explanation:
The effect of a price increase on producer surplus is a decrease. When the Surgeon General announces that eating apples promotes healthy teeth, resulting in an increase in equilibrium price of apples, producer surplus decreases.
Consumer surplus will increase as the price gets lower. An increase in price reduces consumer surplus, while a decrease increases it. The sum of consumer surplus and producer surplus is greatest at the equilibrium price.
Randy Jones, regional director for CVS Minute Clinic, recently brought together a team made up of individuals with varying specialties, expertise, and skills, to resolve an issue—in this case, to develop solutions for low customer satisfaction scores at area locations. What kind of team did he form?
Answer:
Problem solving team.
Explanation:
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Randy Jones formed a problem-resolution team to address the issue of low customer satisfaction scores in CVS Minute Clinic area locations. This team type is made of individuals with diverse skills and expertise specifically formed to solve a certain problem.
Explanation:Randy Jones, as a regional director for CVS Minute Clinic, formed a problem-resolution team. This type of team is specifically designed to address a particular problem or issue within an organization. Members of a problem-resolution team typically come from various areas of the organization and provide diverse expertise and skills that are useful in troubleshooting and resolving the issue at hand. In this case, Jones' team is trying to address the issue of low customer satisfaction scores at area locations.
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When potential real GDP is equal to 70, this economy is in recession . The amount of the shortfall in planned aggregate expenditure is equal to A. the amount of actual real GDP. B. the amount of potential real GDP. C. the horizontal distance between potential real GDP and actual real GDP. D. the vertical distance between AE and the 45degrees line at the level of potential real GDP.
Answer: Option (D) is correct.
Explanation:
If the potential GDP is 70 and economy is in recession. Potential GDP is the GDP of an economy which can be achieved with the best utilization of economy's resources.
The amount of the shortfall in planned aggregate expenditure is equal to the vertical distance between the 45 degree line and the AE = Y, at a level of potential real GDP.
This is also shown by an arrow in the diagram.
The shortfall in planned aggregate expenditure during a recession, when the actual real GDP falls short of the potential (which is 70 here), is represented by the horizontal distance between the potential real GDP and the actual real GDP.
Explanation:In the context of economics, a recession occurs when the actual real GDP falls short of the potential real GDP. In this scenario where potential real GDP is 70 and we're in a recession, the shortfall in planned aggregate expenditure can be visualized as the horizontal distance between the potential real GDP and the actual real GDP. Therefore, the correct answer is C. the horizontal distance between potential real GDP and actual real GDP.
This case illustrates the gap between what an economy could produce if it were fully employed (potential real GDP) and what it is actually producing (actual real GDP). This gap represents unutilized resources and missed economic opportunities - signs of a recession.
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