Answer:
Explanation:
United States is producing 200 tons of hamburgers and 60 tons of tacos.
United States' opportunity cost for producing 1 ton of hamburgers
= [tex]\frac{60}{200}[/tex]
= 0.3
United States' opportunity cost for producing 60 tons of tacos.
= [tex]\frac{200}{60}[/tex]
= 3.33
So we see that US has a lower opportunity cost in producing hamburgers, so it has a comparative advantage in producing hamburgers.
Mexico is producing 40 tons of hamburgers and 50 tons of tacos.
Mexico's opportunity cost of producing a ton of hamburgers
= [tex]\frac{50}{40}[/tex]
= 1.25
Mexico's opportunity cost of producing a ton of tacos
= [tex]\frac{40}{50}[/tex]
= 0.8
So we see that Mexico has a lower opportunity cost in producing tacos, so it has a comparative advantage in making tacos.
Since US specializes in making hamburgers, it will produce 200 tons of hamburgers and 0 tons of tacos.
Mexico specializes in making tacos, it will produce 50 tons of tacos and 0 tons of hamburgers.
The United States can produce an additional 200 tons of hamburgers, while Mexico can produce an additional 50 tons of tacos through specialization and trade.
Explanation:To determine the additional production that can be achieved through specialization and trade, we need to compare the production levels of each country before and after specialization. Before specialization, the United States produced 200 tons of hamburgers and Mexico produced 40 tons of hamburgers. After specialization, the United States would specialize in producing hamburgers, while Mexico would specialize in producing tacos. Based on the given information, we can assume that the United States and Mexico would fully specialize in their respective goods. Therefore, the United States can produce an additional 200 tons of hamburgers, while Mexico can produce an additional 50 tons of tacos.
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Doc Robertson Designs is a high end fashion boutique for professional men. As part of their data mining program, they identified customers who had spent more than $1,000 on merchandise in the past and who had not made a purchase in the past 18 months. These customers were invited to an invitation-only sales event where they could purchase anything in the store for 35% off. This is an example of using data mining for _________?
Answer:
The correct answer is Customer retention.
Explanation:
Customer retention is the activity that sales organizations carry out in order to reduce the loss of customers. Successful customer retention begins with the first contact an organization has with a customer and continues throughout the life of the relationship. A company's ability to attract and retain new customers is not only related to its product or service, but also with the way in which it serves its current customers and the reputation it creates within and through the markets.
Customer retention is more than giving the customer what they expect, it is about exceeding their expectations so that they become loyal defenders of the brand. . The creation of customer loyalty puts 'value for the customer in place of maximizing profits and value for shareholders as the center of business strategy.' The key differentiation in a competitive environment is often the delivery of a high level.
These sales tactics exemplify using data mining for customer re-engagement, aiming to draw back customers who have not purchased in a while but have shown prior high-value engagement.
Doc Robertson Designs is utilizing data mining techniques to target customers who previously spent a significant amount on their products but have not made a purchase in the last 18 months. By inviting these customers to an exclusive sales event offering a discount of 35%, the store is employing data mining for customer re-engagement and retention strategies. This practice seeks to revive interest among potentially loyal customers and encourage repeat business, effectively using past purchase data to predict and influence future buying behavior.
The planning team should represent the many facets of the community, including governmental and nongovernmental entities, the private sector, infrastructure owners and operators, and civic leaders. A. TRUE B. FALSE
Answer:
True
Explanation:
It is the job of planning team, to analyse and represent all the prospects of a project. In regards all the prospects includes:
governmental and non-governmental prospects,
the private sector involvement,
all the owners for infrastructure as would be highly significant to each project.
All the roles and impact of civic leaders, etc:
As the planning team is responsible to collect and analyse the data properly before executing any projects.
When well-informed, specialized salespeople provide useful information to potential customers, these customers do not purchase the new product from a lower-cost outlet.
True / False.
Answer:
False
Explanation:
The fact that they are provided with useful information does not inhibit them from buying it some where else.
Sheffield Corp. earned $2120 for architecture services provided with the fee to be paid in the future. No entry was made at the time the service was provided. If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause:
a. net income to be overstated.
b. revenues to be overstated.
c. liabilities to be understated.
d. revenues to be understated.
Answer: If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause: "d. revenues to be understated.".
Explanation: The income would be underestimated because the income of $2120 that corresponds to the service provided in the accounting period, must be recognized in the accounting period in which the economic events occur regardless of when the income of the funds occurs (accrual principle).
If a firm decided to reevaluate and reorganize the way it did business, in hopes of creating competitive advantage, by changing or decreasing jobs, the company would be using which of the following management techniques?
A. The value chain.
B. Business intelligence.
C. Business process improvement.
D. Product reevaluation
Answer: Business process improvement
Explanation: It is the process under which the managers tries to find out the grey areas in the system. In such a system the management evaluates their structures using different methods with the objective of improving accuracy and efficiency in operations.
In the given case, the company is taking various different decisions to reorganize their business structure.
Thus from the above we can conclude that the management is using business process improvement.
Indexing is the process of: Multiple Choice
a. increasing a real quantity by an amount equal to the percentage change in a price index.
b. increasing a nominal quantity by an amount equal to the percentage change in a price index.
c. dividing a nominal quantity by a price index.
d. dividing a real quantity by a price index.
Answer:
The correct answer is b. Increasing a nominal quantity by an amount equal to the percentage change in a price index.
Explanation:
Indexing consists of adjusting prices according to the changes of a particular index. It looks to create a protective shield against sudden fluctiations of the indicator, when affecting one or multiple segments of an economy. Nominal quantities go up or down and are adjusted proportionally according to the index to keep the purchasing value of money stable through time.
You're optimizing a client's Shopping campaign to drive online sales and are assessing the company's website. You determine that the site needs to be improved for mobile, and recommend that the company:
Answer: must allow shoppers to go back to their shopping cart when using their desktop computer.
Explanation: It important to use strategies that maximise the size of the mobile screens of people's phones when making a mobile website. This makes it easier for people to return to their shopping cart when they are on their desktop computer, thereby allowing them to carry on again on their desktop, to complete their purchase.
In a lean system, work-in-process inventory is reduced to reveal production problems, which can then be
a. addressed.
b. ignored because it has little effect on the availability of finished goods inventory.
c. increased to prevent work stoppages due to production problems and smooth overall production.
d. eliminated entirely.
Answer:
A.
Explanation:
Lean system, also called lean manufacturing, is a continuous elimination of waste from all process, using the ideas of all employees, especially those at the lower levels of the organization.
Process of Inventory Tracking:
-Sensors. to track real time movements and location of raw materials, work in progress and finished goods, and high value tooling.
-Analytics. to optimize inventory on hand and automatically signal for replenishment.
Advantages:
-This process freeing up employees for more valuable tasks.
-Inventory accuracy.
-Cost cutting.
-Improved data visibility.
-Preventing stock issues.
-Better customer service.
How does time impact elasticity of supply?
A product that is elastic in the short run will not be in the long run.
A product can become more elastic in the long run.
A product is typically more elastic in the short run.
A product that is inelastic in the long run will not be in the short run.
Time has a significant impact on the elasticity of supply. A product can become more elastic in the long run as suppliers have more time to make necessary adjustments. In the short run, a product is typically less elastic due to constraints.
Explanation:In the short run, suppliers may find it difficult to adjust their production levels due to constraints such as fixed inputs and limited time. This often leads to a less elastic supply. However, over time, suppliers can make necessary adjustments, such as increasing their capacity, finding alternative suppliers, or investing in new technology. This can make the supply more elastic in the long run.
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The Ryan family had a fire that destroyed their home. Various departments of a restoration company, from the initial cleanup crew to the assistance with the Ryan family moving back in, worked together to achieve this goal. All of the company's interrelated parts working together to accomplish a goal (in this case, the restoration of the Ryan home) is an example of a ____
Answer:
The correct answer would be, System.
Explanation:
The restoration of the Ryan Home is an example of a System.
A System is a set of interrelated activities, set of tasks working together, as a part of the whole mechanism. Small tasks, departments, works, jobs, duties, make a system.
In this question, The restoration company is acting as a system, as they are providing assistance with the Ryan Family from the initial clean up to the moving back in with the family after the whole fire stuff. All of the restoration company's interrelated parts working together to accomplish a goal, which is an example of a System.
Ways to improve upward communication flow include all but which of the following: a. Anonymous feedback to management b. Ombudsman programs c. Regular meetings with staff d. Increased numbers of managers
Answer:
The answer is: D) Increased number of managers
Explanation:
As communication processes improve within a company, its organization lay out will tend to become flatter (less vertical) and less traditional. Traditional organization lay outs tend to have a pyramid shape, where workers are separated by ranks and lots of different management levels exist.
A more modern approach such as upward communication should level things for down the scale workers, who can now communicate directly with top management without having to go through a traditional process involving supervisors, lower management, committees, etc.
The ways to improve upward communication flow include all but increased numbers of managers. The other options mentioned are: anonymous feedback to management, ombudsman programs, and regular meetings with staff.
Explanation:The ways to improve upward communication flow include all but increased numbers of managers. The other options mentioned are:
Anonymous feedback to management: This allows employees to share their thoughts and concerns without fear of retribution.Ombudsman programs: These programs provide a neutral third-party to address employee grievances and ensure fair treatment.Regular meetings with staff: These meetings provide opportunities for open communication and feedback between employees and management.Increasing the number of managers may not necessarily improve upward communication flow as it can lead to a more complex hierarchical structure and decrease direct lines of communication between employees and top-level management.
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A _____ is a system that assesses an organization's marketing information needs, develops the needed information, and helps decision makers use information to create and validate actionable customer insights.
"" The presence of _____________________ in transactions involving goods can easily cause a ______________________ if the result is only a relatively small number of buyer and sellers communicating enough information so that they can agree on a price.
Answer:
(imperfect information, thin market)
Explanation:
Imperfect information is when a buyer or seller or both are not 100% sure about the quality of the products being sold or bought and in face of asymmetric information where the buyer or seller has information than the other.
Thin Market also known as a Narrow Market, in a specific period of time when there is a low amount of buyers and sellers in a market, or single stock. Prices tend to be unstable.
Under the previous CEO, Konica/Minolta's management determined it was time to invest in __________ by offering new products to the technology market.
Answer: Product development
Explanation: The product development can be defined as the chain of activities performed by the organisation to release their new product in the market. It is long chain that starts from the idea generation of the new product and ends with supply of that product in the market.
In the given case, the CEO wants to make an investment that results in offering of new product in the market. Thus, from the above we can conclude that product development is the right answer.
A statement of the management decision problem and a broad statement of the general problem and identification of the specific components of the marketing research problem is called problem definition. a. True b. False
Answer:
a. True
Explanation:
Definition is a word which describes the meaning inclusive of each activity related to the word to be defined.
When in business prospects we use the phrase "Problem definition"
It is in relation to the statement of decision problem, which is generally faced by organisation, also includes the general problems that is regular common problems faced by organisation, and the specific problems laid by the marketing research related to the products.
She also contributes to the causes and organizations that celebrities support. this demonstrates how a reference group influences the decision-making of consumers.
How crucial decision-making is?As children get older, they select the friends and people they wish to interact with. Good decision-makers gravitate toward those who actually care about them and are supportive of them. In actuality, not everyone has the ability to predict how someone would act or be available in good and bad times. On the other hand, being mindful and vigilant helps one make good decisions and develops one's intuition. Making decisions is a crucial life skill that we should help kids develop from a young age. It is a skill required for leading a happy life. Naturally, there is no formula for choosing a certain path of action.
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Managers in a home improvement company have been having problems with employees starting cliques. To develop more of a team culture, the CEO suggested utilizing Mary Parker Follett's belief: companies shoulda. increase diversity.b. implement a more rigid environment.c. utilize time-motion studies.d. operate as a community, with employees working in harmony.e. strive to cut costs and increase efficiency.
Answer: Option D
Explanation: Mary Parker believed that management is the art of making people do things you want. To achieve this both senior and subordinates should work in collaboration.
In the given case, the employees in the organisation are starting cliques, that is they are not accepting the outsiders and are not communicating with them. Thus, if the employees develop an attitude that they are a community then they could collaborate with each other.
Hence from the above we can conclude that the correct option is D.
Julia Paul, an analyst at a research institute, lives very close to her office and walks to work every day. Meanwhile, her colleague, Amanda Jones, dislikes the fact that it takes her almost an hour to commute to work every day. As a result, when Julia decides to move to a suburb farther away, Amanda is very surprised. Which of the following, if true, would explain Julia's behavior?
A. Amanda earns more than Julia does.
B. Julia's office is located in the heart of the city.
C. During weekends, Julia teaches painting at an orphanage close to work.
D. Julia saves more in rent than she spends on commuting to work.
E. The city has one of the highest crime rates in the country.
Answer:
D. Julia saves more in rent than she spends on commuting to work
Explanation:
As we are rational agents, we need to optimize our resources in this exercise are money and time, in the statement Julia walks to her job but does not say anything about she dislikes commuting, but Amanda dislikes that, nevertheless when she decide move to the suburb further away must be a logical decision it means that she is going to save more in rent than she spends on commuting, it's a decision that is not influence for the Amanda behaviour and the options B and C don't have sense and there are lack of information to assume that, for this the answer is D it's a stuation when she wins
Option D provides the most plausible explanation for Julia's decision to move to a suburb farther away, suggesting that she saves more in rent than she spends on commuting thereby the longer commuting time.
Explanation:The question asks us to identify which of the statements given would best explain Julia's decision to move farther away from her workplace, a decision that seemed surprising to her colleague, Amanda.
Looking at the options, the most reasonable explanation for Julia's behavior would be option D. This statement suggests that, despite having to commute longer to work, Julia's move to the suburbs allows her to save more on rent than she spends on commuting. Therefore, her decision could be financially motivated, an explanation which resolves the confusion for Amanda.
Although some might consider option E, indicating the city's high crime rate, as a plausible motivation for Julia's decision to move, it does not directly relate to Amanda's surprise about Julia's longer commuting time. Therefore, it seems more likely that Julia's decision is driven by financial savings.
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Crawford Fishing had a net income of $35,640 in 2017. They decided to pay $3,000 in dividends and keep the rest to help expand their production line. The profit that they keep to reinvest in the business is recorded as A : a long-term investment. B : common stock. C : property, plant, and equipment. D : retained earnings.
Answer:
The profit that they keep to reinvest in the business is recorded as D : retained earnings.
Explanation:
Retained earnings (RE) is the amount of net income left over for the business after it has paid out dividends to its shareholders.
For accounting errors, which of the below sentences is true?
a. They are primarily caused by lack of training.
b. They are problems caused by failures in systems, procedures, and policies.
c. They represent fraud and normally result in legal action being taken.
d. They represent intentional sabotage of controls.
Answer:
The answer is B, They are problems caused by failures in systems, procedures, and policies.
Explanation:
Accounting anomalies are when perpetrators commit fraud against their employers, accounting records such as documents, journal entries, ledgers, or financial statements are often altered, forged, or missing.
Simone is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because her pool sessions are helping her swim more quickly, Simone plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Simone seem to understand that her husband does not?
Answer: Marginal decision making
Explanation: Her husband did not understand that while making decision, sometimes individuals have to choose option on margin basis.
If Simone decides to take all her time in the pool then she will loose the benefit she is getting from the bike. The value that Simone is getting from biking might be a little bit higher what she is getting from swimming.
This whole process brings her the overall development and its not the case of choosing one option over other.
A garden center sells a certain grass seed in 5-pound bags at $13.85 per bag, 10-pound bags at $20.43 per bag, and 25-pound bags at $32.25 per bag.If a customer is to buy at least 65 pounds of the grass seed, but no more than 80 pounds, what is the least possible cost of the grass seed that the customer will buy?
Answer:
and it maybe wrong but this is what i came up with
Explanation:
56.00
Functions are often described as cause and effect in economics. In an economics function, if the variable is on the right-hand side and is doing the explaining, it represents a(n)________?
Answer:
It represents a cause
Explanation:
If it is on the right side of the function it means that it is one of the independent variables that explains the dependent variable (located on the left side of the function). What the function is representing is the influence that the independent variable (the cause of the dependent variable) has on the dependent variable (the effect that the cause or causes are being sought).
Final answer:
In an economics function, the variable on the right-hand side that does the explaining is known as the independent variable. These variables represent the causes or explanatory factors that influence the dependent variable, which is the effect seen on the left-hand side of the equation.
Explanation:
Often in economics, functions describe cause and effect. In an economics function, the variable on the right-hand side, which represents the causes or the explanatory variables, is typically known as an independent variable. For instance, consider a function that determines your GPA based on certain factors:
GPA = 0.25 x combined_SAT + 0.25 × class_attendance + 0.50 × hours_spent_studying
In this function, 'GPA' is the dependent variable, or the effect, which appears on the left-hand side of the equation. The factors on the right-hand side, 'combined_SAT', 'class_attendance', and 'hours_spent_studying', are the independent variables—they explain or predict the dependent variable. Such mathematical representations help economists to analyze relationships between different economic entities and to predict how changes in one aspect can affect another.
Mark is a sales executive with Emergo Systems. Mark can leave early from office for his piano practice sessions as soon as he achieves his daily target. Which of the following is exemplified in this scenario?
A) Win–lose
B) High-directive–low-supportive
C) Zero-sum
D) Win–win
Answer:
The answer is: D) Win - Win Scenario
Explanation:
In a win - win scenario every actor (both Mark and Emergo Systems) will "win" or gain from a situation. It´s the type of situation where both parties gain more by acting a certain way than what would have won by acting differently.
Mark is very motivated to finish his sales daily target so that he can go to his piano practice lessons. So he probably works harder than usual and completes his job early (Emergo Systems wins). By doing so he also gets a prize. Both win, Emergo Systems sells their product and Mark plays the piano.
Mark is developing the marketing strategy for his business, which is a retail store. He knows that situation characteristics will interact with his marketing activity. Which of the following is a situation characteristic he needs to consider?
Answer:
The correct answer is task definition.
Explanation:
A task describes a unit of work. Each task is carried out by specific roles. The granularity of a task normally ranges from a few hours to a few days. It usually affects a work product or a small number of them. Tasks do not necessarily have to be used as a basis for planning and monitoring progress. They are often too granulated for such a task; the groupings of activities of the tasks tend to be preferable units for planning and monitoring.
A task has a clear objective, usually expressed in terms of creating or updating some work products, such as models, classes or plans. In a task, each realization role achieves a well defined objective. A task provides complete step-by-step explanations of the work that must be done to achieve that goal. This description is complete, regardless of the time in the life cycle of a process in which the work should be performed. Therefore, it does not describe each task at all times, but describes all the work that is carried out throughout the life cycle of development that contributes to achieving the objective of the task.
The basic motivation of security analysis is to
a. help investors identify mispriced stocks.
b. identify securities whose intrinsic values are at or near their market values.
c. identify the best times to buy and sell securities.
d. contribute to the efficiency of securities markets.
Answer:
a. help investors identify mispriced stocks.
Explanation:
Security analysis -
The analysis of the tradeable financial instruments i.e. the securities .
It helps to find the proper value of individual securities i.e. bonds and stocks . They are divided into equities , debt securities or hybrid of both .
Its main focus is to help the investors by identifying the mispriced stocks .
Companies must prioritize and determine the performance dimensions on which they will focus and excel. Each performance dimension has several sub-dimensions. Performance, conformance, and reliability are sub-dimensions of ________.
Answer:
Quality.
Explanation:
Garvin´s definitions of quality based on the perspective of the viewer (perception is reality):
-Transcendent. quality is intuitively understood but nearly impossible to communicate.
-Product based. quality is found in the components and attributes of a product.
-User based. if the costumer is satisfied, the product has good quality.
-Manufacturing based. if the products conforms to desing specifications, it has good quality.
-Value based. if the product is perceived as providing good value for price, it has a good quality.
Garvin´s dimensions of product quality are:
Performance, features, reliability, conformance, durability, serviceability, aesthetics, and perceived quality.
These different dimensions of quality are not mutually exclusive.
Manuel is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: In order to swim for an hour, Manuel must take time away from work, where he earns $12 per hour. This is in addition to paying a $4 entrance fee for the pool.
Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunities to make themselves better off.
4) Trade can make everyone better off
Answer:
1) The cost of something is what you give up to get it
Explanation:
Manuel is giving up earning $ 12 in his job for an hour swimming. Where he also has to pay an entrance fee of $ 4 for the pool. The real cost to him for swimming an hour is: $16.
Answer:
1) The cost of something is what you give up to get it
Explanation:
There are unlimited wants but limited resources available to satisfy these wants. Hence a scale of preference which shows these wants in order of importance is developed.
Due to the limited resources, not all wants can be satisfied hence the concept of opportunity cost which is the cost of the alternative forgone.
In this situation, the opportunity cost for swimming is the $12 that would have been earned if he had gone to work.
After the events of 9/11, a friend suggests to you that the Central Intelligence Agency (CIA) and Federal Bureau of Investigation (FBI) should have foreseen the likelihood of this act of terrorism. According to your friend, all the clues were there. This perception MOST clearly illustrates:a) hindsight bias.b) critical thinking.c) dual processing.d) overconfidence.
An investor short sells 200 shares of a stock for $19 per share. The initial margin is 53%. How much equity will be initially required in the account to complete this transaction? In other words, what is the initial margin deposit?
Answer:
$2,014
Explanation:
Given:
Number of shares sold = 200 shares
Price per share = $19
Initial margin = 53%
Now,
the total value of the equity = Number of shares × Price per share
or
the total value of the equity = 200 × $19 = $3,800
Therefore,
The initially required equity = value of the equity × Initial margin
or
The initially required equity = $3,800 × 53% = $2,014
Waterway Surplus made cash sales during the month of October of $395000. The sales are subject to a 6% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the sale transactions? Credit Sales Revenue for $367483. Credit Sales Taxes Payable for $23700. Debit Accounts Receivable for $395000. Credit Sales Taxes Payable for $22358.
Answer:
Credit Sales Taxes Payable for $23700
Explanation:
The journal entry to reflect the sale transactions is:
- Account Cash, an asset account, which increases with debit. $395000 + $23700.
If you debit a cash account, then this means that the amount of cash on hand increases.
- Account Sales, an income account, which increases with credit. $395000.
Income accounts, a credit increases the balance.
- Account Sales Taxes Payable, a liability account, wich increases with credit. $23700.
If you credit an accounts payable account, this means that the amount of accounts payable liability increases.