Answer: Firms tailor their products and services to meet a customer's particular needs on a large scale.
Explanation: As the name suggests mass customization refers to customizing at a large level. In simple words it refers to a process in which an organisation combines the benefits of mass production with the benefits of customization.
This is done by the organisations when the majority of customer base is asking for a particular change or addition in the existing commodity.
Hence from the above we can conclude that the correct option is first statement.
At september 1, the balance sheet accounts for stanley's restaurant were as follows: $ 3,800 accounts payable 9,600 accounts receivable 68,000 buildings 10,000 cash 18,700 equipment 33,000 land ??? owner's capital 48,000 notes payable 6,600 supplies calculate the owner's capital at september 1, 2016
To calculate the owner's capital, we first determine the total assets and total liabilities, then use the accounting equation. Total assets are $145,900, total liabilities are $51,800, and subtracting the liabilities from assets gives the owner's capital of $94,100.
Explanation:To calculate the owner's capital at September 1, 2016, for Stanley's Restaurant, we need to use the accounting equation: Assets = Liabilities + Owner's Equity (where Owner's Equity is the same as owner's capital). From the given data, we can determine the total assets and the total liabilities of the business and then solve for owner's equity.
First, we add up all the assets:
Accounts Receivable: $9,600Buildings: $68,000Cash: $10,000Equipment: $18,700Land: $33,000Supplies: $6,600Total Assets = $9,600 + $68,000 + $10,000 + $18,700 + $33,000 + $6,600 = $145,900
Next, we add up all the liabilities:
Accounts Payable: $3,800Notes Payable: $48,000Total Liabilities = $3,800 + $48,000 = $51,800
Now, we use the accounting equation to solve for the owner's capital:
Owner's Capital = Total Assets - Total Liabilities = $145,900 - $51,800
Owner's Capital = $94,100
The calculated owner's capital for Stanley's Restaurant at September 1, 2016, is $94,100.
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China produces many products at the lowest cost possible, even though Chinese consumers do not desire many of these products (e.g., football helmets). China is achieving: A) production efficiency only B) allocative efficiency only C) both production efficiency and allocative efficiency D) neither production efficiency nor allocative efficiency
Answer:
Production efficiency.
Explanation:
It's production is efficient because produces products at a lower cost that the competition.
It's not allocative efficiency, because when this happens, production represents costumers preferences.
Use the question facts to complete the following statements. The opportunity cost of catching a pound of bass is ______ for Abe than for David, and the opportunity cost of picking a pound of cherries is ______ for Abe than for David. A. lower; lower B. lower; higher C. higher; lower D. higher; higher So ______ has a comparative advantage in producing ______. A. Abe; bass B. Abe; cherries C. David; bass D. David; both bass and cherries
Answer:
c. higher; lower
A. Abe; bass
Explanation:
The opportunity cost of catching a pound of bass is higuer for Abe than for David, and the opportunity cost of picking a pound of cherries is lower for Abe than for David.
So Abe has a comparative advantage in producing bass.
The economic value of an ecosystem service can be measured by accessing the willingness to pay for the action to ________ it.
a. conserve
b. monitor
c. value
d. recirculate
e. preserve
Final answer:
The economic value of an ecosystem service can be measured by accessing the willingness to pay for the action to conserve it. Environmental economics estimates the market value of ecosystem services to demonstrate their contribution to the economy.So,option A conserve is correct.
Explanation:
The economic value of an ecosystem service can be measured by accessing the willingness to pay for the action to conserve it. In environmental economics, practitioners estimate the market value of ecosystem services to demonstrate the contribution of these services to the economy. This involves assessing the avoidance cost, replacement cost, factor income, and travel cost associated with different ecosystem services.
As he explores his options, Sergio notices that some opportunities appear to be riskier than others. When considering various opportunities, Sergio should keep in mind that:
Answer:
His risk profile.
Explanation:
When comparing various option , Sergio must understand his risk profile and choose the option according to it.
The government’s authority at all levels to ensure the health, safety and welfare of its citizens, which includes the control of public land use is the definition of ______.
Answer:
Police Power
Explanation:
According to my research on different government powers, I can say that based on the information provided within the question this is the definition of Police Power. Like mentioned in the question this is the ability that states have to regulate it's citizens behaviors and maintain order, for the health, safety, and general welfare of those citizens.
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Answer:
Law Enforcement Power
Explanation:
The government’s authority at all levels to ensure the health, safety and welfare of its citizens, which includes the control of public land use is the definition of Law Enforcement Power. However, many people know the law enforcement as police officers.
Dollar bills in the modern economy serve as money because
A) they are backed by the gold stored in Fort Knox.
B) they can be redeemed for gold by the central bank.
C) they have value as a commodity independent of their use as money.
D) people have confidence that others will accept them as money.
Answer:
The correct answer is option C.
Explanation:
Dollar bills in the modern economy will be used as money because they serve as a medium of exchange, store of value, and unit of account. They have no independent value as a commodity apart from these uses.
This makes the exchange function of money easier. People will not hoard dollar bills for other purposes as it has no intrinsic value on its own. It is just a piece of paper.
Dollar bills serve as money because people have confidence that others will accept them. They are not backed by gold or other commodities but are declared to be legal tender by the government.
Explanation:Dollar bills in the modern economy serve as money because people have confidence that others will accept them as money. In the past, some currencies were backed by gold or other commodities, but currently, most currencies, including the US dollar, are fiat money. Fiat money has no intrinsic value but is declared by a government to be a country's legal tender. The value of fiat money is based on the universal faith and trust that it holds value.
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What is the shape of the monopolist’s marginal revenue curve?
a. a downward-sloping line that lies below the demand curve
b. a horizontal line that lies below the demand curve
c. a downward-sloping line that is identical to the demand curve
d. a horizontal line that is identical to the demand curve
Answer:
(b) A horizontal line that lies below the demand curve
Explanation:
Marginal revenue of a monopolist is in every case less or equivalent to the cost of the good.In the event that the monopolist needs to sell extra units of output he must diminish the cost.This diminish the marginal revenue earned by the monopolist.Since for each extra output he sells, he is compelled to decrease the cost to a similar amountSo the monopolists marginal revenue income curve is descending slopingSuppose that workers in a country can produce either yams or potatoes, and that all inputs are equally well-suited to the production of both goods. If all workers produce yams, 40 million yams can be produced. If all workers produce potatoes, 20 million potatoes can be produced.
The opportunity cost of producing a potato is ______ yam(s).
The opportunity cost of producing a yam is ______ potato(es).
Suppose that there is an increase in resources that shifts the horizontal intercept to 40 million potatoes.
The opportunity cost of potatoes is now ____ yam(s).
Answer: (a) 2 yams
(b) 0.5 potato
(c) 1 yam
Explanation:
Given that,
In a country,
All workers produce yams, 40 million yams can be produced and if all workers produce potatoes, 20 million potatoes can be produced.
Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.
If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.
Therefore,
Opportunity cost of producing a potato = [tex]\frac{40}{20}[/tex]
= 2 yams
Opportunity cost of producing a yam = [tex]\frac{20}{40}[/tex]
= 0.5 potato
If there is an increase in resources that shifts the horizontal intercept to 40 million potatoes then,
Opportunity cost of potatoes = [tex]\frac{40}{40}[/tex]
= 1 yam
The opportunity cost of producing a potato is initially 2 yams and that of producing a yam is 0.5 potatoes. After an increase in resources, the opportunity cost of producing a potato becomes 1 yam, reflective of a 1:1 production possibility.
The question involves understanding the concept of opportunity cost in a nation's production possibilities. Opportunity cost is the value of what must be given up to obtain something else. Given that all workers can produce 40 million yams or 20 million potatoes:
The opportunity cost of producing a potato is 2 yams (since 40 million yams divided by 20 million potatoes equals 2).
The opportunity cost of producing a yam is 0.5 potatoes (since 20 million potatoes divided by 40 million yams equals 0.5).
If there is an increase in resources that allows for the production of 40 million potatoes, and still 40 million yams can be produced, the new opportunity cost of producing potatoes is 1 yam (since the ratio is now 1:1).
Malcolm's parents wanted him to be part of the family business—and Malcolm planned to do so. Then, at age 17, he decided to leave the business to study to be a lawyer. Malcolm resisted _____.
A. identity foreclosure
B. role repudiation
C. forced conversion
D. negative identity
Answer:
A. identity foreclosure
Explanation:
Identity foreclosure is what happens when young people and adolescents accept the role and personality that family and friends have assigned to them, in this case he went on to discover what he wanted, and what he desired, not what his family always told him to be and what he had accepted to be because his environment taught him that way, so he resisted indentity foreclosure.
Pfizer Corp. is introducing a really new product idea. Pfizer is spending a lot of money to inform potential customers and middlemen about the availability and advantages of the new product. Although sales are rising slowly, Pfizer doesn't expect the product to become profitable for at least another year. Pfizer's new product is in which stage of the product life cycle?
a. market introduction
b. sales decline
c. market development
d. market growth
Answer:
Market Introduction
Explanation:
According to my research on different business strategies, I can say that based on the information provided within the question this product is in the stage known as Market Introduction. In this stage, an newly developed product is introduced into the market, which is why it takes a while before it actually provides profit.
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Dailies is a large retail chain in New Jersey. Apart from selling to customers, Dailies supplies bread and vegetables to a large number of restaurants in and around New Jersey. Therefore, Dailies is engaged in _____ when selling to restaurants.A. wholesalingB. retailingC. merchandisingD. breaking bulkE. channel expansion
Answer:
The answer is: A) Wholesaling
Explanation:
Wholesaling is basically selling goods in bulk to smaller retailers, industrial or commercial companies, or other institutions that generally resell them in smaller quantities or as different processed goods. It is basically selling your product to anyone besides the final consumer.
In this example Dailies sells bread and vegetables to several restaurants, who later processes them into a different product (i.e. salad, sandwich) and sells them to their final customers.
Use your completed Reading Guide to answer the question. What was a result of the rise of the railroad industry? The cost of shipping increased because of the expense of building railroads. A few large railroad companies eventually split into many smaller companies. Cities like Chicago prospered because they were railroad hubs. More people began to settle along the eastern seaboard.
Answer:
The rise of railroad industry led to the prosperity of cities like Chicago as they became railroad hubs.
Explanation:
The rise in railroad industry made the emergence of industries in the Northeast region. The railroad improved the transport system and made it cheaper to move goods from the point of manufacturing to the market thereby making businesses to flourish. Consequently, Chicago became an attractive destination for establishing businesses which made its population to grow significantly.
Pro-Tect Insurance Company has recently been paying out more on car-theft claims than it expected. Cars with special antitheft devices or alarm systems are much less likely to be stolen than are other cars. Consequently Pro-Tect, as part of an effort to reduce its annual payouts, will offer a discount to holders of car-theft policies if their cars have anti-theft devices or alarm systems.
Which of the following, if true, provides the strongest indication that the plan is likely to achieve its goal?
(A) The decrease in the risk of car theft conferred by having a car alarm is greatest when only a few cars have such alarms.
(B) The number of policyholders who have filed a claim in the past year is higher for Pro-Tect than for other insurance companies.
(C) In one or two years, the discount that Pro-Tect is offering will amount to more than the cost of buying certain highly effective antitheft devices.
(D) Currently, Pro-Tect cannot legally raise the premiums it charges for a given amount of insurance against car theft.
(E) The amount Pro-Tect has been paying out on car theft claims has been greater for some models of car than for others.
Answer:
The correct answer is C) In one or two years, the discount that Pro-Tect is offering will amount to more than the cost of buying certain highly effective antitheft devices.
Explanation:
For the Pro-Tect plan to work, at least some of the insured who do not currently have an anti-theft device or an alarm system must decide to install such device or system due to the discount. If the cost of anti-theft devices is very high in relation to the size of the discount, the discount may not be enough to encourage policyholders to buy such devices. Option (C) tells us that the devices would "pay for themselves" after only a year or two and, therefore, that customers installing those devices will save money every successive year. The fact that customers have a financial incentive to install such devices provides a strong indication that the plan will achieve its objective. Keep the option (C).
The Maple Grove Hotel manager has collected data on the number of rooms occupied each evening for the past 700 nights. The fewest rooms occupied during that period was 11 and the most was the capacity, 430. Based on this information, which of the following would be reasonable class limits for the first class if the manager wishes to use 8 classes to develop a frequency distribution?
Answer: 65
Explanation:
10 or <65
(430-11)/8 =52.375, 11-1 =10+52.375 =62.375-->65
Pavel is using the story line approach in his presentation. He says that the coffee shop chain he works for faces the challenge of improving its customer service orientation and presents the goal of improving the customer satisfaction rating from 80 percent to more than 95 percent. What aspect of a business story does this represent?
Answer:
the moral or lesson
Explanation:
Well from this it is completely conclusive that the Pavel is aiming to increase the customer satisfaction through quality means and not from any other indifferent means.
Thus, Pavel aims to clearly increase the production and then the supply and accordingly aims to customer clarity and performance through increase in moral support and impact.
Therefore, the correct term is Moral or lesson.
Information is considered material to the financial statements if I. It falls within industry-specific quantitative guidelines published by the Financial Accounting Standards Board. II. Its omission could make a difference in the decisions made by a user relying on the financial statements. III. Its misstatement could make a difference in the decisions made by a user relying on the financial statement.
Answer:
The correct answer are I and II.
Explanation:
The conceptual framework of IFRS defines that: "The information is material or of relative importance if its omission or inappropriate expression can influence decisions that users make based on the financial information of a specific reporting entity."
Relative importance (materiality) is defined in ISA 320 using the definition used by the IASB in the conceptual framework, the relative importance needs to consider both the amount (amount) and the nature (quality) of the representations on an economic fact, in the same way it is It is necessary to consider the possibility of misrepresentations of relatively small amounts that could have an important effect on financial information.
Rafael is applying to graduate schools for admission to the MBA program. If he goes part time, it will take four years and cost several thousand dollars. Rafael believes that he needs the advanced degree to get a promotion at his job. Rafael is likely to engage in _________ problem solving as he makes this decision?
Select one:
a. Extensive
b. Limited
c. Consumer
d. Low effort
e. Routine
Answer: Extensive
Explanation: Extensive problem solving refers to the process in which an individual tries to get all information of a subject matter from different sources and different perspectives. This is usually used by the consumers when they have to make a choice between two investments and both the investments amounts huge.
Thus, in the given case Rafael should make an extensive problem solving as both the alternatives could affect his life highly.
Gamma Manufacturing employs some of the top professionals in its field, and because of their skills and experience, Gamma is highly efficient and outperforms its competitors. Gamma Manufacturing has a(n) ____ over its competition.
Answer:
Competitive Advantage
Explanation:
According to my research on different business strategies, I can say that based on the information provided within the question Gamma Manufacturing has a Competitive Advantage over its competition. A Competitive advantage is formally defined as the ability of an organization to produce goods or services more effectively than their competitors, therefore outperforming those same competitors in a certain market.
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A change in the price of a good has two effects on the quantity consumed. What are these effects?
A. the income effect and the substitution effect
B. the consumption effect and expenditure effect
C. the total utility effect and marginal utility effect
D. the utility effect and the budget effect
Answer:
The answer is B
Explanation: This because when we consume something it goes while if we do not the price goes down.
Warren Advertising becomes aware of a lawsuit after the end of the fiscal year, but prior to the issuance of financial statements. A loss should be accrued and a liability should be reported if the amount can be reasonably estimated and:
A)The cause for action occurred prior to the end of the fiscal year.
B)The damages would be payable within a year.
C)Both a. and b.
D)The contingency should not be accrued.
Answer:
The answer is: A) The cause for action occurred prior to the end of the fiscal year.
Explanation:
Warren Advertising should always accrue its losses or liabilities according to the following basic accounting principles:
Accrual principle: Transactions must be recorded in the periods when they actually occur, not necessarily than in the periods when there are cash flows associated with them.
Conservatism principle: Expenses and liabilities must be recorded as soon as possible, revenue and assets only when they occur.
In accounting, a loss from a lawsuit should be accrued and a liability reported if the amount can be reasonably estimated and the cause for action occurred before the end of the fiscal year.
Explanation:In accounting, when a company becomes aware of a potential loss from a lawsuit after the fiscal year-end but before the financial statements are issued, the appropriate course of action is to record an accrual for the loss and report a liability. According to Generally Accepted Accounting Principles (GAAP), this should be done if the amount can be reasonably estimated and the cause for action occurred prior to the end of the fiscal year. Therefore, the correct answer to when a loss should be accrued and a liability reported is A) The cause for action occurred prior to the end of the fiscal year. The payment terms, such as whether the damages would be payable within a year, do not change the necessity to accrue as this is determined by the event's occurrence date relative to the financial reporting period.
_____ is the concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.
Answer:
Integrated Marketing Communications
Explanation:
According to my research on different marketing techniques, I can say that based on the information provided within the question the term being described is called Integrated Marketing Communications. Like mentioned in the question this concept basically makes sure that all forms of communication and messaging are interconnected in order to promote something more efficiently.
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The millions of workers leaving the job market for the reasons given are A. counted as unemployed in the BLS data because of lags in the data. B. not counted as unemployed in the BLS data because they are no longer actively looking for work. C. not counted as unemployed in the BLS data because they are still of working age. D. counted as unemployed in the BLS data because they may return to work.
Answer:
B) not counted as unemployed in the BLS data because they are no longer actively looking for work
Explanation:
Unemployment is measured in order to determine the unemployment rate. The rate is a percentage that is calculated by dividing the number of unemployed individuals by the number of individuals currently employed in the labor force
Elasticity provides a guide to both responsiveness of:
a. quantity demanded to a change in price and change in revenue as price changes.
b. Market stability and change in revenue as price changes.
c. Responsiveness of quantity demanded to a change in price and market stability.
d. Technological change and change in revenue as price changes.
Answer:
The correct answer is option a.
Explanation:
Price elasticity of demand measures the change in the quantity demanded of a commodity due to the change in its price.
The change in quantity demanded and price level affects the total revenue as the total revenue is the product of price and quantity demanded.
So when the price is elastic then a change in the price level will cause a greater change in quantity demanded and thus in revenue. Similarly, when demand is inelastic a change in the price level will cause a smaller change in quantity demanded and thus revenue.
Paula is about to open a new hardware store. She is making decisions regarding lighting, colors, and layout of merchandise. Paula knows these __________ factors will influence consumers' purchase decisions.Select one:a. socialb. interpersonalc. postpurchase dissonanced. extended habituale. store atmosphere
Answer:
Store atmosphere
Explanation:
Store atmosphere -
From the question , the perfect option for the question , is the store atmosphere , as the layout of the store plays a major role in attracting the customers .
The examples of the store atmosphere are the merchandise layout , color ,
Lighting .
The atmosphere of the store , enables the customer to get influenced to buy the goods .
Paula is making decisions about lighting, colors, and layout of merchandise for her new hardware store, these are considered store atmosphere factors which significantly influence consumers' purchase decisions.
Explanation:Paula is considering various aspects such as lighting, colors, and layout of merchandise for her new hardware store. These are considered store atmosphere factors, which are essential in influencing consumers' purchase decisions.
The store atmosphere includes physical aspects of a store, layout, temperature, lighting and more, collectively creating a certain mood or environment that can significantly impact a consumer's buying behavior.
Think of it as the store's personality; if it aligns with customers' preferences, it can potentially lead to more purchases. Paula's decisions are therefore crucial in setting the tone for her store and ensuring it resonates with her target audience.
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With respect to the quality dimensions of manufactured products, _____ refer(s) to the probability of a product’s surviving over a specified period of time under stated conditions of use.
Answer:
Reliability.
Explanation:
David A Garvin provides eight components or dimensions of quality.
1-Conformance. Meeting the specifications of the coustumer.
2-Performance. Primary product functions such as clarity of voice received in mobil phone, radio.
3-Features. Added functions (secondary functions) to a product such as recording system in a television set.
4-Durability. Lifetime of the products, which include repairs.
5-Reliability. The probability of a product performing its intended duty under stated conditions without failure for a given period of time. The probability of a product’s surviving over a specified period of time under stated conditions of use
6-Service. Easy to repair.
7-Reputation. Customer´s perceptions about the product which can be understood from a market research survey.
8-Aesthetics. The external finish given to a product to attract the customer.
I'MaPizzaCo. produces and sells specialty pizzas. Last year, it produced 8,000 mushroom, sausage and spinach pizzas and sold each one for $8. To produce these 8,000 specialty pizzas, the company incurred variable costs of $24,000 and a total cost of $40,000. I'MaPizzaCo's average fixed cost to produce 8,000 specialty pizzas was
a. 2.00b. 1.80c. 3.00d. 1.60
Answer:
the correct answer is option (a) 2.00
Explanation:
Given:
Total units produced = 8,000
variable cost incurred = $24,000
Total cost incurred = $40,000
Now,
Total cost = Fixed cost + Variable cost
or
$40,000 = Fixed cost + $24,000
Or
Fixed cost = $40,000 - $24,000 = $16,000
Therefore,
The average fixed cost for 8000 units = [tex]\frac{\textup{Total fixed cost}}{\textup{Total units produced}}[/tex]
or
The average fixed cost = [tex]\frac{\textup{16,000}}{\textup{8,000}}[/tex]
or
The average fixed cost = $2
hence,
the correct answer is option (a) 2.00
The average fixed cost to produce one specialty pizza by I'MaPizzaCo is $2.00, obtained by subtracting the variable costs from the total costs to get the fixed costs, and then dividing these by the number of pizzas produced.
Explanation:To identify the average fixed cost of I'MaPizzaCo, first you need to know the difference between the total costs and the variable costs. This will allow you to identify the fixed costs. Fixed costs are costs that do not change with the level of output, while variable costs are costs that vary with the level of output.
In this case, I'MaPizzaCo's total cost is $40,000 and the variable costs are $24,000. To find the fixed costs, simply subtract the variable costs from the total costs, which would be $40,000 - $24,000 = $16,000.
Now to find the average fixed cost, divide the fixed costs by the total number of units produced. So, $16,000 / 8,000 = $2.00. We can conclude that the average fixed cost to produce one specialty pizza is $2.00, therefore the answer is a. $2.00.
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Which of the following refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors such as labor, energy, land, and capital?
A. Globalization of markets
B. Containerization of production
C. Dispersal of production
D.Globalization of production
E. Industrialization of markets
Answer: Globalization of production
Explanation: In simple words, production globalization refers to the free flow of factors of production from one economy to others.
The business firms nowadays face a lot of competition due to which they always seek for sources which can provide them low cost or better quality at same prices.
Thus, globalization helps these firms to take benefit of price difference in factors of production in different economies.
When a parent and its subsidiary use a periodic inventory system rather than a perpetual system, the income and asset balances reported in the consolidated financial statements are:I. affected only if there are upstream intercompany sales of inventory.II. affected only if there are downstream intercompany sales of inventory.
a. Ib. IIc. Both I and IId. Neither I nor II
Answer:
a. I
Explanation:
Affected only if there are upstream inter-company sales of inventory. Because when this happens you're gonna have a non-static inventory, it's gonna be changing, your gonna need to apply a perpetual system due to the constant change due to the upstreams sales.
For business combinations involving less than 100 percent ownership, the acquirer recognizes and measures all of the following at the acquisition date except: Multiple Choice
a. Identifiable assets acquired, at fair value.
b. Liabilities assumed, at book value.
c. Non-controlling interest, at fair value.
d. Goodwill or a gain from bargain purchase.
Answer:
b. Liabilities assumed, at book value.
Explanation:
International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) require everything (Assets, Liabilities and Non-controlling interest) to be measured at the fair market value, the amount a third-party would pay on the open market, at the time of acquisition — the date that the acquirer took control of the target company.