Answer:
All of the answers
Explanation:
Economic growth refers to the growth of the economic system of the country. Several factors are responsible for the growth of the economy. Economic growth helps in the up-gradation of the national; income and increase in the employment of the country. Also, the standard of the living of the people enhances with the increase in economic growth.
Economics is all of the following except _______. IS. a social science B. a subject that studies choices C. a subject that arises because we want more than we can get D. a subject that tells countries what goods they must trade
Answer: Option D
Explanation: Economics is the social science that studies the factors that affects the behavior and living of the individuals. The economics revolves around three questions - what to produce, how to produce and for whom to produce.
It studies the problem of scarcity and provides for the solution of effective allocation of resources. It does not study what countries should trade as this is a subject for business management.
Hence the correct option is D.
Step 4 of the analytical process includes the identification of additional facts or other information that may be necessary as a result of questions raised in the analysis of the problem.
Answer:
True
Explanation:
The complete lifecycle of analytics starting with collecting data, cleaning it, manipulating it then analyzing and presenting it.
It must include the identification of additional facts or other information that may be necessary as a result of questions raised in the analysis of the problem and this is best done during step 4 “Analyzing data” in order to solve the given problem statement.
The steps are:
1. Collecting data
2. Cleaning data
3. Manipulating data
4. Analyzing data
5. Visualizing data
During the fourth step “Analyzing data” using logical and analytical technique methods we may compare, for example, the sales of this year with last year’s so as to take future business decisions on the basis of historical data and this may help us answer the question or statement raised during the analysis of the problem.
Your sister formed her business as an LLC to protect herself from personal liability. At the same time she opens her business, the economy takes a dive and her business fails with many business debts remaining. Which of the following circumstances would make your sister personally liable for her business's debts?
A-She signed documents personally securing the debts of the business.
B-She did not have sufficient experience to make good decisions on behalf of the business.
C-She defaulted on her loan from the Small Business Administration.
D-Customers did not buy the goods that her business produced and now she must pay back her suppliers.
Answer:
A-She signed documents personally securing the debts of the business.
Explanation:
When you form a business as a LLC that protects you from liability in case of debt when the business goes into bankrupcy, that protects the owner from having to put their properties as collateral for the bankrupcy, the only way in which your sister could be personally liable for her business debts is if she signed personally for the business debts.
I'MaGadgetCo. produces and sells widgets. Last year, it produced 9,000 widgets and sold each one for $8. To produce the 9,000 widgets, the company incurred variable costs of $27,000 and a total cost of $36,000. I'MaGadgetCo's average fixed cost to produce 9,000 widgets was A. $1.00B. $3.00C. $4.00D. $7.00
Answer:
A.
Explanation:
Total costs are equal to total fixed costs plus total variable costs.
TC = FC + VC
Per unit, the equation is:
Total costs per unit = (total fixed costs / units of production) + unit variable costs.
In this example, the equation is:
TC $36.000 = FC + VC $27.000
$36.000 - $27.000 = FC
$9.000 = FC
FC per unit = FC / units of production
FC per unit = $9.000 / 9.000 units of production
FC per unit = $1
Answer:
B. $3.00
Explanation:Because it's a factor of the number.
When Marine Midland Bank sent market researchers with surveys door-to-door in the neighborhoods surrounding its branch banks to ask people with savings accounts why they did not also have checking accounts and credit cards with Marine Midland, they were gathering _______________.
a) Questionnaire data
b) Secondary data
c) Intercept data
d) Observational data
e) Nonprobability data
Answer:
The correct answer is a) Questionnaire data.
Explanation:
The questionnaire is a set of questions about the facts or aspects that interest in an evaluation, in an investigation or in any activity that requires the search for information. The questions are answered by the respondents. It is a fundamental instrument for obtaining data.
The questionnaire should be written once the objective of what is going to be asked, of what is needed for the investigation, of the data requested or of the characteristics to be evaluated has been determined.
The survey necessarily responds to what has been developed based on the specific objectives, so that the questions that are asked respond to the information that is desired to be obtained. The teacher should not rush into the preparation of the questionnaire because it is an essential piece in obtaining the proposed purposes.
The exam or test that is developed ‘type questionnaire’ should be performed when all respondents are in the same psychological situation and, in addition, doing everything possible so that their answers can be compared. To make a good questionnaire the experience plays a great role since the ability to make them is considered a profession.
Differences in the way people dress and act, their interactions with each other and with customers, and what qualities are expected and appreciated by their managers and company are examples of the _____.
Answer:
Organizational culture
Explanation:
Organizational culture refers to the values, beliefs and ways of interactions shared by people belonging to a particular organization. Ways people dress and their interaction varies from an organization to another. This eventually become a part of organizational culture that is followed by people throughout the organization.
An example of organizational culture is the kind of interaction between employees and client. Some follow formal chain of communication such as e-mails and fax while some follow informal means through text messages, chats and telephonic conversations.
The new CEO of Opacity Enterprises is determined to make the long-established firm strategically flexible. The CEO should understand that the task is not easy, largely because of inertia that can build up over time.True / False.
Answer:
The correct answer is True.
Explanation:
Strategic flexibility refers to the flexibility that the company possesses, as a whole, in its active participation in the market. It is the point of view of senior management, focusing on the ability of the company to proactively modify the nature of its activities or respond quickly to changes in the environment in a way that develops or maintains its competitive advantage. This type of flexibility offers the organization the possibility of modifying or replacing current strategies in terms, for example, of the application of new technologies or the renewal of its products, the creation of new product-market combinations or the use of power of market to prevent the entry of competitors.
Organizational or structural flexibility refers to the possibility for the organization to modify the distribution of tasks, the content of processes or internal communication channels. This type of flexibility can affect the limits of the organization, reaching, in its extreme degree, promoting an “organization without borders.” (Note: An organization without borders is one that has ambiguous rules regarding who is a member of the organization, the identity of the departments and the responsibility of each job, the external borders of these organizations are blurred, so that, for example, they increase the outsourcing of activities or temporary work relationships. internal frontiers: decentralization and coordination between functions and teams are intensified or descriptions of generic jobs are elaborated, emphasizing more the values associated with the job than the specific and predetermined duties). Human resources management has much to contribute, along with managers from other areas, to achieve organizational flexibility in a company.
the People's Bank has $1 million in loans, $2 million in checkable deposits, and $300,000 in reserves. If the reserve ratio set by the Federal Reserve is 0.2, then the additional amount of _____ must be held as reserves.
a. $60,000
b. $200,000
c. $100,000
d. $600,000
Answer:
excess reserve = $100000
correct option is C $100,000
Explanation:
given data
loan = $1 million
deposits = $2 million
reserve = $300,000
reserve ratio = 0.2
to find out
additional amount as reserve
solution
we know here
first we find here required reserve that is express as
required reserves = reserve ratio × deposits ..........1
required reserves = 0.2 × 2 million
required reserve = $400000
so
excess reserve is difference of actual reserve and required reserve that is
excess reserve = 400000 - 300000
excess reserve = $100000
correct option is C $100,000
Compute cost of goods sold using the following information: Finished goods inventory, beginning $ 540 Cost of goods manufactured 4,400 Finished goods inventory, ending 950
un u get the numbers then subtract them and come good with the answer
A global network of organizations and activities that supply a firm with goods and services is referred to as A. operations management. B. a supply chain. C. business functions. D. production.
Answer:
Supply chain.
Explanation:
Supply chain is referred to all the processes that are involved (directly or indirectly) in the action of satisfying market needs, whether they are products or services.
In this process, is included everyone from the raw materials through the final customer. A supply chain must be dynamic, so it can respond to constant change in the market, and it involves constant flow of information, products, services and money.
Paul needs to decide between buying a big screen TV for $1,800 or being able to go on a New York vacation for $1,000 and still having enough left over to buy a small screen TV for $800. Paul opts for the small screen TV and the New York vacation. Paul has used money in what ways in making his decision? A. Medium of exchange and a method to decrease deferred payments. B. Medium of exchange and a store of value. C. Store of value and a standard unit of account. D. Medium of exchange and a standard unit of account.
Answer:
D.
Explanation:
As a medium of exchange.
Is something that buyers will exchange with a seller when they want to purchase goods or services for the seller.
Is anything that is used to determine value during the exchange of goods and services. Money allows us to use a systems of trade beyond the barter system (directly trading one good or service to another).
As a standard unit of account.
Money serves as measuring rod or yardstick to assess the relative value of various goods and services. Without money, each item brought to market would bear a certain value relative to each of the other items.
With money, each good has one price. In a society with N goods, there are N prices when money works.
A government inspection has required your company to upgrade the safety equipment in the manufacturing process of ice creamery. What dimension of the external environment has influenced these upgrades?
a. Technological
b. Economic
c. Task
d. Sociocultural
e. Legal-political
Answer: Option E
Explanation: In simple words, the group of factors outside the organisation that are not in the control of the management are called external environment. The legal-political dimension refers to the rules and legislation passed by the authorities for effective operating of the society as a whole.
In the given case, the inspection leading to safety upgrade was done done by the govt. Such requirement depicts that the safety structure was not as per the law passed or rule made.
Hence, from the above we can conclude that the correct option is E.
The dimension of the external environment that influenced the updating of safety equipment in the manufacturing process of ice creamery is the legal-political dimension.
What is the legal-political dimension?It corresponds to the legal norms and laws approved and in force in a place that serve to regulate society, and that must also be complied with by the organizations that are inserted there.
So the correct alternative is:
e. Legal-political
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According to the quantity theory of money, if the longminusrun economic growth rate is 2.5%, by how much should the Fed increase the money supply if it wants inflation to be 2%?
Answer:
4.5%
Explanation:
The quantity theory of money states: M x V = P x Y [M: Money supply, V: Velocity of money, P: price level & Y: GDP or output.
If the Fed wants inflation to be 2%, it will need to increase the money supply 4.5%.
Thus M × V will rise 4.5%, causing P × Y to rise 4.5%, with a 2% increase in prices and
a 2.5% rise in real GDP.
Which of the following funds would be most appropriate when accounting for an activity that provides goods or services to the public for a fee that is intended to make the activity self-supporting?
A. Investment trust fund.B. Enterprise fund.C. Internal service fund.D. Special revenue fund.
Answer:
B. Enterprise fund
Explanation:
Enterprise fund
It is a government fund , which is self - supported and which sells services and goods to the public in exchange of a fee .
For example ,
a power generating facility provides electricity to the local people in exchange of a fee .
Hence , from the data of the question , the appropriate answer is Enterprise fund .
April compiled checks, receipts and invoices, then entered them into Quickbooks. She printed out her financial statements and took themto the bank as documentation for a loan application. In that scenario, checks, receipts and invoices could be referred to as:
A. Documents and data
B. Data and information
C. Documents and information
D. Documents, data and information
Answer:
A. Documents and data
Explanation:
The document and data in a Quick book refers to the check, receipts, and invoices that were used to prepare the financial records that include cash flow statement, income statement, statement of stockholder equity, and the balance sheet.
These data and documents are very valuable things for the business organization. It is to be kept in safe custody. The use of these financial records is to apply bank loans, tax purposes, etc.
Thus, all other options are incorrect except A.
An employee comes to work on time every day only because he knows that his pay will be docked if he is caught coming in late. However, when he knows his boss will be gone that day, he's frequently late. What level of moral development does this represent?
Answer:
The answer is: Postconventional moral development
Explanation:
At this stage of moral development, an individual´s morality is defined by more abstract principles and values. He or she may believe that some laws and rules are unfair and should be changed or eliminated. Individual realize that they are separate entities from societies and they may choose to not follow the rules of the organization.
Which of the following statements is true about expropriation?
Expropriation of foreign enterprises by developing countries were rare in the old days.
Small firms are more likely targets of expropriation than large firms because more is to be gained by expropriating small firms.
Firms at the greatest risk of expropriation are in extractive, agricultural, or infrastructural industries such as utilities and transportation.
Expropriation is least likely to occur in non-Western countries that are poor, relatively unstable, and suspicious of foreign multinationals.
Answer:
Firms at the greatest risk of expropriation are in extractive, agricultural, or infrastructural industries such as utilities and transportation.
Explanation:
Governments are more interested in this kind of business, as often, in developing countries, extractive and agricultural create genuine richness, usually more than others as retail or manufacturing, for example. On the other hand, regarding utilities and transportation, expropriation is made as a consequent of populism measures and not for wealth creation.
The manager of Flogymki, a newly opened continental restaurant, decides to organize the restaurant's labor force into separate divisions for purchases, serving, home delivery, accounting, cooking, etc. Given this information, which of the following organizational structures does the restaurant manager intend to implement at Flogymki?A. Product departmentalizationB. Functional departmentalizationC. Customer departmentalizationD. Geographic departmentalization
Answer: Functional departmentalization
Explanation: In a functional departmentalization structure, the company tries to organize the employees into groups based upon the specific skills they possess. The activities performed by such groups are different from each other but the employees within groups performs the same task.
In the given case, the manager is dividing the company as per the purchase,serving and home delivery etc. It is evident that the grouping is done upon the specific activities to be performed.
Hence we can conclude that the correct option is B.
Which of these would be considered a controllable element in the domestic environment?
Multiple Choice
a. competition
b. economic climate
c. legal forces
d. political forces
e. firm characteristics
Answer:
a. competition
Explanation:
Domestic environment in business means the environment which includes the study of climate, business regulations, policies, laws and business rules. It also includes the structure and style of the governance, the political setup in the area, culture, logistics, believes and traditions, etc. It is very important to know the domestic environment of the business one wishes to start. The options b). economic climate, c). legal forces, d). political forces, e). firm characteristics are all uncontrollable element in the domestic environment while establishing a business because these factors are not under the direct control of an individual. So they are uncontrollable. The option a. competition is a controllable factor in the domestic environment because people running the same business can collaborate and run their business or negotiate with others for a smooth running of their business. It depends upon the individual to control the competition.
Thus, the answer is a. competition
Alicia is a college sophomore studying drama at her local community college in Texas. Halfway through the school year, Alicia is offered a job in Hollywood as an actress on a soap opera which will pay her $72,800 per year. Douglas is a college sophomore studying sociology at Alicia's college. Douglas does not have any work experience, and he would earn $18,000 per year if he were to quit school and get a full-time job. If we assume that Douglas and Alicia only have a choice of either staying in school or dropping out and working full time, an economist would most likely predict that _________________ is more likely to drop out of school this year because _________________________.
Answer:
The answer is: Alicia is more likely to drop out of school because its on her best interest to start working on the right place as soon as possible.
Explanation:
First of all, besides the huge difference in salaries, $72,800 (Alicia) to $18,000 (Douglas), we have to consider other aspects of their professions:
Alicia doesn´t need a college degree to work in her profession (actress), while Douglas is required a college degree to work as a psychologist. In an extremely competitive professional market like actresses, the window of opportunity for someone new entering the business is not that long. Most of the actors and actresses start very young (as kids) and the older they get the harder it is for them to start or continue the profession. That doesn´t apply to psychologists. When you consider the demand for actors and actresses, it is obviously much larger in California than in Texas, so Alicia should already be on a plane. I guess more psychologists are also needed in California, but there should be enough demand for that skill in Texas so Douglas doesn´t need to move.Because time is of the essence, volunteers should be interviewed: A. Every week with as many persons who have volunteered. B. At 10-minute intervals. C. In small groups. D. By job type.
Answer: Option D
Explanation: As time is a very important resource for every organisation and is considered as the essence of success, business organisations should manage it properly.
The interviewing process in recruitment should be done on the basis of job type. It means all the candidates that are applying for same job profile or job in the same departments should be interviewed at the same day individually. This will help the organisation to save its time.
Hence, from the above we can conclude that the right Option D.
Volunteers should be interviewed at 10-minute intervals, by job type, and potentially in small groups to manage time efficiently. Each method has its advantages, with intervals allowing individual assessment and job type interviews focusing on relevant skills, while small groups can evaluate teamwork.
When considering how volunteers should be interviewed because time is of the essence, it is essential to manage the interview process efficiently. Interviews could be scheduled at 10-minute intervals to ensure that each volunteer is given attention while also keeping to a strict schedule. This approach facilitates a rapid yet orderly interview process. Additionally, by grouping interviews by job type, interviewers can focus on specific roles and streamline the discussion towards relevant skill sets and experiences pertinent to those roles. It is also beneficial to keep interviews short and organized, with a clear purpose communicated to the volunteers, ensuring that they understand their participation is voluntary and valuing their time and contribution.
Conducting interviews in small groups could be another method to expedite the process, though it might not offer the same depth of individual assessment as one-on-one interviews. However, this approach can be conducive to evaluating group dynamics and teamwork skills. No matter the method, ensuring that every volunteer is interviewed allows for their personal opinions to be heard, signifying respect for their willingness to contribute to the organization.
Quitor Inc., which is based in the U.S., contracts with Falconnien Suppliers, a small-scale supplier in Taiwan, to manufacture its computers and tablets across the world. This strategy by Quitor Inc. is an example of _____.
a) joint venture
b) franchising
c) exporting
d) foreign outsourcing
Answer:
The correct option is (d)
Explanation:
Foreign outsourcing refers to the practice getting goods manufactured or distributed by some other company located outside home country. This is a very good strategy if cost reduction is the main motive of parent company.
Activities are outsourced to a company located in a lesser developed countries as they offer good services in much reduced costs. In this case, Quiter Inc., a US company outsourced to a supplier based in Taiwan to manufacturing computers across the world. This is an example of foreign outsourcing.
Coffee shop owner: A large number of customers will pay at least the fair market value for a cup of coffee, even if there is no formal charge. Some will pay more than this out of appreciation of the trust that is placed in them. And our total number of customers is likely to increase. We could therefore improve our net cash flow by implementing an honor system in which customers pay what they wish for coffee by depositing money in a can.Manager: We're likely to lose money on this plan. Many customers would cheat the system, paying a very small sum or nothing at all.Which of the following, if true, would best support the owner’s plan, in light of the manager’s concern?(A) The new system if implemented, would increase the number of customers.(B) By roasting its own coffee, the shop has managed to reduce the difficulties and cost of maintaining an inventory of freshly roasted coffee.(C) Many customers stay in the cafe for long stretches of time.(D) The shop makes a substantial profit from pastries and other food bought by the coffee drinkers.(E) No other coffee shop in the area has such a system.
Answer:
The answer is: D) The shop makes a substantial profit from pastries and other food bought by the coffee drinkers.
Explanation:
Once I saw this strategy being used by a chain of coffee shops that operated in large superstores. It was really successful, not only because they had a lot of clients. Most of the clients wouldn´t just buy coffee, they also bought pastries and sandwiches. This strategy was so successful that the coffee shop decided to offer free coffee to everyone. Even though you could just ask for a free coffee (after waiting 20 minutes in line), no one just got free coffee. Everyone bought something else. You could hear the other customers saying that since the coffee was free they were going to buy something.
Option (A) supports the coffee shop owner's plan best by indicating that an increase in the number of customers could potentially offset losses from underpayments in an honor system.
The debate between the coffee shop owner and manager revolves around the potential effect of an honor system on the shop's revenue and customer behavior. To support the owner's plan in light of the manager's concern that many customers would underpay or not pay at all, option (A) The new system, if implemented, would increase the number of customers is the strongest. It suggests that more customers could lead to increased sales overall, offsetting any potential losses from underpayments. Furthermore, the idea of increased customer happiness and goodwill from participating in a trust-based system, as indicated by the Corner Perk Cafe's practice of customers paying for the drinks of strangers, could additionally support the owner's argument.
__________ is any direct and personal communication with customers to assess and satisfy their needs and wants. Personal training and sports instruction are good examples of selling a service in the area of sports.
Answer:
Selling
Explanation:
Selling is any direct and personal communication with customers to assess and satisfy their needs and wants. Personal training and sports instruction are good examples of selling a service in the area of sports.
Laws in the United States and many other countries have many business-oriented laws covering issues such as competition, environmental protection, pricing, packaging and labeling, product safety, truth in advertising, consumer privacy, and ___________.
Answer:
The correct answer is "fair-trade practices"
Explanation:
The term fair-trade refers to a government arrangement or practices created to support producers in emerging nations to obtain better trading conditions. The fair trade movement advocates the payment of higher prices to exporters. The fair trade focuses on agricultural commodities or products which are typically exported from emerging countries to developed countries but also consumed in domestic markets.
Mrs. Jamieson, a retiree, likes to invest in preferred stocks and bonds as it involves very little risk. She knows that the value of many of these stocks will not increase drastically, but the small returns help supplement her pension. Mrs. Jamieson's approach is an example of the market timing strategy. True or false?
Answer:
False
Explanation:
Market timing refers to the process of buying and selling an asset on the best moment during a period of time, so the profit made is the best possible on that period, it not necessarily happens when an investment is made in lower risk assets. For example an asset value on January 1st was 100 you sold it on January 15th for 150 so your profit was 50, that asset closed at 120 on January 31st so you had a very good timing selling on 15th
Scarcity A. is the same thing in economic terminology as a shortage. B. results from unlimited resources coupled with limited wants. C. can be eliminated with improvements in technology. D. results from unlimited wants coupled with limited resources.
Answer: Option D
Explanation: In simple words, scarcity refers to the problem of unlimited wants of people that could be satisfied with the resources that are limited in nature.
Due to this scenario the people have to decide how they want to allocate the resources of their share.
Hence from the above we can conclude that the correct option is D.
Consider the line which passes through the point P(−1,1,−2), and which is parallel to the line x=1+5t,y=2+2t,z=3+3t Find the point of intersection of this new line with each of the coordinate planes:
To find the intersection of the line parallel to x=1+5t, y=2+2t, z=3+3t and passing through the point P(-1,1,-2) with each coordinate plane, we set the corresponding coordinate to 0 and solve for the other coordinates. The intersections are approximately (-0.33, 2.33, 0) with the xy-plane, (0, 1.4, -1.4) with the yz-plane, and (-3.5, 0, -0.5) with the xz-plane.
Explanation:The given is the line which passes through the point P(-1,1,-2) and is parallel to the line x=1+5t, y=2+2t, z=3+3t. The line parallel to the given line and passing through the given point would therefore be x=-1+5t, y=1+2t, z=-2+3t (note the coordinate values of P are used).
We find the intersection point with each coordinate plane by setting the corresponding coordinate to 0. For example, for the xy-plane, set z=0 and solve the equations to get t and hence the x and y coordinates:
Intersection with XY-plane (where z=0): From z=-2+3t=0, we find that t=2/3. Plug t=2/3 into the equations for x and y to get the intersection point, resulting in approximately (-0.33, 2.33, 0). Intersection with YZ-plane (where x=0): From x=-1+5t=0, we find that t=0.2. Plug t=0.2 into the equations for y and z to get the intersection point which is approximately (0, 1.4, -1.4). Intersection with XZ-plane (where y=0): From y=1+2t=0, we find that t=-0.5. Plug t=-0.5 into the equations for x and z to get the intersection point which is approximately (-3.5, 0, -0.5). Learn more about Intersection of a Line here:
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Eleanor and her little sister Joanna are responsible for two chores on their family’s farm, gathering eggs and collecting milk. Eleanor can gather 15 dozen eggs or collect 5 gallons of milk per week. Joanna can gather 2 dozen eggs or collect 2 gallons of milk per week.
a. The family wants 2 gallons of milk per week and as many eggs as the sisters can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week?
dozen eggs.
b. If the sisters specialized, which sister should collect the milk?
c. If the sisters specialized, how many dozens of eggs would the family have per week?
dozen eggs
Eleanor and Joanna can combine their 17 dozen of eggs to produce the most dozens of eggs possible while still producing the required two gallons of milk. Eleanor can get more milk; she ought to concentrate on milk collecting.
a.
Eleanor's egg collection: 15 dozen eggs/week
Joanna's egg collection: 2 dozen eggs/week
Total egg collection: 15 + 2 = 17 dozen eggs/week
b.
Eleanor's milk collection: 5 gallons/week
Joanna's milk collection: 2 gallons/week
Since Eleanor can collect more milk, she should specialize in milk collection.
c.
Joanna's egg collection: 2 dozen eggs/week
Total egg collection: 2 dozen eggs/week
So, if the sisters specialized, the family would have 2 dozen eggs per week.
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The family has 17 dozen eggs per week and Eleanor should collect the milk if they specialized. If they specialized, the family would have 15 dozen eggs per week.
Explanation:a. To determine the number of dozens of eggs the family has per week, we need to calculate how many dozens of eggs each sister can gather. Eleanor can gather 15 dozen eggs per week, while Joanna can gather 2 dozen eggs per week. Since they each gather as many eggs as they can, the total number of dozens of eggs the family has per week is 15 + 2 = 17 dozen eggs.
b. If the sisters specialized, Eleanor should collect the milk since she can collect 5 gallons per week, while Joanna can only collect 2 gallons per week.
c. If the sisters specialized, the family would have 15 dozen eggs per week because that is the amount Eleanor can gather, while Joanna can only gather 2 dozen eggs per week.
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If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 101st unit of good X is 5Y, then the opportunity cost of producing the 201st unit of good is X is most likely to bea. less than 5Y.b. more than 1/5Y but less than 5Y.c. more than 5Yd. less than 1/5Y but more than zero.e. none of the above
Answer:
The correct answer is option c.
Explanation:
Opportunity cost is the cost of sacrificing the second-best alternative. We know that resources are scarce and have alternative uses. To increase the production of one good we need to decrease or give up production of its alternative.
The law of opportunity cost states that the as we go on increasing the production of one good the opportunity cost will go on increasing. In other words, to produce more and more of good X we will need to sacrifice more and more of good Y.
If the opportunity cost of producing the 101st unit is 5Y then the opportunity cost for the 201st unit will be more than 5Y.