Answer:
Yes this is True because this conversion is used to capture the differences in cost of living between countries.
Using the following information, determine the balance of the cash account. The left side of the T account sums to $34,500, and the right side of the T account sums to $19,450.
Answer:
$15,050
Explanation:
T account is formed as following way:
Cash Account
The left side of the T account sums to $34,500 and the left side of the cash account is a debit.
The right side of the T account sums to $19,450 and the right side of the cash account is a credit.
Generally, the normal balance of a cash account is debit. Therefore, left side (debit) - right side (credit) = balancing amount.
Therefore, balance = $34,500 - $19,450 = $15,050
To find the balance of the cash account represented in a T-account, subtract the total of the right side of the T account (credits) from the left side of the T account (debits). The balance in this case is $15,050.
Explanation:The balance of a cash account in a T account is calculated by subtracting the total of the right side (credit side) from the total of the left side (debit side). Since left side of the T account sums to $34,500 and the right side of the T account sums to $19,450, you need to subtract $19,450 from $34,500. So the balance of the cash account is $34,500 - $19,450 = $15,050.
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Timothy McGreggor, Attorney, P.C., began the year with total assets of $129,000, liabilities of $77,000, and stockholders’ equity of $52,000. During the year, the business earned revenue of $113,000 and paid expenses of $34,000. The business also paid cash dividends of $63,000. How much is the business’s equity at year-end?
Answer:
Ending stockholders' equity $ 68.000
Explanation:
The net income for the year is Revenue - Expenses
so $ 113,000 - $34,000 = Net Income $ 79,000
Stockholders Equity at end of year
Opening stockholders' equity $ 52,000
Add: Net income for the year $ 79,000
Less: Dividends Paid $ (63,000)
Ending stockholders' equity $ 68,000
Final answer:
To determine year-end stockholders' equity for Timothy McGreggor, Attorney, P.C., we adjust the opening equity by the net income for the year and subtract dividends paid, resulting in a year-end equity of $68,000.
Explanation:
The question pertains to calculating the year-end stockholders' equity for Timothy McGreggor, Attorney, P.C. To find this, we need to adjust the opening equity by the net income for the year and then subtract any dividends paid. We start with the opening stockholders' equity of $52,000.
Net income is calculated as the revenue minus the expenses. In this case, the net income is $113,000 (revenue) - $34,000 (expenses) = $79,000. We then add this net income to the stockholders' equity. So far, our calculation is $52,000 + $79,000 = $131,000.
Finally, we must account for the dividends paid, which are $63,000. We subtract the dividends from the adjusted equity: $131,000 - $63,000 = $68,000. Thus, the business's equity at year-end is $68,000.
The mayor of Gotham City, worried about a potential epidemic of deadly influenza this winter, asks an economic adviser. Determine whether a question requires the economic adviser to make a positive assessment or a normative assessment.
A. How much vaccine will be in stock in the city by the end of November?B. If we offer to pay 10% more per dose to the pharmaceutical companies providing the vaccines, will they provide additional doses?C. If there is a shortage of vaccine in the city, whom should we vaccinate first—the elderly or the very young? D. If the city charges $25 per shot, how many people will pay?E. If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?
Final answer:
The mayor's inquiry requires both positive and normative economic assessments. Positive assessments involve factual analysis of market behavior and inventory levels, while normative assessments deal with ethical considerations and value judgments. Subsidies in economic policy can align market outcomes with social welfare by incorporating external benefits into pricing.
Explanation:
The mayor of Gotham City is concerned about an influenza epidemic and consults an economic adviser about various scenarios. To assist with the mayor's deliberation, assessments are required to understand the implications of potential policies and actions:
Question A asks about the vaccine stock, requiring a positive assessment based on factual inventory levels.Question B inquires whether paying more per dose would increase supply, needing a positive assessment of market behaviors.Question C deals with prioritization for vaccination and requires a normative assessment based on values and ethics.Question D is about projected consumer behavior in response to pricing, which calls for a positive assessment that can be modeled economically.Finally, Question E touches on a moral decision about profit-making and using funds to vaccinate the poor, demanding a normative assessment rooted in the city's principles and values.From an economic standpoint, the government can induce a market level of output closer to the socially desirable level by providing subsidies or vouchers for flu vaccinations, reflecting the external benefits to society of higher immunization rates. This, in turn, shifts the market equilibrium to a quantity Qsocial and a price Psocial, aligning the Marginal Social Benefit (MSB) and Marginal Social Cost (MSC). By issuing subsidies, consumers pay a lower out-of-pocket price (Psubsidy), while suppliers still receive Psocial, encouraging the optimal distribution of vaccines. Such a policy ensures that the social value, inclusive of both public health and economic efficiency, surpasses the sum of individual valuations.
__________ is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. A. Customer-perceived value B. Objective value C. Demand D. Exchange E. Satisfaction
Answer:
(A) Customer-perceived value.
Explanation:
Objective value is based on facts, observance and results of a specific process. The results observable may be of the advertising efforts, logistics and inventory control, shift in product promotion approach and customer focused approach followed by the firm etc.Demand is the quantity of a particular good, the customers are desiring and willing to purchase at a certain point of time.Exchange refers to a transaction of sale and purchase of a good or service.Satisfaction is the measure of happiness. A customer can be delighted or disappointed with a firm's product.Now, we are left with Customer-perceived value which is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. A higher customer perceived value can bring customer loyalty and good product feedback to other potential customers, which can make the product seller's prospects bright for the future.
When determining the account balance for a particular account (ex. Accounts Receivable) in order to prepare a trial balance, the best place to find the balance would be in the company's _____.
Answer: General ledger
Explanation:
According to the given question, the company's general ledger is the term that is used to refers to the account that helps in balancing the specific account in the form of record, store and also summarizing all the transaction details of an organization by using the proper balance sheet chart.
The main role of the general ledger is that it helps in preparing the financial reports by including all the data such as revenue, liability, expense and the asset.
The general ledger is preparing the balance by using the transaction statement of the company's account.
Therefore, General ledger is the correct answer.
Considering an economic system, converting products made by producers into varieties sought by consumers is the role of ___________.
A. Factory supervisors
B. Upstream partners
C. Third-party logistics
D. Marketing intermediaries
E. Price consultants
Answer: (D) Marketing intermediaries
Explanation:
The marketing intermediaries is basically refers to the supply chain between the producer and the various types of end users or consumers that linked both of them and also know as the distribution intermediaries.
The main function of the marketing intermediaries is that it helps in establishing a relationship between the retailer and the producer.
The following are the different types of marketing intermediaries are as follows:
RetailerAgents Distributors WholesalersTherefore, Option (D) is correct answer.
Final answer:
The role of converting products made by producers into varieties sought by consumers is performed by marketing intermediaries. They act as a bridge in the supply chain between producers and consumers, facilitating distribution and matching products with consumer needs.
Explanation:
Considering an economic system, converting products made by producers into varieties sought by consumers is the role of marketing intermediaries. Marketing intermediaries, or middlemen, are entities that operate between the producer and the consumer, making sure that the goods produced by companies reach the final users in the most efficient and desired form. These can include wholesalers, retailers, distributors, and agents who help in promoting, selling, and distributing the products to consumers.
Producers create goods and services, while marketing intermediaries assist in supply chain management by ensuring that these goods and services are available to consumers in suitable varieties. This can involve various functions such as packaging, branding, and quality control to better match consumer preferences and market demands.
A project on Kickstarter for an iPad stylus raised 1,179% of their goal, raising a total of $311,275 from 7,556 supporters. What was their original goal?
Answer:
Their original goal was $26401.61
Explanation:
Data provided in the question:
Percentage of the amount of goal raised = 1,179% of their goal
Total amount raised by the project = $311,275
Now,
Let their original goal be 'x'
Therefore,
1,179% of x = $311,275
or
11.79 × x = $311,275
or
x = $311,275 ÷ 11.79
or
x = $26401.61
Hence,
Their original goal was $26401.61
To find the original goal of a Kickstarter project that raised 1,179% of its goal with a total of $311,275, divide the total amount raised by the percentage raised (in decimal form, i.e., 11.79). The original Kickstarter goal was approximately $26,399.49.
Explanation:To determine the original goal for the Kickstarter project, we need to understand that the percentage raised is relative to the original amount. When the project raised 1,179% of its goal, this means it raised 11.79 times the original goal. Given that the project raised $311,275 from 7,556 supporters, you can calculate the original goal by dividing that amount by 11.79.
Original goal = Total amount raised / Percentage raised
Your original goal is equal to $311,275 divided by 11.79, which approximately equals $26,399.49.
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Which of the following is true of assigning costs to cost objects? a.Assigning costs to cost objects typically is more difficult than cost accumulation. b.The choice of a method for assigning costs to cost objects depends on a number of factors, such as the need for accuracy. c.Assigning costs to cost objects can be accomplished in a number of ways. d.All of these choices are true.
Answer:
d. All of these choices are true.
Explanation:
Cost objects refer to anything that the organization needs to assign a cost. Doing this requires to identify the cost objects, find the costs generated by them and determine the cost of these costs objects according to certain aspects which makes it a hard process. The most critical aspect of determining a cost object is the ability to find a method to allocate costs that would allow you to get a complete picture, be precise and make decisions. According to this, the answer is that the statement that is true of assigning costs to cost objects is that all of these choices are true.
The seller of the property is including the refrigerator and window coverings with the sale. Where in the offer to purchase is this addressed?
Answer: The correct answer is "In the inclusions section of the contract ".
Explanation: The refrigerator and window covers are taken into account in the "contract inclusions" section because this section includes all items included in the sale that do not correspond to be sold as personal property.
_____ is building and maintaining relationships with people whose interests are similar to one's own or with whom relationships could bring advantages to the firm.
Answer:
The correct answer to the following question will be "Networking".
Explanation:
Networking is an information sharing and thoughts between people who share a common occupation or a special interest in business, typically in an appropriate social environment. Networking also starts on a specific point of commonality.Networking is developing and sustaining connections with people whose priorities are close to one's or to whom relationships may bring benefits to the business.It's used by practitioners to extend their intelligence networks, to find out more about employment opportunities in their industries, and to raise their understanding of information and events in their sectors or the broader world.Therefore, Networking is the right answer.
The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period (e.g., one-year) is called:______
Answer:
The gross domestic product
Explanation:
The gross domestic product = Consumption spending + Investment + Government Spending + Net Export
if Subway can make and sell 30 sandwiches an hour with 2 employees, each earning $15 per hour, their sandwich labor productivity is?
a. 1
b. 15
c. 10
d. 0.1
Answer:
I pretty sure it's B. 15
Explanation:
Because if their are two employees and combine they make thirty sandwiches an hour, you just divide the number of sandwiches by the number of employees.
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Financial accounting provides information for (internal/external) decision makers, while managerial accounting provides information for (internal/external) decision makers.
Answer:
Financial accounting provides information for external decision makers, while managerial accounting provides information for internal decision makers.
Explanation:
Financial accounting is the process of recording, classifying, analyzing, measuring, interpreting and communicating financial data of an organisation to enable users of accounting information makes decision. On the other hand managerial accounting classifies, analyze, interpret and communicate accounting information of an organisation to the managers of that particular organisation for pursuit and achievement of the organisation's goal.
Therefore Financial accounting provides information for external decision makers while managerial accounting provides information for internal decision makers
Financial accounting provides information primarily for external decision makers, while managerial accounting provides information primarily for internal decision makers.
Financial accounting focuses on reporting a company's financial performance and position to external stakeholders such as investors, creditors, regulatory authorities, and the general public.
It follows generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) to ensure that the financial statements are accurate, consistent, and comparable.
These external users rely on financial statements like the income statement, balance sheet, and cash flow statement to make investment, lending, and other financial decisions regarding the company.
In contrast, managerial accounting focuses on providing information to internal decision makers within an organization, such as managers and executives. It helps them with planning, controlling, and decision-making processes.
Managerial accounting provides detailed, timely, and often non-GAAP information, including budgets, cost reports, variance analysis, and other tools to help managers make operational and strategic decisions that improve efficiency, reduce costs, and enhance profitability. This information is essential for managing day-to-day operations, setting goals, and evaluating performance.
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Edward feels that inefficiency is the cause of increased costs in his production facility. Therefore, he is interested in making improvements in his factory by utilizing all the components of the facility’s system: inputs, outputs, transformational processes, and feedback.
1. True
2. False
Final answer:
The statement is true; Edward's approach to addressing inefficiency by considering all facets of the production system is a valid strategy to reduce costs and increase efficiency. This involves choosing the right combination of inputs, leveraging technology, and optimizing the production function.
Explanation:
When considering the statement that Edward feels inefficiency is the cause of increased costs in his production facility and is looking to improve it by utilizing all components of the facility's systems, including inputs, outputs, transformational processes, and feedback, the statement can be seen as true. Improvements in the standard of living for consumers and workers result from increased efficiency in production, which not only applies to manufacturing but extends to sectors like health and education as well. By selecting the optimal combination of labor, capital, and technology, industries can enhance efficiency, which translates to better margins and competitive capacity for businesses, and economic growth for governments.
The choice of inputs, whether it is labor-intensive or capital-intensive, directly affects the production efficiency. The technology available enables firms to use labor and capital more or less efficiently, contributing to the adjustment of the combination of inputs based on productivity and cost. An improvement in technology generally leads to reduced production costs and increases in profits, allowing for the production of more outputs with the same or fewer inputs.
The production function is key, as it describes how inputs are transformed into outputs. Production functions are concerned with not just technological efficiency -- avoiding waste and making the most of provided resources -- but also with economic efficiency, which ensures that production methods also make financial sense.
R.J. Reynolds markets several brands of cigarettes, including Vantage, Camel, Winston, and Salem. This is an example of which type of branding policy?
Answer:
Individual branding policy
Explanation:
Individual branding often referred to as single product branding, flanker labels or multi branding, is "an advertising technique under which goods are assigned brand names which are newly formed and usually not related to existing franchise names that the business is selling.
Individual branding is by far the most successful when a corporation offers various unrelated goods differing in price and quality and targeting specific areas of the market. It is also helpful when presenting to the industry a recent high-risk commodity to handle hazards to established products if the new model fails.
Thus, from the above we can conclude that the given case depicts individual branding policy.
Diane is a CFO at we do what we want, Inc. She was just instructed by her boss, the CEO, to accelerate the recording of revenue into an earlier year to meet financial analysts' earnings projections. In order to meet the ethical standards of the accounting profession, Diane must be certain that she:_______.A. Blows the whistle on the financial wrong doing. B. Reports the matter to the SEC. C. Informs the external auditors. D. Works through the chain of command within the company to avoid sub-ordinating judgment.
Answer: Option "D" is the correct answer for the following situation.
Explanation:
Diane must be careful that she operates within the organization through the command chain to prevent a sub-coordinating judgment.
The concept of a command structure is an international hierarchy of power that defines who is in control of whom and who should be asked for permission. The indication of a command structure is when a staff member reports to a boss reporting to a senior executive reporting to the vice president reporting to the CEO.
Which of the following consists of wages earned from work, plus dividends and interest on investments along with rents and royalties?
Answer:
The correct answer to the following question will be "Income".
Explanation:
Income is the spending and investment potential of an individual within a given time-frame, which is usually expressed in financial terms.
The income from taxes, bonuses, wages, dividends, investment income, dividends and pensions earned during the year of tax shall be considered taxable income in the U.S, consists of wages earned from jobs, plus income and venture interest, and rentals and royalties.
Therefore, Income is the right answer.
People are often influenced by reference groups to which they do not belong. ________ refer to groups to which an individual wishes to belong."
Answer:
aspirational groups
Explanation:
An aspirational group refers to the reference group with which an individual would like to associate. Often this is some other person's reference branch that one finds commendable or inspirational. There is a considerable amount of credibility or noteworthiness in aspirational classes that an outside person wants to assign to his or her name.
Conformity is one significant disadvantage to entering an ambitious party. There will be no willing urge to be part of a competitive party to offer membership. Therefore, it is essential to reflect the values, preserve the identity and buy products from that group to become a member.
For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units.
a. 3,000 units at which MC = $10 and MB = $13.
b. 11 units at which MC = $4 and MB = $3.
c. 43,277 units at which MC = $99 and MB = $99.
d. 82 units at which MC < MB
e. 5 units at which MB < MC
In situations where the marginal cost is less than the marginal benefit, it's optimal to produce more units, whereas in cases where the marginal cost exceeds the marginal benefit, it's best to produce fewer units. If the marginal cost equals the marginal benefit, the current level of production is ideal.
Explanation:Firstly, let's clearly define MC and MB. MC is short for Marginal Cost, which is the cost of producing one more unit of a good. MB stands for Marginal Benefit, which is the additional satisfaction or usefulness a consumer gets from having one more unit of a good or service.
If the MC is less than the MB ($10 < $13), it would be best to produce more units. In the case where the MC is greater than the MB ($4 > $3), it is recommended to produce fewer units. When MC equals MB ($99 = $99), the current level of production is ideal. In a situation where MC is less than MB, it's best to increase production. Conversely, if MB is less than MC, it is advisable to produce fewer units.Learn more about Economic Decision Making here:https://brainly.com/question/10811559
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A management philosophy that bases an employee's evaluations on whether the employee achieves specific, mutually agreed-upon performance goals is known as
Answer: Management by objectives
Explanation:
The management by objective is one of the type of management technique where all the employees of an organization and the managers are work together for monitoring and record all the specific goals.
It is the process of managing all the desired goals of the company by using the proper planning flow method. The main aim of the MBO (Management by objective) is that it basically determine the specific objective and also providing the feedback of the given result.
According to the given question, the management by objectives is refers to the management philosophy where the employees achieve the specific goals based on the evaluation.
Therefore, Management by objectives is the correct answer.
Chou Co. has a net income of $43,000, assets at the beginning of the year are $250,000 and assets at the end of the year are $300,000. Compute its return on assets.
Answer:
15.64%
Explanation:
Return on Assets = [tex]\frac{Net Income}{Average Total Assets}[/tex]
= [tex]\frac{43,000}{(250,000 + 300,000)/2} = \frac{43,000}{275,000}[/tex]
= 0.1564
= 15.64%.
To calculate return on assets (ROA), divide net income by average total assets. For Chou Co. with a net income of $43,000 and average total assets of $275,000, the ROA is $43,000 / $275,000 = 0.1563 or 15.63%
Explanation:The return on assets (ROA) is a profitability ratio that measures the net income produced by total assets during a period. It is often used to compare the profitability of a company to other firms in the same industry.
To calculate the ROA, you divide the net income by the average total assets. The average total assets are calculated as the sum of the assets at the beginning of the year and the assets at the end of the year, divided by two.
In the case of Chou Co, the net income is $43,000, the assets at the beginning of the year are $250,000, and the assets at the end of the year are $300,000. Thus, we calculate the average total assets to be ($250,000 + $300,000) / 2 = $275,000.
Therefore, the return on assets for Chou Co. is calculated as follows: $43,000 / $275,000 = 0.1563 or 15.63%. This means that for every $1 in assets, Chou Co generated 15.63 cents in profit.
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Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on____________.
Answer:
How customers rate/value her services
Explanation:
Since Henriette did not set a basic/standard fee for her services, she is bound to have non-uniform pay by different customers. This non-uniform pay is as a result of how much value or worth her customers attach to her services, as it affects them.
If she decides to get a standard prices attached to her services, she would have to consider how satisfied customers have been in the past, with her services.
Cheers.
United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline. The newly formed company is an example of a _____________.
Answer:
The correct answer is: Merger
Explanation:
To begin with, in the business world, the name of ''merger'' is given to refer to the situation where two or more differents companies decide to unite their assets, equity and liabilities in order to create an unique enterprise combined by both and to work in one common activity. Moreover, this concept is an aspect of strategic management that allows companies to grow their market position and to establish better conditions for their operations.
. Which of the following is not a question addressed by macroeconomists? a. Why is average income high in some nations but low in others? b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment? c. What is the impact of foreign competition on the U.S. auto industry? d. Why do production and employment expand in some years and contract in others?
Answer: Point C is the answer.
Explanation: Macro economics look at the bigger picture based on national level policies and what effects them. Micro economics deals with individuals or industry specific questions. An example would be micro looks at a tree where macro looks at the forest.
Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of $100,000, a long-term capital gain of $15,000, and a charitable contribution of $5,000. Janice withdrew $70,000 of profit from Catbird. Noting the tax entity type cited and regarding how Janice will report this information on her individual tax return, label each statement listed as being either "True" or "False".
Answer / Explanation:
To answer this question considering the tax entity and how Janice will report this information on her individual tax return, We need to consider the fact that different tax entity are categorized by its unique report and information.
So to properly answer these question, we will have to assume three (3) different scenario which are: (1) Is it a Limited Liability Company, Is it a Small business corporation, Is it an AC Corporation.
We should also note that this segregation is need as each type of corporation tax are dealt with differently thus enabling us treat the question properly in respect to tax entity and as regards to how Janice will report the information on her individual tax return.
Consequentially,
a. If Catbird Company is an LLC: A single-member LLC is taxed as a proprietorship. Thus, Janice will report the $100,000 operating income (Schedule C), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.
b. If Catbird Company is an S corporation: An S corporation is a tax reporting entity (Form 1120S), and its income, gains, deductions, and losses are passed through to and reported by the shareholders on their tax returns. Separately stated items (e.g., long-term capital gain and charitable contribution) retain their character at the shareholder level. Consequently, Janice will report the $100,000 operating income (Schedule E), $15,000 long-term capital gain (Schedule D), and if she itemizes, $5,000 charitable contribution (Schedule A) on her tax return. The $70,000 withdrawal would have no effect on Janice's individual tax return.
c. If Catbird Company is a C corporation: A C corporation is a separate taxable entity, and its taxable income has no effect on the shareholders until such time a dividend is paid. When dividends are paid, shareholders must report dividend income on their tax returns. Thus, Catbird Company will report taxable income of $110,000 ($100,000 operating income + $15,000 LTCG - $5,000 charitable contribution) on its Form 1120. Corporations receive no preferential tax rate on long-term capital gains. Janice will report dividend income of $70,000 (Schedule B) on her individual tax return.
Final answer:
Janice will combine her Catbird Company's operating income, long-term capital gain, and charitable contribution deductions to calculate her taxable income. She should understand the differences between accounting and economic profits while preparing her tax return. Long-term capital gains she earned are taxed at a different rate than regular income.
Explanation:
Janice, as the sole owner of Catbird Company, needs to understand the difference between accounting profit and economic profit when reporting her income on the individual tax return. The operating income of $100,000 and a long-term capital gain of $15,000 are combined with the charitable contribution of $5,000 to calculate taxable income. Accounting profit considers explicit financial flows, such as revenues and costs, while economic profit also accounts for opportunity costs, which include potential earnings from other ventures or the forgone interest income from invested capital.
For Janice, the personal withdrawal of $70,000 from the company is not directly related to the company's net profit or loss but reflects the distribution of earnings to the owner. When it comes to taxes, capital gains are subject to different tax rates depending on the duration of the investment holding period. Long-term capital gains, like Janice's, typically benefit from lower tax rates compared to short-term gains or regular income.
Consider a demand curve for peaches. Which of the following movements will be observed if the priceof peaches decline at a point in time?
a.The demand curve will rotate inward at the given price level.
b.The will be a movement up along the demand curve.
c.The demand curve will rotate outward at the given price level
Answer:
There will be a movement downward movement along the demand curve.
Explanation:
If the price of peaches falls, the quantity demanded increases. This is in accordance to the law of demand which says, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
A fall in price would increase demand which would lead to a movement down the demand curve.
I hope my answer helps you
Kerry and Jim have a successful marijuana farm in the woods around Humboldt County, California. Growing marijuana is illegal for federal purposes. Are Kerry and Jim required by law to report the income from their farm on their tax return? Why?
Answer:
Explanation:
Despite the fact that marijuana business is illegal, Kerry and Jim need to report the income from it.
Income from any illegal activities is considered as taxable income. There is no execption in computation of gross income
Insurance is a financial service that allows a:________
a. consumer to transfer all risk to a company.
b. company to control finances for a consumer.
c. consumer to share liability with a company.
d. company to maximize risk for a consumer.
Answer: Consumer share risk with company.
Explanation:
Insurance involves the sharing of risk between a client and his insurer. In insurance the insurer takes a large portion of the risk while the client covers the rest of risk payment.
The Public Transport Union and the New York Transit Authority are in conflict with each other. When the conflict escalates, the New York City Council decides to intervene and settle the dispute. The Council, after listening to offers from both sides, puts forth a binding settlement, which both parties must accept. In the context of the alternatives to work stoppages, this is an example of:________.
Answer:
arbitration.
Explanation:
Arbitration is a method for resolving conflicts and disputes, without having to go to court.
Both parties involved in the dispute agree to present their arguments to a arbitrator or a group or arbitrators referred to as an arbitral tribunal. Both parties in dispute also agree to uphold and respect the decision that the arbitrator makes. The role of the arbitrator is to decide which party is right and decide what actions must be taken to favor that party. Arbitrators award a decision in favor of one of the parties, and that decision must be upheld by both parties.
In this case, the city council will act as the arbitral tribunal and decide whether the union or the transit authority is right.
An in-depth understanding of ethics is important to the long-term viability of business because unethical decisions will negatively and directly impact all of the following except which one?
a. the business's customers
b. the business's suppliers
c. the business's image
d. the business's number of products
An in-depth understanding of ethics is important to the long-term viability of business because unethical decisions will negatively and directly impact all of the following except "the business's number of products".
Answer: Option D
Explanation:
Business growth is immensely dependent upon the ethics followed by business owner, employees and other staff. Business need sufficient trust among business partners, employees, staff, executive, suppliers and customers.
A single unethical decision can act as a weapon to spread negativity which have direct impact on customers, suppliers and image of business in market but not in number of products manufactured by a firm. All kind of business may phase ups and down, its a cycle but maintaining ethics in decision making should remain same otherwise the cycle may get stuck into down phase for long time.