Answer:
absolute advantage
Explanation:
An absolute advantage is the ability of a company, country, business, or individual to produce similar quantities of goods or services using fewer inputs. A producer with an absolute advantage can manufacture a product using a lower cost, or more efficiently than competitors. It means they can avail the product to the market at a lower price than any other company or country.
Absolute advantage is the basis for international or regional trade. A firm or a country will specialize in producing products they can manufacture at a lower price and export them. Processing at a lower cost or efficiently gives a firm or country a big advantage in the market. Businesses prosper because they maximum in areas they have an absolute advantage.
Rodrigo operates a dry-cleaning service and charges customers $5 per article of clothing. Based on his knowledge of operations, the 1,000th piece of clothing costs him $4.95 to dry clean. If he takes additional business, however, the 1,001st piece will cost $5 for the service. Does he take the additional business?a. no, he has hidden costs that far exceed his estimate of $5, so he loses money. b. no, taking on additional business doesn’t earn him any money. c. yes, if he turns away business, his service will be forced to close. d. maybe. if a competitor is accepting that many customers, he must at least equal that amount. e. yes. at a $5 cost, he breaks even and is indifferent. he necessarily turns away business when the cost of the additional unit exceeds the income.
Answer:
yes. at a $5 cost, he breaks even and is indifferent. he necessarily turns away business when the cost of the additional unit exceeds the income.
Explanation:
To maximize profits, a firm should continue selling until the marginal revenue product equals the marginal cost of the product. Marginal revenue product is the additional revenue from the sale of an extra cost. Marginal cost is the extra expense associated with the production of an additional unit.
Rodrigo should accept that extra business. His marginal revenue product from additional business equals the marginal cost. He will not make an accounting profit or loss but may gain a long term customer. He should decline any additional business only if the marginal cost is greater than the marginal revenue product.
Final answer:
Rodrigo should take the additional business as he breaks even on the 1,001st article of clothing, potentially keeping or attracting more customers without any immediate monetary loss, although he needs to consider any hidden costs and long-term business strategy.
Explanation:
Rodrigo faces a decision in his dry-cleaning business regarding whether to accept additional business when the cost of servicing the 1,001st article of clothing is exactly equal to the price charged to the customer. We analyze this decision as follows:
If Rodrigo's cost for cleaning the 1,001st item is $5 and he charges $5, then he is breaking even on that unit. This is option (e) from the provided choices. In this case, Rodrigo does not gain or lose money on this additional unit.However, if there are any hidden costs or the opportunity for added revenue from future business as a result of taking on more work, this break-even analysis could change.Other factors like customer satisfaction, reputation, and long-term strategic goals need to be considered beyond the immediate cost and revenue.Based on the information given, and ignoring any possible hidden costs and external effects on the business, the answer is e. Yes, he breaks even on the 1,001st article but does not necessarily turn away business unless the cost of an additional unit would exceed the revenue.
An economist defines efficiency as: a. the maximization of inputs using available resources. b. the maximization of revenue from available resources. c. the creation of a surplus using available resources. d. the maximization of output from available resources.
Answer:
d. the maximization of output from available resources.
Explanation:
Efficiency is a situation where every resource is used in an optimal way to give the best possible result and eliminate waste. Efficient production is one with the lowest costs. Economic efficiency is, therefore, the maximization of scarce resources to achieve the most economic benefit or output to consumers.
Efficiency is a relationship between inputs and output. It involves around how to use less inputs to get more value in the output. Economic efficiency focuses on the value obtained rather than quantities. It will include efficient production, efficient distribution, and efficient consumption of goods and services.
Which of the following versions of corporate social responsibility suggests that the long - term financial well - being of every firm is directly tied questions of how the firm both affects and is affected by the natural environment? a. Social entrepreneurship b. Sustainability c. Social web d. philanthropic
Answer:
Sustainability
Explanation:
Sustainability is based on addressing current requirements without undermining future coming generations ' capacity to satisfy their desires.Sustainability motivates companies to shape choices in respect of time period rather than on the income release for the next quarter and recognize more determinants than just the gains or losses associated.
Enterprises can fulfill their environmental requirements by reducing emissions, reducing energy use, importing fair trade goods and checking that their material garbage is appropriately dropped of and with a minimum carbon footprint emission.
Thus, from the above we can conclude that the correct option is B.
Justin, age 66, paid $6,000 in qualified medical expenses in 2019 and took an $8,000 Archer MSA distribution during the year. What tax penalty will apply with respect to the excess distribution?
Answer:
No tax penalty will apply with respect to the excess distribution
Explanation:
Data provided in the question:
Age of Justin = 66 years
Qualified medical expenses in 2019 = $6,000
Archer MSA distribution taken during the year = $8,000
Now,
No tax penalty applies to with respect to the excess distribution for an individual whose age is over 65 years on the records.
Here,
The age of Justin is 66 years i.e over 65 years.
hence,
No tax penalty will apply with respect to the excess distribution
No tax penalty will apply with respect to the excess distribution
Given that,
Justin age is 66 years.Qualified medical expenses in 2019 = $6,000Archer MSA distribution taken during the year = $8,000Based on the above information, the information is as follows:
No tax penalty should be applied to the excess distribution for an individual whose age is over 65 years on the records.Here in the given case,
The age of Justin is 66 years i.e more than 65 years.
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Oligopoly is a market in which a _____ number of _____ firms compete.
Answer:
Oligopoly is a market in which a small number of interdependent firms compete.
Explanation:
In an oligopoly, a small number of firms dominate a market and depend on each other as they make decisions.
Before a firm makes decisions in an oligopoly, it has to consider the actions of other competing firms and possible reactions to its decision.
Firms may also choose to compete against rivals or to work together, depending on the intended goal.
Which of the following organizations has a mission to help students develop a vision to discover their potential while learning about how to become an entrepreneur?A. Hugh O'Brian Youth LeadershipB. Junior AchievementC. Network for Student EntrepreneurshipsD. Young Student Entrepreneurs
Answer:
D) Young Student Entrepreneurs
Explanation:
The correct name is Young Entrepreneurial Students or YES. Yes is a religious organization that helps marginalized students (ages 12 - 25) to develop entrepreneurial success. YES is located in Dade City, Pasco County, Florida.
Its moto is "YOU DON’T HAVE TO BE OLD TO START SOMETHING NEW!"
The Business Auto Coverage Form is intended for which of the following businesses? Select all that apply.
a. Owned private passenger autos
b. Mobile equipment registered to drive on public roads
c. Automatic coverage for physical damage to trailers
d. Automobiles owned by employees used for business purposes
Answer:
A) Owned private passenger autos
B) Mobile equipment registered to drive on public roads
D) Automobiles owned by employees used for business purposes
Explanation:
Business Auto Coverage Form is used to cover a company's autos, trucks, trailers, semitrailers and mobile equipment that are owned or used by the company.
It also covers vehicles that are not owned by the company but are used by the company's employees while doing business related activities, e.g. automobiles owned by employees and used for business activities.
It only covers mobile equipment that is registered to drive on public roads, e.g. cranes, drills, shovels, tractors, etc.
A sales associate employs a licensed personal assistant. The assistant will prepare comparative market analyses (CMAs), design property flyers, hold open houses, and prospect for listing appointments. The assistant will be paid a salary of $12 per hour and 20 percent of the commissions received by the sales associate. Which method of payment will satisfy all legal requirements?
a. The associate may pay the salary and must withhold taxes on the salary, but the broker must pay commissions.
b. The broker must pay both the salary and 20 percent of the commissions, giving the remainder of the commission to the sales associate.
c. The sales associate need not withhold taxes because the personal assistant is an independent contractor.
d. It is not legal to pay a personal assistant, whether licensed or unlicensed, a portion of a real estate commission.
Answer:
A) the associate may pay the salary and withhold taxes, but the broker must pay commissions.
Explanation:
The sales associate works for the broker and his/her assistant works for him. Therefore the sales associate is responsible for paying the assistant's salary and withhold taxes since he is the employer. But since the assistant will also earn 20 percent of the sales associate's commissions, that should be paid by the broker directly (80% to the sales associate and 20% to the assistant).
Final answer:
The sales associate can pay the assistant a salary and withhold taxes, but the broker must pay the commissions to maintain legal compliance in the real estate industry. Therefore, the correct answer to the original question is: a. The associate may pay the salary and must withhold taxes on the salary, but the broker must pay commissions.
Explanation:
The correct method of payment that satisfies all legal requirements is that the sales associate may pay the salary and must withhold taxes on the salary, but the broker must pay any commissions. This aligns with the fact that in most real estate agencies, the paycheck of sales employees is a combination of a base salary and commissions. Commissions, which are usually a percentage of sales volume or profits generated, are typically handled by the brokerage firm and are governed by strict industry regulations to ensure legal compliance.
Regarding the employment of a personal assistant in the real estate industry, it is essential to understand that while the sales associate can pay a salary to the assistant, the commission aspect has to go through the employing broker. This is because in the real estate industry, only licensed brokers are permitted to handle commissions as they are the ones who actually engage with the clients under agency agreements. Paying a commission to an assistant directly could potentially violate state laws governing real estate transactions.
This ensures that the compensation structure is in line with legal standards, and both the assistant and sales associate are appropriately compensated for their services.
SafeTransact is an Internet-based company that specializes in the secure electronic transfer of funds between businesses and clients. It uses some Internet tools to ensure the security of the online transactions. In this scenario, SafeTransact is a(n) _____.A. expert system
B. cybermediary
C. intranet
D. data warehouse
Answer: Cybermediary
Explanation:
Safe transact acts as a Cybermediary between two parties, one making a payment and the other receiving the payment.
A Cybermediary is an online intermediary that stands in-between two parties when an internet transaction is been carried out.
A restaurant is being sued because a customer claims to have found a bug in her chili. The company's lawyers believe there is only a remote possibility that the lawsuit will result in an actual liability. Which of the following actions should be taken by the company's management?A. The situation should be described in a note to the financial statements.
B. The possible liability should be ignored
C. The liability should be estimated and recorded as an expense.
D. Management should consider resigning
Answer:
My best guess is C, but i'm no professional.
Explanation:
Nick has a policy that the insurer can cancel when he turns 65. Which type of policy is it?
Answer: Conditionally renewable
Explanation:
Conditionally renewable is the type of policy offered by companies to their clients to not renew upon reasons that are stated in the contract.
Roads that function as expressways and divided highways have high speeds and greater risk of _________ crashes.
A.) Fender-benderB.) High-impactC.) Rear-end
D.) Low-impact
Answer: High-impact crashes
Explanation:
High impact crashes are automobile crashes, that occurs at very high speeds and has a high likelihood to cause injuries and in some cases death to passengers of vehicles or pedestrians around.
Expressways and divided highways are roadways where vehicle drivers are allowed to drive at high speeds, therefore increasing the chances of high impact crashes occuring.
Divided highways and expressways typically have high speed limits which increase the risk of high-impact crashes. These are accidents where a significant amount of force is transferred between vehicles, often resulting in severe injuries and damage.
Explanation:Roads that serve as expressways and divided highways typically have high speed limits. This, combined with the volume of vehicles and the lack of intersections, increases the risk of certain types of accidents. Specifically, these roads are more likely to witness high-impact crashes. High-impact crashes are collisions wherein a high amount of force is exchanged between vehicles, often resulting from high-speed driving. These kinds of crashes often lead to more severe injuries and damages compared to fender-benders or low-impact crashes.
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All un-used investigational agents are expected to be returned to the sponsor at the:________.
Answer:
the correct answer is Termination site visit.
Explanation:
All un-used investigational agents are expected to be returned to the sponsor at the:Termination site visit..
good luck
John is an athlete. He has $120 to spend and wants to buy either a heart rate monitor or new running shoes. Both the heart rate monitor and running shoes cost $120, so he can only buy one. This illustrates the principle that
Answer:
a scale of preference has to be drawn.
Explanation:
This is an economic concept where a choice is made between two or more items based on the order of importance.
The date a cash dividend becomes a binding legal obligation to a corporation is theA. payment date.B. record date.C. earnings date.D. declaration date
Answer:
D. declaration date.
Explanation:
The dividend payment becomes legal obligation, when it has been declared by Directors and approved by shareholders in annual general meeting of the company.
The date on which the upcoming dividend payment is announced and declared by the board directors of the company is known as declaration date.
Therefore, the answer is D. declaration date.
The date a cash dividend becomes a binding legal obligation is the declaration date, which is when the board of directors of a corporation officially approves the payment of dividends to shareholders.
Explanation:
The date a cash dividend becomes a binding legal obligation to a corporation is the declaration date. This is the date that the board of directors of a corporation officially approves the payment of a dividend to shareholders.
Dividends are direct payments from a firm to its shareholders, and a corporation is a business owned by shareholders who have limited liability for the company's debts, yet receive a share of the company's profits. After this declaration date, the dividend becomes an outstanding debt owed by the corporation; therefore, the corporation is legally obligated to make the dividend payment.
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Many years ago G bought a life policy. Since then G decided to replace that coverage with a policy that was purchased firsthand through the insurer and then delivered constructively. This is an example of:________
Answer:
A direct response sales
Explanation:
From the statement, it can be seen that G bought the life policy alone and made his decision to replace that coverage with a policy that was purchased firsthand through the insurer and delivered. This shows that an agent was not used in the sale or delivery of the policy and hence this depicts a direct response transaction between the insurer and the client G.
Which of the following is true about potential GDP: Select one:
A. For a nation to be at its potential GDP, the unemployment rate has to be zero.
B. current GDP will be below potential GDP. A nations actual GDP can never be greater than its potential
C. When current GDP is greater than potential GDP, then current unemployment will be below the natural unemployment rate
D. If the current unemployment rate is below the natural unemployment rate, then
Answer:
The correct answer is option C.
Explanation:
At the potential level of GDP, the unemployment rate is equal to the natural rate of unemployment. It is considered the full employment level, though the unemployment rate is not zero. There is no cyclical unemployment at this point, but structural and frictional unemployment exists.
When the current GDP is greater than the potential GDP, it means that the economy is facing inflationary pressures. At this level, the unemployment rate will be lower than the natural rate of unemployment.
In such situations, the government needs to adopt contractionary policies to correct the fluctuations in the economy and bring the economy back to the potential or full employment level.
When current GDP is greater than potential GDP, then current unemployment will be below the natural unemployment rate.
The correct answer to the question is: C. When current GDP is greater than potential GDP, then current unemployment will be below the natural unemployment rate.
Potential GDP refers to the maximum level of output that an economy can produce when it is operating at full capacity and with full employment.
When current GDP is greater than potential GDP, it suggests that the economy is producing more than its maximum capacity, which leads to a decrease in unemployment below the natural unemployment rate.
So, When current GDP is greater than potential GDP, then current unemployment will be below the natural unemployment rate.
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If Rob and Lori purchased a home for $250,000 with an additional $4,000 in related purchase costs and then added a swimming pool at a cost of $30,000 and a new air conditioning system at a cost of $5,000, what would their adjusted basis be when they sell the home?
Answer:
$289,000
Explanation:
The computation of the adjusting basis in case of sale of the home is shown below:
= Purchase value of home + additional purchase cost + cost of swimming pool + new air conditioning system
= $250,000 + $4,000 + $30,000 + $5,000
= $289,000
In case of sale of the home, we consider all the costs which are given in the question as it related to the sale of the home
Any terms of trade within the limits set by domestic opportunity costs will be mutually harmful, because each country tries to push the other as close to the limits of the terms of trade as possible.
Answer: "because each country tries to push the other as close to the limits of the terms of trade as possible"
Explanation: This means that the opportunity costs of each country is being considered and cannot be violated by moving past the limits of the terms of trade. In other words, each country is poised to gain by not failing to keep the alternative(opportunity cost) goods bought from the other country equal or less in value to the sales to that country.
"If a customer wishes to purchase an initial public offering of a non-exempt security, then the customer must receive a"
Answer:
A final prospectus at or before confirmation of sale
Explanation:
The final prospectus is the final version for a public offering of a non-exempt security that should be delivered to customers at, or prior to, confirmation of sale.
The U.S. money supply is currently defined by the Federal Reserve system in ___________ aggregate forms..
Answer:
two
Explanation:
The Fed defines money supply in two major monetary aggregates: M1 and M2.
The Fed considers M1 to be money that is held and circulating outside of banks, and does not include currency in bank vaults (including the Fed banks). M1 includes only circulating money and checkable deposits.
M2 includes M1 plus savings deposits, retail money market accounts and small denomination time deposits.
For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which ofthe following statements is most likely applicable to this good?a. There are no close substitutes for this good.b. The good is a luxury.c. The market for the good is broadly defined.d. The relevant time horizon is short
The statement that is applicable to the particular goods is Luxury goods
In economist view, the luxury good refers to the goods that such demand on it grows more and faster than an increase of the income of a potential buyers.
In this case here, there is a 2% increase in price and that caused a 12% decrease in quantity demanded, that means that the income of the consumers does not grows as the price increases.
Such type of goods can be said to be a luxury goods.
Therefore, Option A. is correct because it is the most applicable to the particular goods.
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The good exhibits elastic demand - a greater proportional change in demanded quantity than price. Given this, it's likely a luxury good because consumers tend to buy less of such goods when the price increases. Option B is correct.
Explanation:The question pertains to the concept of price elasticity of demand in economics. Specifically, this is an example of elastic demand, which demonstrates a greater proportional change in quantity demanded than the percentage change in price. In this case, a 2 percent increase in price led to a larger 12 percent decrease in quantity demanded, indicating that the good is highly responsive to changes in price.
Given this characteristic, the good in question is most likely a luxury good. Luxury goods are non-essential goods that consumers buy less of when the price increases. Therefore, the correct answer is (b) 'the good is a luxury.'
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Customer service representatives (CSRs) often conceal their frustration when serving an irritating customer. This behavior from the CSRs is an example of:_________A. emotional labor.B. cognitive response.C. cognitive dissonance.D. judgmental evaluation.E. emotional attribution.
Answer:
Letter A is correct. Emotional labor.
Explanation:
Emotional labor is the ability of a collaborator to have to manage his or her personal emotions and feelings so that their work is done without being affected by individual emotions and is then best performed.
Emotional labor usually occurs when there is interaction with other employees, customers, suppliers and bosses, so that emotions are regulated and interaction occurs in a clear and positive way for both parties.
The functions that require a lot of use of emotion control are: salespeople, public administration, social assistance, services in general and others.
A truck is purchased on credit. For this transaction, identify the effect on the accounting equation. a. Liabilities increase and owners' equity decreases. b. Liabilities decrease and assets decrease. c. Assets increase and owners' equity increases. d. Assets increase and liabilities increase.
Answer:
d. Assets increase and liabilities increase.
Explanation:
When a truck is purchased on credit, since cash is not paid, the cash account is not involved.
This represents an increase in asset while a liabilities in form of an obligation to pay for the asset also arise.
As such, there is an increase in asset and the liabilities balance.
Therefore, the right option is d. Assets increase and liabilities increase.
A major grocery store chain switches from bagging groceries in paper sacks to bagging them in plastic bags. As a result, the grocery chain demands more plastic bags than are available at the current market price. As a result: a. the market price for paper sacks is likely to increase. b. the market price for plastic bags is likely to increase. c. the quantity of paper sacks purchased by the chain is likely to increase. d. none of the above
Answer: B. The market price for plastic bags is likely to increase.
Explanation: one of the theory of Demand states that there is going to be a rice in price of a given product,of the demand of that product increases without a corresponding rice in the supply of that product.
At the current market price,the demand has increased due to the switch from paper sacks to plastic bags. Since the Demand is greater than Demand manufacturers will likely increase the price of the plastic bags (INFLAMMATION),this likely to happen in a free market economy where market forces such as Demand,Supply,price influence market trends.
ANSWER:
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(if u don’t understand its b)
You are considering contributing to a local charity whose primary function is to provide after-school care for underprivileged children. However, you saw in the paper that the president of the organization just bought a house that is located in a very expensive gated community, and you are concerned that more money is going to the president’s salary than to the actual after-school care. Before you donate, you want to feel comfortable that this is not the case. Which of the following is a financial measurement that might help you in determining the amount of resources going to after-school care?
A. Fund-raising efficiency
B. Program effectiveness
C. Fund-raising ratio
D. Efficiency
Answer:
Program effectiveness
A lawyer who drives a beat-up car and wears frumpy clothes may have a hard time getting clients. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good. If this is true for a lawyer, dressing in expensive and stylish clothing is a way of:
a. signaling quality.
b. changing a nonexcludable good into an excludable good.
c. changing a nonrival good into a rival good.
d. internalizing externalities.
Answer:
A) Signaling quality.
Explanation:
People perceive lawyers who dress poorly, or in cheap clothes, as people who do not make a lot of money with their potentially lucrative profession. The objective validity of this perception is fallacious, but it still has real life consquences that legal professionals should avoid.
By simply dressing in expensive clothes, a lawyer signals that he or she is a quality lawyer because buying expensive clothes require large sums of money that can be earned through a quality work in the legal profession. (for example, winning difficult cases can be very profitable).
Automatic stabilizers refer to:
A) the money supply and interest rates that automatically increase or decrease along with the business cycle.
B) government spending and taxes that automatically increase or decrease along with the business cycle.
C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives.
D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
Answer:
B) government spending and taxes that automatically increase or decrease along with the business cycle.
Explanation:
The two most common automatic stabilizers are: income taxes and unemployment benefits.
When the economy is strong, people make more money, and income tax revenue automatically increases.
On the contrary, when the economy is weak, or in recession, people earn less, and more of them are unemployed. Unemployment benefits therefore increase accordingly.
If the current price of a product is below the market equilibrium price, there is ________ of this product.
When the current price of a product is below the market equilibrium price, it suggests a shortage of the product because supply cannot meet the increased demand.
If the current price of a product is below the market equilibrium price, it means there is a shortage of this product. When the price of a product is less than the equilibrium price, the demand for the product exceeds the supply. This is because at a lower price, consumers tend to buy more of the product, but producers are unwilling to supply as much because the price is not high enough to cover their costs, resulting in a shortage.
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If a product's price is below market equilibrium, there is an excess supply. This can occur when factors such as increased production or declining demand force the market price to drop below the cost of production.
Explanation:If the current price of a product is below the market equilibrium price, there is an excess supply of this product. This happens because producers are willing to supply more at the higher equilibrium price than consumers are willing to buy, resulting in an surplus of goods.
Let's take an example of a market situation. When the demand for a product shifts back to the left or supply shifts out to the right, the market price can drop to low levels—sometimes even below the cost of production. An instance would be when a store has a going-out-of-business sale and sells goods at prices below the cost of production. This could drive the market price down below their cost of production and is a manifestation of market dynamics.
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A contract between Laser Maintenance, Inc., and Medical Vision Operation Corporation contains a clause stating that any assignment is "void." This ordinarily prohibits
a. any assignment.
b. no assignment.
c. only an assignment of contract rights to personal services.
d. only an assignment that would change the obligor's risk.
Answer:
The correct answer is A
Explanation:
Void is the term of law, which is defined as the contract is no longer valid or right and can not be enforced under the federal or state laws.
It might involve illegal matters and any of the party to the contract is not competent to enter into legal agreement.
So, in this case, contract contain a clause stating that any assignment is void. Therefore, it prohibits any assignment.