The appropriate discretionary fiscal policy to use when the economy is in a recession is increased government spending.
What is Discretionary Fiscal Policy? Discretionary fiscal policy is a kind of government policy that changes government expenditure or taxes to stabilize the economy. Government bodies use this policy to alter the pattern of aggregate demand in order to stabilize the economy. During a recession, the government should increase its expenditures, and during a boom, it should decrease its expenditures. On the other hand, when the economy is over-heated, the government should raise taxes in order to decrease demand.
Let's look at the given options:a. Increased government spending is the correct choice to be used when the economy is in a recession.b. Higher taxes is incorrect because it will reduce demand further.c. A balanced-budget reduction in both spending and taxes is incorrect because it reduces the overall spending that will not help in stabilizing the economy.d. An expansion in the money supply is a monetary policy, not a fiscal policy, which is used to reduce interest rates in order to increase spending. It is not used to stabilize the economy when it is in recession.
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if an agent resigns from an agency relationship and does not complete the purpose of the agency agreement, what actions can the principal take against the agent?
If an agent resigns from an agency relationship and does not complete the purpose of the agency agreement, the principal can take legal actions against the agent.
When an agent breaches an agency relationship agreement by resigning and leaving the principal stranded without completing the purpose of the agency agreement, the principal may sue the agent for damages, among other things.
What is an agency relationship?
An agency relationship is a contractual arrangement in which one party (agent) agrees to act on behalf of another (principal) and bind the principal legally to others. The agent serves as a liaison between the principal and third parties with whom the principal may do business.
Agents can enter into contracts with third parties, make purchases, sell goods, and perform other tasks authorized by the principal because of their authority to act on behalf of the principal. Furthermore, an agent must act in the best interests of the principal and be honest and transparent about all transactions.
What occurs when an agent resigns from an agency relationship?
When an agent resigns from an agency relationship, they are effectively terminating their power to act on behalf of the principal. Furthermore, the agent is no longer authorized to engage in any further transactions or perform any more acts on behalf of the principal.
If the agent departs before completing the agency agreement's objective, they have failed to perform the agency agreement's obligation. The principal may sue the agent for damages, among other things, if the agent breaches the agency agreement.
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an interval fund: a only offers its shares at stated intervals b only redeems its shares at stated intervals c trades in the market d continuously issues and redeems its own shares
An interval fund is a type of investment fund that only offers its shares at stated intervals, so the correct answer is (a).
What is an interval fund ?Interval funds are a type of closed-end fund, which means that they raise a fixed amount of capital through an initial public offering (IPO) and then issue a fixed number of shares that trade on an exchange.
However, unlike traditional closed-end funds, interval funds do not trade continuously on an exchange. Instead, they offer their shares to investors at specified intervals, such as once per quarter or once per year.
Interval funds also have restrictions on when investors can redeem their shares. Typically, they allow investors to redeem their shares at specified intervals, which can range from monthly to annually.
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casey majored in marketing and really enjoyed studying market research as a subject. through research on the internet and in the university library, she discovers that this industry appears to have significant positive trends in employment. she interprets this as a(n) .
Casey interprets the significant positive trends in employment in the market research industry as an opportunity.
Casey's interest in market research led her to research the industry's employment trends. The significant positive trends she discovered indicate an increase in demand for professionals in the industry, creating opportunities for those with a marketing degree or specialization in market research.
This trend could mean that there will be more job openings, higher salaries, and greater career advancement opportunities for those interested in this field.
As such, Casey sees this as an opportunity to pursue a career in market research, using her marketing degree and knowledge in the field. She could also consider furthering her education and obtaining additional qualifications that would enhance her chances of landing a job in this growing industry.
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which of the following would cause the supply curve to shift to the right? group of answer choices an increase in the price of the product. an increas
The shift of the supply curve is caused by various factors. Some of these factors include a change in the number of producers, the cost of production, and so on. Therefore, based on the provided options, the correct answer to the question is an increase in the number of producers.
What is a supply curve?A supply curve is a graphical representation of the relationship between the quantity supplied of a good or service and its price. It is a visual representation of the law of supply which suggests that as the price of a good or service increases, the quantity supplied will also increase.The shift of the supply curve to the right indicates an increase in the quantity supplied for a particular good or service. This can be as a result of an increase in the number of producers, a decrease in the cost of production, an increase in technological advancement, or any other factor that would encourage an increase in supply.
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the united states is best known as a question content area bottom part 1 a. mixed economic system. b. command and control system. c. pure price system. d. dictatorship.
The United States is best known as a mixed economic system. Option (A) is correct answer. An economy is the process of creating wealth.
The economy encompasses all of the different activities that contribute to the production and distribution of goods and services in a region or country.
The United States is known as a mixed economic system because it combines aspects of both capitalist and socialist economic systems, as well as public and private enterprise.
In a mixed economy, the government regulates the economy and helps ensure that it functions smoothly. The private sector is allowed to operate without interference from the government, but the government can also step in if needed to address market inefficiencies or other problems.
The United States' economy is one of the largest in the world, with a GDP of over $20 trillion. It is driven by a diverse range of industries, including technology, healthcare, finance, and manufacturing.
Therefore option (A) is the correct answer.
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in a production process, an excessive amount of the variable input relative to the fixed input is being used to produce the desired output. this statement is true for:
This statement is true for a short-run production process, where the amount of fixed inputs (such as machines or tools) remain constant, while the amount of variable inputs (such as labour or materials) can be changed.
In a short-run production process, increasing the amount of variable inputs relative to the fixed inputs will increase the output.
For example, if a company manufactures car parts and the number of machines and tools used remain constant, then the company can increase production by hiring more workers or purchasing more materials.
This will lead to an increase in output as more variable inputs are used relative to the fixed inputs.
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when a company performs a value creation activity in a region that is optimal for that activity, wherever in the world that might be, it is trying to capitalize on: economies of scope. the transnational strategy. location economies. its localization strategy. negative feedback loops.
when a company performs a value creation activity in a region that is optimal for that activity, wherever in the world that might be, it is trying to capitalize on location economies.
What is location economies?Different countries have different cultural, economic, legal and natural aspects. These differences directly affect the production costs of many commodities. Companies travel the world to find and operate the best settings for their goods. Producing your goods in optimal settings can give you a further advantage in production costs over your competitors. This is known as location economics. Trade barriers and transportation costs are also among the most important factors that should be investigated in detail before undertaking such activities.
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sunland company purchased merchandise inventory with an invoice price of $15400 and credit terms of 2/8, n/30. what is the net cost of the goods if sunland company pays within the discount period?
Sunland Company's net cost of the goods is $14,980 ($15,400 - $420 (2/8 * $15,400)). This is the cost of the merchandise inventory if the company pays within the discount period of 30 days.
To determine the net cost of the goods, if Sunland Company pays within the discount period, we need to find out the cash discount offered by the supplier.The credit terms 2/8, n/30 can be explained as:2 represents the cash discount percentage offered by the supplier for early payment.8 represents the number of days that the buyer has to pay for the goods to avail the cash discount.n/30 means the buyer has 30 days from the date of invoice to make payment without incurring any penalty.The calculation for the cash discount is done as follows:
Cash discount = Invoice price × Cash discount %Cash discount = 15400 × (2/100)Cash discount = $308The net cost of goods = Invoice price − Cash discountNet cost of goods = $15400 − $308Net cost of goods = $15092Therefore, the net cost of the goods is $15092 if Sunland Company pays within the discount period.
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which of the following characteristics of an industry does not add to the creation of visible and controversial social problems? a. products that affect health b. intense advertising c. creation of pollution d. geographic location
The characteristic of an industry that does not add to the creation of visible and controversial social problems is geographic location. This is because the location of an industry has little to do with the social problems it" creates."
An industry is a group of organizations that perform similar or related economic activities, such as agriculture, manufacturing, and transportation. The term is often used to describe a category of businesses that are similar in terms of the products they produce, their methods of production, and the markets they serve.
Social problems are circumstances that harm or potentially harm society as a whole or specific segments of society. Poverty, child abuse, violence against women, drug addiction, and racial discrimination are just a few examples. Social problems are critical concerns that may endanger a nation's safety and well-being.
The more expensive and complicated the equipment required to produce the product, the less competition there is.Branding: The branding and marketing of an industry's products and services are critical elements in determining its success or failure.
Innovation: An industry that is constantly innovating and improving its products, services, and techniques will have a better chance of succeeding over time.
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bob purchases a book for $4, and his consumer surplus is $2. how much is bob willing to pay for the book? group of answer choices $2 $6 $8 $4
Bob's consumer surplus can be defined as the difference between what he is willing to pay for an item and the actual price he pays for it His willingness to pay was $6
Thus, if Bob paid $4 for the book and his consumer surplus was $2, then he would have been willing to pay $6 for the book.
Since consumer surplus is defined as the difference between the maximum amount that consumers are willing to pay and the actual amount they pay for a product, Bob's willingness to pay for the book is $6.
His willingness to pay was $6 because the consumer surplus he gained was $2.
Thus, if the price of the book was $6, Bob would have had no consumer surplus, and if it was higher than $6, he would have been better off without purchasing the book. Consequently, the amount Bob is willing to pay for the book is $6.
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basing prices on average cost or marginal cost are two concepts for value-of-service pricing. true false
True. Value-of-service pricing is a strategy that considers either average cost or marginal cost when setting prices. Average cost considers the total cost of production, divided by the total number of units produced.
Marginal cost considers the cost of producing an additional unit.the marginal cost is the change in total production cost that comes from making or producing one additional unit.
To calculate marginal cost, divide the change in production costs by the change in quantity. The purpose of analyzing marginal cost is to determine at what point an organization can achieve economies of scale to optimize production and overall operations.
Cost of production is all the costs that a company incurs when offering a service or manufacturing a product. It comprises various expenses, including the cost of materials, employee wages, factory maintenance and shipping costs.
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A foodborne illness is a disease that
Answer:
Food poisoning, a type of foodborne illness, is a sickness people get from something they ate or drank. The causes are germs or other harmful things in the food or beverage.
Symptoms of food poisoning often include upset stomach, diarrhea and vomiting. Symptoms usually start within hours or several days of eating the food. Most people have mild illness and get better without treatment.
Explanation:
question 2 a restaurant has noticed that customers often wait longer in line than in previous years. how could a data analyst help solve this problem?
A Data analyst could help solve this problem by analyzing how many workers are on staff at a given time compared to the number of customers.
A data analyst is a person whose job is to gather and interpret data in order to solve a specific problem. The role includes plenty of time spent with data but entails communicating findings too.
During the process of data analysis, analysts often use a wide variety of tools to make their work more accurate and efficient. Some of the most common tools in the data analytics industry include:
Microsoft ExcelSheetsSQLTableauTherefore, A Data analyst could help solve this problem by analyzing how many workers are on staff at a given time compared to the number of customers.
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if walmart needed to raise funds for future growth strategies, would it be more prudent to take out new debt, or issue new stock based on your analysis of the balance sheet?
If Walmart needed to raise funds for future growth strategies, it would be more prudent to issue new stock based on an analysis of the balance sheet.
A balance sheet is a financial statement that shows a company's financial position at a specific point in time. It includes a company's assets, liabilities, and equity. The balance sheet helps the company and its investors understand its financial position and make decisions about its future.
Walmart's balance sheet shows that it has a significant amount of debt. Taking on more debt could make it more difficult for the company to pay off its existing debt and interest payments in the future. Additionally, taking on more debt could hurt the company's credit rating, making it more difficult to obtain additional financing in the future.
On the other hand, issuing new stock would provide the company with additional funds without increasing its debt. It would dilute the ownership stake of current shareholders, but it would not increase the company's liabilities or interest payments.
Walmart has historically issued new stock to raise funds for future growth strategies, and it has been successful in doing so. Therefore, based on an analysis of Walmart's balance sheet, issuing new stock would be more prudent than taking out new debt to raise funds for future growth strategies.
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to be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. t/f
To be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. This statement is TRUE.
What is a qualifying child?A qualifying child is a child who meets a set of IRS requirements. The qualifying child must be the child of the taxpayer, a stepchild or foster child, a sibling or stepsibling, or a descendant of any of these relatives, and must meet several other criteria to be considered a qualifying child of the taxpayer.
The requirements for a child to be a qualifying child are as follows:
Age: The qualifying child must be under the age of 19 or under the age of 24 if enrolled full-time in college or university for at least five months out of the year.Residence: The qualifying child must have lived with the taxpayer for more than half of the year.Support: The qualifying child must not have provided more than half of their financial support throughout the year.Relationship: The qualifying child must be the child, stepchild, foster child, sibling, stepsibling, or descendant of the taxpayer.The following details should be kept in mind: To claim a dependent as a qualifying child on your tax return, you must also have earned income. If your qualifying child meets all of the requirements, you may be eligible for the Child Tax Credit or the Earned Income Tax Credit (EITC).
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T/F: A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce.
The given statement, "A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce," is false (F) because while social networking websites can facilitate business introductions, e-commerce specifically refers to commercial transactions conducted electronically over the internet.
E-commerce involves the buying and selling of goods or services through the internet, while social networking websites are platforms that allow individuals to connect and share information. While a business transaction may result from a connection made on a social networking site, it is not considered e-commerce unless the actual transaction takes place electronically, such as through an online marketplace or website.
Therefore, social networking sites are not e-commerce platforms in themselves, but can serve as a starting point for e-commerce transactions. E-commerce involves a broader range of activities and technologies, such as online payment systems, supply chain management, and digital marketing, that facilitate online transactions between buyers and sellers.
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parkway void co. issued 16-year bonds two years ago at a coupon rate of 10 percent. the bonds make semiannual payments. if these bonds currently sell for 98 percent of par value, what is the ytm? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
The Yield to Maturity (YTM) of the bonds issued by Parkway Void Co. two years ago with a coupon rate of 10% and semiannual payments is 9.39%.
The YTM of a bond is the rate of return an investor can expect if he/she holds it until its maturity date. It is calculated by considering the current market price of the bond, its coupon rate, the time to maturity, and the face value of the bond. In this case, the bond has a coupon rate of 10%, the face value is par value, and the time to maturity is 16 years. Since the bond is currently selling at 98% of par value, we can calculate the YTM using the following formula:
YTM = (Coupon Rate + (Par Value – Market Price) / Number of Years to Maturity) / 2
Therefore, the YTM = (10% + (100 – 98) / 16) / 2
YTM = 9.39%
This is the rate of return an investor can expect to receive if he/she holds the bonds until the maturity date. It is important to note that YTM can fluctuate based on changes in market conditions, so investors should be mindful of the current market price when calculating the YTM.
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FILL IN THE BLANK. Campbell Co. is a U.S. firm that has a subsidiary located in Jamaica. The subsidiary has generated losses for the last five years and is expected to generate losses for the next ten years because its costs denominated in Jamaican dollars exceed the revenue that it receives in Jamaican dollars. Campbell is reluctant to divest this subsidiary, however. So the U.S. parent must periodically use some of its funds to pay for the high expenses in Jamaica. Given this information, Campbell would benefit from a(n) ____ of the Jamaican dollar.
Campbell Co. would benefit from a devaluation of the Jamaican dollar.
Since the subsidiary in Jamaica has been generating losses for the last five years and is expected to continue to do so for the next ten years, it is clear that its costs in Jamaican dollars are higher than the revenue it receives. Therefore, if the Jamaican dollar is devalued, the costs in Jamaican dollars would decrease, and the subsidiary would become more profitable.
This would reduce the need for the U.S. parent to periodically use funds to pay for the high expenses in Jamaica. Furthermore, if the subsidiary becomes more profitable, it would increase the value of the subsidiary, which would be beneficial for Campbell Co. if it decides to divest the subsidiary in the future.
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which approach to opening is described by shell as your own highly favorable interpretation of a standard or reference point?
The approach to opening described by Shell is the Hypermodern Approach.
This approach stresses the control of the center through the development of pieces, rather than through the traditional pawn advances. It often involves making moves that appear to be retreats, or moves that challenge the opponent’s center from a distance.
This approach typically avoids early pawn storms in favor of strategic maneuvering and coordination of pieces. This can lead to a more dynamic game with greater chances of a decisive outcome. It also encourages creativity as players find their own unique ways to navigate the position.
The Hypermodern approach emphasizes the control of the center without actually occupying it, allowing for more complex tactical play and a higher degree of flexibility.
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jack invests $500 at a certain annual interest rate, and he invests another $3000 at an annual rate that is one-half percent higher. if he receives a total of $155 interest in 1 year, at what rate is the $500 invested?
The rate at which the $500 is invested is -0.3.
Jack invested $500 at an annual interest rate of x, and invested another $3000 at an annual rate that is one-half percent higher, or x + 0.5.
We know that he received a total of $155 interest in 1 year, so we can set up the following equations to solve for x:
500x + 3000(x + 0.5) = 155
500x + 1500 + 3000x + 1500 = 155
4500x = -1345
x = -1345/4500
x = -0.3
Therefore, the rate at which the $500 is invested is calculated and found to be -0.3.
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trevor is dividing his target market into groups based on the athletic interests they like to pursue and how often they buy new athletic shoes. trevor is in the process of psychographic market segmentation based on
Trevor is in the process of psychographic market segmentation based on lifestyle preferences and personal interests.
Psychographic segmentation involves grouping consumers based on their lifestyle choices, beliefs, values, and activities. By understanding the needs, preferences, and behavior of these groups, marketers can better understand the target market and design products and services that appeal to them.
For example, Trevor could target those interested in athletics who purchase new athletic shoes often. These customers may be more likely to buy shoes to match their activities or their style. On the other hand, Trevor could also target customers who purchase new athletic shoes less often and are more interested in quality and comfort over fashion.
Overall, psychographic segmentation allows Trevor to create more targeted messages and services for different market segments. By understanding what lifestyle preferences each segment has, Trevor can create messaging and services that appeal to their target audience. This helps to create more successful marketing campaigns and ultimately increase sales.
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sumter corporation uses the weighted-average method in its process costing system. the following data pertain to operations in the first processing department for a recent month: work in process, beginning: units in process 6,000 percent complete with respect to materials 60% percent complete with respect to conversion 20% costs in the beginning inventory: materials cost $ 78,200 conversion cost $ 3,600 units started during the month ? units completed and transferred out during the month 70,000 costs added to production during the month: materials cost $ 286,600 conversion cost $ 216,000 work in process, ending: units in process 8,000 percent complete with respect to materials 75% percent complete with respect to conversion 25% what was the cost per equivalent unit for conversion during the month?
a. Equivalent Units of Production:
Materials: 76,000 ; Conversion: 72,000
b. Cost per equivalent unit:
Materials: $4.8 ; Conversion: $3.05
How to solveBeginning WIP + Units started = 6,000+72,000 = 78,000
Units out: 70,000
Ending WIP (75%, 25%): 8,000, 6,000, 2,000
Equivalent units of production:
Materials: 70,000 + (75% x 8,000) = 76,000
Conversion: 70,000 + (25% x 8,000) + 6,000 + (75% x 6,000) = 72,000
b. Cost per equivalent unit:
Materials: $4.8 ; Conversion: $3.05
Cost added during the year:
Materials: $286,600
Conversion: $216,000
Total cost:
Materials: $364,800
Conversion: $219,600
Cost per equivalent unit:
Materials: $364,800 / 76,000 = $4.8
Conversion: $219,600 / 72,000 = $3.05
c. Cost of ending work in process inventory:
Equivalent units of ending WIP:
Materials: 2,000
Conversion: 1,500
Total cost of ending WIP:
Materials: 2,000 x $4.8 = $9,600
Conversion: 1,500 x $3.05 = $4,575
Total cost of ending WIP inventory: $9,600 + $4,575 = $14,175
d. Cost of the units transferred to the next department:
Equivalent units of completed and transferred out:
Materials: 70,000
Conversion: 70,000
Total cost of completed and transferred out:
Materials: 70,000 x $4.8 = $336,000
Conversion: 70,000 x $3.05 = $213,500
Total cost of units transferred to the next department: $336,000 + $213,500 = $549,500
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true or false: one of the challenges with globalization is for multinational firms to meet the needs of those living at the bottom of the economic pyramid in developing countries.
The statement is true i.e., one of the challenges with globalization is for multinational firms to meet the needs of those living at the bottom of the economic pyramid in developing countries.
Why is globalization important? What is it?Globalization is the quickening of worldwide movements and exchanges (of people, things, and services, money, technologies, or cultural norms). Globalization encourages and boosts interactions between various communities and locations around the world, which is one of its consequences.
Why is it a good idea to become global?Global consumers are now more aware of various financial opportunities, economic trends, and new products thanks to globalization. Globalization improves social connectivity among people all over the world. It encourages the spread of values and ideas on a cultural level.
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why does the demand for reserves become flat at both the discount rate and interest on reserves rate in the reserves market
The demand for reserves becomes flat at both the discount rate and interest on reserves rate in the reserves market because as interest rates increase, the opportunity cost of holding excess reserves increases.
When the Fed raises the discount rate or the interest rate paid on reserves, banks are more likely to hold onto their excess reserves rather than lend them out.
This decreases the demand for reserves and reduces the amount of reserves that banks hold.
Conversely, when the Fed lowers the discount rate or the interest rate paid on reserves, banks are more likely to lend out their excess reserves. This increases the demand for reserves and increases the amount of reserves that banks hold.
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the following are all typical reasons to make or insource except: a. better control over environmental impact b. better visibility of the process c. to protect intellectual property d. better control over quality e. to gain access to state-of-the-art technology
All the given options are typical reasons to make or insource except to gain access to state-of-the-art technology. Insourcing help in managing a business process. The correct option is E.
Insourcing is a company's decision to manage a business process or service internally rather than outsourcing it to a third-party provider. When a company decides to insource a specific aspect of its operations, it does so to gain a higher level of control and quality over its operations.
This typically means having more direct control over the workforce responsible for the service, allowing the business to provide a better-quality service.
The following are all typical reasons to make or insource except:
Better control over environmental impact. Reasons for making or insourcing an item in preference to purchasing it from a supplier include the desire to gain greater control over the process or outcome of the production process.
Better control over the quality. Better control of the intellectual property. Better visibility of the process to gain access to state-of-the-art technology for better control over the environmental impact.
Therefore, the correct option is E.
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the independent group that is attempting to harmonize accounting practices of different countries is the:
The independent group that is attempting to harmonize accounting practices of different countries is the International Accounting Standards Board (IASB).
The IASB was formed in 2001 to establish and improve International Financial Reporting Standards (IFRS). The main objective of the IASB is to create a single set of high-quality, understandable, enforceable, and globally accepted accounting standards.
It also works to develop new standards to meet the changing needs of financial reporting in a globalized economy. The IASB is composed of 15 members, appointed by the Trustees of the IFRS Foundation, which represent various nations and professional accounting backgrounds.
Through its deliberations, the IASB seeks to create globally accepted accounting standards, which are expected to improve the comparability and transparency of financial reporting, increase efficiency of capital markets, and reduce the cost of capital for companies.
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______ is measured by a product's performance characteristics and its attributes for which customers are willing to pay.
a. Competitive advantage
b. Profit potential
c. Contribution
d. Value
Value is measured by a product's performance characteristics and its attributes for which customers are willing to pay. The correct answer is option d.
Value is defined as the relationship between the price of a product or service and its benefits or the worthiness of the product or service in the minds of the buyer. It is a measure of the product's worth to the customer.
Value is measured by a product's performance characteristics and its attributes for which customers are willing to pay. Customers are willing to pay for a product if it provides the benefits they are looking for or solves their problems.
These benefits are usually referred to as a product's performance characteristics and attributes. So option d is correct.
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which of the following new businesses is an example of a business with a high operating leverage? question 1 options: personal training business dogwalking service luxury hotel consulting firm
A C: luxury hotel is an example of a business with a high operating leverage.
Operating leverage refers to the extent to which a company relies on fixed costs in its operations. In the case of a luxury hotel, there are high fixed costs associated with maintaining and operating the hotel, such as staff salaries, utilities, property maintenance, and other expenses. This means that the hotel has a high degree of fixed costs relative to variable costs, which can lead to high profits in periods of high occupancy but also high losses in periods of low occupancy.
Therefore, a luxury hotel is an example of a business with high operating leverage.
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Economists believe that the best decisions are made at the margina. Trueb. False
The given statement, "Economists believe that the best decisions are made at the margin," is true (a) because making decisions at the margin involves considering the additional or incremental benefit and cost of a decision.
Which allows for more efficient allocation of resources and maximization of utility.
Making decisions at the margin involves analyzing the incremental cost and benefit of a decision, which allows for more informed and efficient resource allocation. For instance, a firm can decide to increase production if the marginal cost of producing one additional unit is less than the marginal revenue it generates.
Similarly, a consumer can choose to consume an additional unit of a good if the marginal benefit of consuming it exceeds the marginal cost. By making decisions at the margin, individuals and firms can make more informed and efficient choices, leading to better outcomes for themselves and society as a whole.
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draw two graphs with one showing recessionary gap and rhe other showing an inflartionary gap and explain how fiscal policy can be used to close each gap and show the effects of fiscal polocy on the graphs
To draw the recessionary gap and inflationary gap graphs and explain how fiscal policy can be used to close each gap, follow these steps:Recessionary gap:It is when the actual GDP is less than the potential GDP. As a result, the country's output falls short of its potential.
As shown below, the gap between actual GDP and potential GDP is shown as a horizontal line (LRAS).Fiscal policy can be used to address the recessionary gap. By increasing government spending or lowering taxes, the government can boost aggregate demand, causing it to shift rightward.
The following diagram depicts an increase in AD caused by expansionary fiscal policy:Inflationary gap:It is the point at which actual GDP exceeds potential GDP. The economy is in a state of overheating, with rising prices and wages. The following diagram depicts the situation where the economy is producing above its potential output (LRAS).To address the inflationary gap, the government must reduce aggregate demand.
A contractionary fiscal policy can be implemented to accomplish this. This can be done by lowering government spending or raising taxes. The following graph depicts a decrease in AD caused by contractionary fiscal policy:Thus, fiscal policies can be used to close both the recessionary gap and the inflationary gap.
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