The approach that views an organization as a series of processes, each of which adds value to the product or service for each customer is the process approach.
This approach focuses on analyzing and improving the processes within an organization, rather than just looking at the final product or service. It involves identifying the different steps involved in creating and delivering a product or service, and then analyzing each step to identify potential areas of improvement.
By adopting a process approach, organizations can streamline their operations, reduce waste, and improve efficiency. This approach also allows organizations to better understand their customers' needs and expectations, and to tailor their products and services accordingly. By focusing on adding value at each step of the process, organizations can deliver high-quality products and services that meet the needs of their customers.
Overall, the process approach is a valuable tool for any organization that wants to improve its operations, increase customer satisfaction, and stay competitive in today's marketplace. It requires a commitment to continuous improvement and a willingness to analyze and adjust processes as needed, but the benefits are well worth the effort.
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The assumption that amounts are reported using a common scale (such as the dollar in the United States) is the:
A. Monetary unit assumption.
B. Periodicity assumption.
C. Economic entity assumption.
D. Going concern assumption.
The assumption that amounts are reported using a common scale, such as the dollar in the United States, is referred to as the going concern assumption in accounting. This assumption is based on the belief that an entity will continue to operate for the foreseeable future, and that the financial statements will be prepared on the basis of that belief.
The going concern assumption is essential in financial reporting because it provides a basis for consistency and comparability in financial statements. By reporting amounts using a common scale, users of financial statements can compare the financial performance of different entities, even if they operate in different industries or regions of the world.
Furthermore, the going concern assumption is a critical consideration in evaluating an entity's financial health. If an entity is not expected to continue operating for the foreseeable future, the financial statements will need to be prepared on a different basis. For example, if an entity is in the process of liquidating its assets, the financial statements will need to be prepared on the basis of liquidation values rather than going concern values.
In conclusion, the going concern assumption is a fundamental principle in financial reporting. It provides a basis for consistency and comparability in financial statements, and is critical in evaluating an entity's financial health. The assumption that amounts are reported using a common scale is a key component of the going concern assumption and ensures that financial statements are prepared on a consistent basis.
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As the head of the sales department, it is Vicki's job to maintain and enhance the relationships her company has with its customers. Vicki is involved with ______________ marketing.
As the head of the sales department, it is Vicki's job to maintain and enhance the relationships her company has with its customers. Vicki is involved with relationship marketing.
CRM focuses on maintaining and enhancing relationships with customers by understanding their needs, preferences, and behaviors, and tailoring marketing efforts accordingly. This approach aims to build customer loyalty, retention, and repeat business through personalized and targeted marketing strategies.
Vicki's role would involve managing customer data, analyzing customer behavior, and implementing CRM strategies to strengthen the company's relationship with its customers and drive sales growth.
Customer data refers to the information and insights gathered from customers, such as their demographics, preferences, purchase history, and interactions, which can be used to inform marketing strategies and enhance customer relationships.
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What are the two basic ways that companies achieve competitive advantage over their business rivals?
- Produce products or services at a lower cost.
-Design more effective advertisements.
-Appeal to a larger target market.
-Deliver higher perceived value to customers.
The two basic ways that companies achieve competitive advantage over their business rivals are by producing products or services at a lower cost and delivering higher perceived value to customers. Option A
Producing products or services at a lower cost can help companies offer their products at a lower price point, which can make them more appealing to price-sensitive customers. This can be achieved through cost-cutting measures such as using cheaper materials or streamlining production processes.
Delivering higher perceived value to customers involves offering products or services that are perceived as superior to those of competitors. This can be achieved by offering higher quality products, providing better customer service, or offering unique features or benefits that set the product apart from others in the market.
It's important to note that both of these strategies require companies to have a deep understanding of their target market and what their customers value most. By understanding their customers' needs and preferences, companies can tailor their products and services to better meet those needs and differentiate themselves from competitors.
Ultimately, the goal of achieving competitive advantage is to increase market share and profitability, and companies that are able to successfully implement these strategies are more likely to achieve long-term success in their respective industries. Therefore option A is correct.
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FILL IN THE BLANK. In regard to potato chips, marginal utility is the _____________ satisfaction from eating ___________ potato chip(s). "additional; one more""Marginal"" means additional. Marginal utility is the additional satisfaction gained from eating one additional, or marginal, potato chip."
In regard to potato chips, marginal utility is the "additional satisfaction from eating one more potato chip." The term "marginal" refers to something additional, incremental, or at the edge. In the context of economics and consumer behavior, "marginal utility" is a concept that helps us understand how the satisfaction or utility a person derives from consuming a product changes as they consume more of that product. In this case, the product in question is potato chips.
When a person eats one potato chip, they gain a certain level of satisfaction or utility from it. As they continue to eat more chips, the marginal utility represents the additional satisfaction they receive from consuming each subsequent chip. In general, marginal utility tends to decrease as more units of a good are consumed, which is known as the law of diminishing marginal utility. This means that as you eat more potato chips, the additional satisfaction you get from each new chip will likely decrease.
Understanding the concept of marginal utility is essential for making informed decisions as a consumer and for businesses to analyze consumer behavior and demand. It helps to determine the optimal point of consumption, where the satisfaction gained from consuming one more unit equals the cost of acquiring that unit.
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Define the difference between accounting profits (and costs) and economic profits (and costs). Give a real-world example from your own work experience where if your firm had acknowledged their economic costs and not just accounting costs then their profit would be less than their reported profit. What should the firm have done differently?
Accounting profit is the revenue remaining after deducting blatant expenses (such salaries and rent). Both explicit and implicit expenses (what the firm foregoes to follow a particular course) are included in economic profit.
Let's use a fictitious scenario to demonstrate how accounting and economic concepts function in the business sector. Keep in mind that accounting profit is the amount that businesses declare for tax purposes and to investors, whereas economic profit is based on projections and assumptions.
Since we are already aware that accounting profits may be discovered on a company's income statement, calculating accounting profits is simple. It is disclosed as a company's net income, as was already mentioned. As an illustration, NVIDIA (NVDA) declared total net income or accounting profit of $9.75 billion for the 2022 fiscal year as opposed to the $4.33 billion it generated in the 2021 fiscal year.
Let's examine an illustration of economic gain right now. on contrast to accounting profit, you cannot find this number on a company's financial or income statement. Instead, some computation is needed. Let's assume that the sales of stuffed animals bring in $10,000 for the business. The explicit costs total $5,000. The business also had the option of producing an alternative product, which would have generated an additional $2,000 in revenue. The economic profit of making these toys, according to the calculation above, is $3,000 ($10,000 - $5,000 - $2,000). The $2,000 is accounted for as an implicit expense because it would not otherwise be shown on the financial statements.
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Tariffs have mixed implications for citizens depending on their industry and positionwithin it. The poor are disproportionally impacted by tariffs asthey are considered economically regressive. among the arguments for trade barriers are job creation, protection against cheap foreign labor, fairness in trade, maintenance of the domestic standard of living, equalization of production costs, infant
industry argument, and various non-economic arguments. Tariff-related gains for America are a complex issue.
Discuss the effective rate of tariff protection and the process of tariff escalation
The effective rate of tariff protection is a measure of the actual protection afforded to domestic industries by tariffs. It is calculated by dividing the increase in the domestic price of a good due to tariffs by the initial price of the good.
For example, if a tariff causes the price of a good to increase from $10 to $12, the effective rate of tariff protection is 20% ($2 increase divided by $10 initial price). Tariff escalation refers to the practice of applying higher tariffs to goods that are more processed or have a higher value added. This can create a disincentive for developing countries to add value to their exports, as they will face higher tariffs when exporting processed goods. This can also create a barrier to entry for developing countries in industries where they do not have a comparative advantage in raw materials or primary production. Overall, the effectiveness of tariffs as a policy tool is debated among economists. While tariffs may protect domestic industries and create jobs in the short run, they can also increase consumer prices and reduce economic efficiency in the long run. Additionally, retaliation by other countries can result in a trade war and harm both domestic and global economic growth. Therefore, policymakers must carefully consider the potential costs and benefits of tariffs when formulating trade policy.
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The primary problem of achieving cost efficiencies is advertising is:
That it contradicts the current move to more specialized media.
The primary problem of achieving cost efficiencies is advertising is: That it contradicts the current move to more specialized media.
The primary problem of achieving cost efficiencies in advertising can vary depending on the specific circumstances and goals of the advertiser, but some common challenges include:
Targeting: Ensuring that the advertising is reaching the right audience is crucial to minimizing waste and maximizing the return on investment (ROI). Poorly targeted ads can result in a low conversion rate and a high cost per acquisition (CPA).
Ad placement: Placing ads in the right channels and at the right time is essential to reach the intended audience and avoid unnecessary spending.
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Taxpayers with interest income from US Treasury notes are required to make an adjustment in which column?
Taxpayers with interest income from US Treasury notes are required to make an adjustment in Column B of their tax return. This is because the interest income from US Treasury notes is taxable at the federal level but exempt from state and local taxes.
Column B is specifically for reporting tax-exempt interest income, which is the portion of the interest income that is exempt from state and local taxes. Taxpayers should report the total amount of interest income from US Treasury notes in Column A, and then subtract the tax-exempt portion in Column B to arrive at the taxable amount to be reported on their federal tax return.
It's important to accurately report all sources of income on your tax return to avoid penalties or additional taxes owed. If you're unsure about how to report your interest income from US Treasury notes or any other sources, consult a tax professional or use tax software to help you file your taxes accurately.
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choose an organization that does marketing purpose a new product for production manager and examine the concept of segmentation and recommend segmentation criteria and targeting strategy to be used for the newly developed product
By using geographic, demographic, and psychographic segmentation criteria, Nike can effectively target the right consumers for their new product.
let's choose Nike as the organization that is marketing a new product. Nike is a global brand that specializes in athletic footwear, apparel, and accessories. The new product they are launching is a line of smart athletic shoes with built-in sensors that track the wearer's activity levels and provide feedback on their workouts.
Segmentation Criteria:
To effectively market the new product, Nike could use the following segmentation criteria:
Geographic Segmentation: The smart athletic shoes could be marketed in countries where fitness is a priority, such as the United States, Canada, Australia, and Western Europe.
Demographic Segmentation: Nike could target individuals who are interested in fitness and technology. This could include fitness enthusiasts, early adopters, and tech-savvy individuals.
Psychographic Segmentation: The smart athletic shoes could be marketed to individuals who value a healthy lifestyle and have an interest in self-improvement.
Targeting Strategy:
Nike can use differentiated targeting strategy to reach the various segments they have identified. They can do this by using a different marketing mix for each segment. For example, for the geographic segment, they can use online advertising and social media to market the shoes to consumers in each country. For the demographic segment, Nike can partner with popular fitness influencers to promote the shoes on social media platforms. For the psychographic segment, Nike can use storytelling and experiential marketing to connect with consumers who value a healthy lifestyle.
Conclusion:
By using geographic, demographic, and psychographic segmentation criteria, Nike can effectively target the right consumers for their new product. Through differentiated targeting, they can create a focused marketing strategy that addresses the unique needs and wants of each segment. By understanding their target market and using the right marketing mix, Nike can drive sales and build brand loyalty for their smart athletic shoes.
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a company purchased a tract of land for its natural resources at a cost of $1,950,800. it expects to mine 2,160,000 tons of ore from this land. the salvage value of the land is expected to be $266,000. the depletion expense per ton of ore is:
The depletion expense per ton of ore for this company is $1.548. This means that for every ton of ore extracted from the land, the company can allocate $1.548 towards the cost of acquiring the land.
Depletion expense per ton of ore is a measure of how much of the cost of acquiring a tract of land is allocated to each unit of ore extracted from it. In the case of the company mentioned in the question, the depletion expense per ton of ore can be calculated as follows:
Total cost of land = $1,950,800
Salvage value of land = $266,000
Total tons of ore expected to be mined = 2,160,000
Depletion expense per ton of ore = (Total cost of land - Salvage value of land) / Total tons of ore expected to be mined
Depletion expense per ton of ore = ($1,950,800 - $266,000) / 2,160,000
Depletion expense per ton of ore = $1.548
This is important for accounting purposes as it allows the company to accurately reflect the cost of its operations and determine the profitability of its mining activities.
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hannah stood up to her supervisor who tried to convince her discriminate against another employee who has a mobility impairment. throughout the conversation, she firmly and confidently addressed her concerns about his proposal without retreating. which term best describes the attribute she displayed?
Hannah's assertiveness allowed her to address her supervisor's proposal effectively, express her concerns, and stand up for the rights of her colleague with a mobility impairment. The term best describes the attribute she displayed is Assertiveness
Hannah displayed assertiveness in her response to her supervisor. Assertiveness is a communication skill that allows individuals to express their thoughts, feelings, and opinions openly and honestly, while still respecting the rights and beliefs of others. In this situation, Hannah was able to voice her concerns regarding her supervisor's proposal to discriminate against an employee with a mobility impairment.
By standing up to her supervisor, she demonstrated her commitment to fairness and equality in the workplace. This is an essential quality for creating a positive work environment and maintaining strong professional relationships. Assertiveness enables people to resolve conflicts and address difficult situations in a respectful and productive manner.
Hannah's firm and confident approach in addressing her concerns highlights her ability to remain composed under pressure. By not retreating, she effectively communicated her stance on the matter and demonstrated her willingness to advocate for what she believes is right. This attribute is essential for promoting a culture of inclusion and ensuring that all employees are treated fairly, regardless of their abilities or circumstances.
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What is the difference between technical analysis and fundamental analysis?
sample answer:
Technical analysis and fundamental analysis are two different approaches used by investors to evaluate and analyze securities in the financial market.
Technical analysis is based on the study of market data, such as price and volume, to predict the future price movements of a security. It assumes that historical price and volume data are a good indicator of future market behavior, and that patterns in the market can be identified and used to make investment decisions. Technical analysts use various tools such as charts, graphs, and technical indicators to identify trends, support and resistance levels, and other patterns in the market.
Fundamental analysis, on the other hand, is focused on the intrinsic value of a security by examining the economic, financial, and other qualitative and quantitative factors that can affect its price. This includes analyzing financial statements, earnings reports, industry trends, and other macroeconomic indicators to determine the financial health of the company and its future growth prospects. Fundamental analysis assumes that the market may sometimes misprice a security, and that a careful analysis of its underlying value can provide an opportunity for investment.
In summary, technical analysis is focused on market data and patterns, while fundamental analysis is focused on the underlying value of a security. Both approaches have their advantages and limitations, and investors may choose to use one or both depending on their investment goals and risk tolerance.
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What are the 10 strategic decisions in Production/Operations Management?1) Design of .... and ....2) Managing ....3) .... and .... design4) .... strategy5) .... strategy6) Human .... and .... design7) .... management8) .... management9) ....10) ....
The 10 strategic decisions in production/Operations management are:
Design of goods and services and product designManaging qualityProcess and ability designlocation strategylayout strategyHuman resources and task layoutsupply chain controlInventory controlSchedulingMaintenanceThe design of goods and services and product layout are vital strategic selections that impact the competitiveness of a organisation. managing quality involves ensuring that products and services meet or exceed patron expectations.
Process and capability design entails designing green and effective production techniques that may meet call for. location and layout strategies contain figuring out in which to find centers and a way to lay out the manufacturing location.
Human resource and activity design selections effect worker productiveness and process pleasure. supply chain management is important for coping with the go with the flow of substances and facts throughout the deliver chain.
Inventory and scheduling selections involve coping with the inventory levels and scheduling production. eventually, maintenance decisions contain managing and retaining the equipment and facilities to make certain premiere overall performance.
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what is a mortgage? a. a long-term loan secured by real estate. b. any loan that is for more than 5 years. c. any amortized loan. d. another name for monthly rent payments. e. all of the above.
A mortgage is a long-term loan secured by real estate. It is a financial agreement between a borrower and a lender where the borrower receives a large sum of money upfront, typically to purchase a home, and then repays that loan over a period of time with interest. Option (a) is the correct answer.
Mortgages are usually amortized, meaning that the borrower pays off both the principal and interest in equal installments over the life of the loan. Mortgages are not just any loan that is for more than 5 years, as this statement oversimplifies the specific terms and conditions of a mortgage.
Additionally, a mortgage is not another name for monthly rent payments, as rent payments are paid to a landlord for the right to occupy a property, while mortgage payments go toward paying off a loan used to purchase a property. Therefore, the correct answer to the question is a. a long-term loan secured by real estate. Option (a) is the correct answer.
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long-run diseconomies of scale exist over the range of output for which the long-run average total cost curve a. rises. b. remains constant. c. falls. d. does not exist
Long-run diseconomies of scale exist over the range of output for which the long-run average total cost (LRATC) curve a. rises.
This occurs when a firm experiences increasing long-run average total costs as it expands production in the long run. As a firm grows larger, it may face various challenges, such as increased complexity in management, coordination, and communication, leading to inefficiencies in the production process.
In contrast, when the LRATC curve remains constant (option b), it signifies constant returns to scale, meaning that the firm's average total costs stay the same as output increases. When the LRATC curve falls (option c), it represents economies of scale, where the firm benefits from increasing production as average total costs decrease. Option d (does not exist) is not applicable in this context, as the LRATC curve is an essential concept in analyzing a firm's cost structure in the long run.
Therefore, the correct answer is a. rises.
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TheNorwegian economy is an example of a mixed economy, and ischaracterized by a combination of free market activity and largestate ownership. justify your answer
The Norwegian economy can be considered as a mixed economy because it is characterized by a combination of both free market activity and state ownership.
In Norway, the private sector plays a vital role in the economy, but at the same time, the government owns and controls several key sectors such as energy, transportation, and telecommunications. For instance, Statkraft, a state-owned company, is the largest producer of electricity in Norway. Additionally, the Norwegian government also invests heavily in public welfare programs such as healthcare, education, and social security, which further demonstrates its mixed economy status. Overall, the Norwegian economy is a prime example of how a mixed economy can function successfully with a balance of both public and private ownership and control.
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a u.s.-owned car factory in mexico produces $5 million of cars. $2.5 million of these cars are sold in mexico and the other $2.5 million are sold in the u.s. in both cases $1 million of the value of the cars was due to u.s-owned equipment located in mexico and u.s. managers working in mexico. how much did this production contribute to u.s. gdp? question 22 options: $0 $1 million $2 million none of the above are correct
The production of the U.S.-owned car factory in Mexico contributed $1 million to the U.S. GDP. This is because even though the production took place in Mexico, the value added by the U.S-owned equipment and the U.S. managers working in Mexico is considered part of the U.S. GDP.
The Gross Domestic Product (GDP) measures the total value of goods and services produced by a country, regardless of where the production took place.
In this case, even though the production of the car factory took place in Mexico, the value added by the U.S-owned equipment and the U.S. managers is considered part of the U.S. GDP because it is owned by a U.S. company.
The contribution to the U.S. GDP is calculated by taking the value added by the U.S-owned equipment and the U.S. managers, which is $1 million, and adding it to the value of the cars sold in the U.S., which is also $2.5 million. Therefore, the total contribution of this production to the U.S. GDP is $3.5 million.
It is important to note that the contribution to the U.S. GDP is only for the value added by the U.S-owned equipment and the U.S. managers, not the total value of the cars produced. This is because the production of the car factory took place in Mexico and the value added by Mexican workers and equipment is part of the Mexican GDP, not the U.S. GDP
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Budgetary control Works best when a company has a formalized reporting system which:
Budgetary control is an effective tool for companies to measure and manage their financial performance. Companies can use it to create goals and monitor their progress toward them.
It functions best when a structured reporting mechanism is in place. Budgetary control works best when a company has a formalized reporting system that:
1. Offers accurate and timely information on actual results in comparison to budgeted results.
2. Finds differences or departures from the budget.
3. Allows management to look into the causes of the discrepancies and, if necessary, take remedial action.
4. Promotes cooperation and communication between various organizational departments and levels.
5. Aids in developing sensible budgets and objectives for next time periods based on prior performance and shifting economic conditions.
A business can more effectively and efficiently monitor and regulate its financial performance, make informed decisions, and enhance its general financial health by having a formalized reporting system that offers the aforementioned data.
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What is an added responsibility for security guards when on vehicle patrol?
An added responsibility for security guards when on vehicle patrol is to conduct efficient and thorough mobile surveillance while ensuring the safety and security of the premises. This responsibility requires the security guard to remain vigilant and actively patrol the designated area using a vehicle, which enables them to cover larger distances and respond to incidents more quickly.
During vehicle patrol, security guards must monitor the surroundings and look for any unusual or suspicious activity. They must also be able to recognize potential security threats, such as unauthorized entry or trespassers, and take appropriate action to address the situation.
Furthermore, security guards on vehicle patrol should maintain communication with their team or supervisors, reporting any issues or incidents they encounter during their patrol. They must also log their patrol routes and the times they have checked specific areas, ensuring that all sections of the premises are covered and monitored consistently.
In addition to these duties, security guards on vehicle patrol must be skilled in operating and maintaining their assigned vehicle, ensuring that it is in good working condition at all times. This may involve conducting regular maintenance checks, refueling, and reporting any mechanical issues that need to be addressed.
In summary, the added responsibility of security guards on vehicle patrol is to effectively conduct mobile surveillance and maintain the security of the premises while operating and maintaining their assigned vehicle, which requires vigilance, communication, and attention to detail.
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29. inputs to the fama decomposition model least likely include: a. risk-free rate of interest b. the client's preferred beta c. the money manager's market timing skills d. the annualized rate of inflation
The Fama Decomposition Model is a framework used to evaluate investment performance. Out of the given options, the least likely input to the Fama Decomposition Model is: c. the money manager's market timing skills.
The model mainly focuses on risk-free rate of interest, the client's preferred beta, and market factors, rather than individual skills of the money manager.
The model uses three main inputs: the risk-free rate of interest, the market factor, and the client's preferred beta. The risk-free rate of interest is the return on a risk-free asset, such as a government bond.
The market factor is a measure of the overall market's performance, such as the return on a market index like the S&P 500. The client's preferred beta is a measure of the portfolio's sensitivity to market movements, and it is typically based on the client's risk tolerance and investment objectives.
Therefore, the least likely input to the Fama Decomposition Model is c. the money manager's market timing skills.
While a money manager's market timing skills may be important in determining the performance of an investment portfolio, the Fama Decomposition Model primarily focuses on the sources of risk and return that are inherent in the portfolio and the market, rather than individual skills of the money manager.
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suppose the u.s. economy is operating at potential output. a negative supply shock that is accommodated by an open market purchase by the federal reserve will cause in real gdp in the long run and in inflation in the long run, everything else held constant. question 12select one: a. no change; a decrease b. a decrease; a decrease c. an increase; an increase d. no change; an increase
The correct answer is (d) no change; an increase. When the economy is operating at potential output, a negative supply shock will lead to a decrease in real GDP in the short run, but in the long run, the economy will return to potential output level.
If the Federal Reserve accommodates this shock by conducting an open market purchase, it will increase the money supply and lower interest rates, which will lead to an increase in aggregate demand and, hence, output in the long run. However, the increase in money supply may lead to an increase in inflation in the long run.
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under a fractional-reserve banking system, banks question 6 options: a) hold more reserves than deposits. b) generally lend out a majority of the funds deposited. c) cause the money supply to fall by lending out reserves. d) all of the above are correct.
The correct answer is (b) generally lend out a majority of the funds deposited. Under a fractional-reserve banking system, banks are required to hold only a fraction of the deposits they receive as reserves.
The rest of the funds can be lent out to borrowers, which means that banks generally lend out a majority of the funds deposited. This is how banks create money in the economy, as the loans they make increase the money supply. However, banks are also required to keep enough reserves on hand to satisfy withdrawal demands from customers, and they can borrow additional reserves from other banks or the central bank if needed. Therefore, while banks do hold reserves, they typically hold less in reserves than the amount of deposits they have received. Option (a) is incorrect because banks typically hold fewer reserves than deposits. Option (c) is also incorrect because banks actually increase the money supply by lending out reserves, not decrease it.
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demand deposits are included in a. m1 but not m2. b. m1 and m2. c. neither m1 nor m2. d. m2 but not m1.
Demand deposits are included in both M1 and M2. Therefore, the correct answer is option B. M1 and M2.
- M1 includes the most liquid forms of money, such as currency, demand deposits, and other checkable deposits.
- M2 is a broader measure of money supply, which includes all components of M1 plus savings deposits, small-denomination time deposits, and some other types of short-term investments.
As demand deposits are a highly liquid form of money and can be easily accessed, they are part of both M1 and M2 measures of money supply.
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Alec and Kim used to be much better friends than they are now. The problem is what to do about Christmas gifts? If they wait until Christmas morning and move simultaneously, their payoff matrix is given below. Kim Gift No Alec Gift 3.3 4,4 No 4,2 5,5 If Alec commits at Thanksgiving time not to buy a gift for Kim, Kim will find it in her best interest a. not to buy a gift for Alec b. indifferent c. both B and C d. to buy a gift for Alec
If Alec commits at Thanksgiving time not to buy a gift for Kim, Kim will find it in her best interest (d) to buy a gift for Alec.
This is a classic game theory problem, where Alec and Kim have to make a decision regarding their Christmas gifts. The payoff matrix given suggests that if both of them give a gift, they will receive a higher payoff compared to when only one person gives a gift.
Now, if Alec commits not to buy a gift for Kim at Thanksgiving, Kim will have to decide whether to buy a gift for Alec or not.
If Kim decides not to buy a gift for Alec, the payoff for Kim will be 4, and the payoff for Alec will be 2.
If Kim decides to buy a gift for Alec, the payoff for Kim will be 3, and the payoff for Alec will be 3.
Therefore, if Kim is rational and wants to maximize her payoff, she should buy a gift for Alec, as it will give her a higher payoff compared to not buying a gift for him.
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on dec 31, 2018, while auditing the accounting records for the last two years, an error is found. at the end of 2017, the company failed to accrue sales salaries of $45,000. instead, when the employees were paid on jan 15, 2018 they recorded the following journal entry: wages/salaries expense $45,000 cash $45,000 what is the correcting journal entry that should be made on dec 31, 2018, before the books are closed?
On Dec 31, 2018, while auditing the accounting records for the last two years, an error is found. At the end of 2017, the company failed to accrue sales salaries of $45,000.
Instead, when the employees were paid on Jan 15, 2018, they recorded the following journal entry: Wages/Salaries Expense $45,000, Cash $45,000. The correcting journal entry that should be made on Dec 31, 2018, before the books are closed is:
1. Reverse the incorrect entry made on Jan 15, 2018:
Debit Cash $45,000
Credit Wages/Salaries Expense $45,000
2. Record the accrued salaries at the end of 2017 (Dec 31, 2017):
Debit Wages/Salaries Expense $45,000
Credit Salaries Payable $45,000
3. Record the payment of salaries on Jan 15, 2018:
Debit Salaries Payable $45,000
Credit Cash $45,000
By following these steps, you will correct the error in the accounting records and ensure the proper recognition of the salaries expense and the corresponding liability.
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You need to provide a method of identifying all of the activities each team member is associated with on the project. Which of the following will BEST meet your needs?
Responsibility Assignment Matrix is the most suitable method for identifying all activities each team member is associated with in a project. This tool enables efficient delegation, tracking of tasks, promotes clear communication, and contributes to project's success.
The RAM utilizes a matrix format to assign specific roles and responsibilities to each team member for different project activities. By doing so, it ensures clear communication, proper delegation of tasks, and efficient tracking of progress. Key elements of a RAM include the Work Breakdown Structure (WBS), which breaks down the project into smaller manageable components, and the roles or resources needed to complete those tasks.
Using a RAM allows project managers to avoid confusion, overlaps, and miscommunication among team members. It ensures that every individual is aware of their assigned tasks and can focus on their specific responsibilities. This results in better productivity and overall project success.
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Complete question is "You need to provide a method of identifying all of the activities each team member is associated with on the project. Which of the following will BEST meet your needs? options : quality assurance, Responsibility Assignment Matrix, quality control, quality planning"
A country has only two citizens, Bill and Ted, both have $1,000 per week in income. Bill and Ted each face some risk of getting sick, in which case they will have to pay health care costs of $750. There is a 10% probability that Bill will get sick and a 30% probability that Ted will be get sick. Bill and Ted have the same utility function U = ln(C). The government is considering providing some public health insurance. In particular, they are considering two plans: the first would pay an individual who gets sick $100, and the second would pay any individual who gets sick $600. Both would be financed by collecting a tax from each individual. = 2 (a) a. Under each plan, how high would the government have to set the tax so that it would not expect to lose money on the plan? (Assume the tax is the same for both Bill and Ted.) (2 marks] (b) Assuming the government sets the tax rate you found in part (a), compute the well-being of Bill and Ted under each of the plans. How do Bill and Ted rank the three possibilities (the two policies and the status quo)? [2 marks] (c) Explain the patterns you see in part (c) in terms of redistribution and risk aversion. (At most 3 sentences.) [2 marks] (d) Which plan is best if the society has i. a utilitarian social welfare function? [1 mark] ii. a Rawlsian social welfare function? [1 mark]
(a) To ensure that the government doesn't expect to lose money on either plan, the expected cost of the insurance payouts should equal the expected revenue from the taxes collected.
Under the first plan, the probability of each person getting sick is 10%, and the payout is $100. Thus, the expected cost to the government for each person is 0.10 x $100 = $10.Under the second plan, the probability of Bill getting sick is 10% and the probability of Ted getting sick is 30%, so the expected cost of the payout for each person is (0.10 x $600) + (0.30 x $600) = $240.To cover these costs, the tax for each person should be $10 + $240 = $250.(b) Under the status quo, Bill and Ted have an expected utility of ln(1000) = 6.9.Under the first plan, if either of them gets sick, they will receive a payout of $100 and pay a tax of $250. So their expected utility will be:0.1 x ln(1000 + 100 - 250) + 0.9 x ln(1000 - 250) = 6.42Under the second plan, if either of them gets sick, they will receive a payout of $600 and pay a tax of $250. So their expected utility will be:0.1 x ln(1000 + 600 - 250) + 0.3 x ln(1000 + 600 - 250) + 0.6 x ln(1000 - 250) = 6.51Thus, Bill and Ted prefer the second plan to the first plan, and both plans to the status quo.(c) The second plan involves more redistribution than the first plan, since it provides a higher payout to those who get sick. Bill and Ted have a logarithmic utility function, which means they are risk averse. Thus, the possibility of getting sick and facing a large health care cost reduces their expected utility. The second plan reduces this risk and increases their expected utility compared to the first plan.(i) Under a utilitarian social welfare function, the best plan is the one that maximizes the sum of the utilities of all individuals. In this case, the second plan generates higher total utility than the first plan, since it increases the expected utility of both Bill and Ted. Therefore, the utilitarian social welfare function would choose the second plan.(ii) Under a Rawlsian social welfare function, the best plan is the one that maximizes the utility of the worst-off individual. In this case, if either Bill or Ted gets sick, they will receive higher utility under the second plan compared to the first plan. Therefore, the Rawlsian social welfare function would also choose the second plan.
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mark shorted 26 shares of boeing (tic:ba). the total amount of cash in the brokerage account serving as collateral for the position is $4,572. the initial margin is 56% and the maintenance margin is 13%. the current price of ba is 147. how much money do we need to add to restore the margin?
Mark needs to maintain a margin level of at least 13%, Mark needs to add $1,644.26 to restore the margin.
The value of the short position is
26 shares x $147 per share = $3,822
The required initial margin is
56% x $3,822 = $2,141.12
The current value of the short position that would trigger a margin call is:
13% x $3,822 = $496.86
To calculate the amount of money needed to restore the margin, we need to subtract the current value of the short position from the required initial margin
$2,141.12 - $496.86 = $1,644.26
Therefore, Mark needs to add $1,644.26 to his brokerage account to restore the margin.
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Question 39 1.5 pts Savings, Investment, and Deficits Suppose a country has a closed economy, and it has the following macroeconomic data: Real GDP = $800 per year Consumption = $560 per year Tax revenue = $80 per year Government spending: $120 per year $80 per year Now suppose that the country's government spending falls to $80 per year, while real GDP, consumption, and tax revenue stay unchanged. Based on this new information, what is the government's budget deficit or surplus equal to (public saving)? Enter your answer in the space below. (If your answer is negative, be sure to include the minus sign in the answer you enter.)
The government's budget surplus is $40 per year (public saving).
To find the government's budget deficit or surplus (public saving), we need to use the given macroeconomic data for the closed economy:
Real GDP = $800 per year
Consumption = $560 per year
Tax revenue = $80 per year
Government spending (initially) = $120 per year Government spending (after reduction) = $80 per year
First, we need to find the private saving by using the formula:
Private Saving = Real GDP - Consumption - Tax revenue
Private Saving = $800 - $560 - $80 = $160 per year
Now, we need to find the public saving after the reduction in government spending:
Public Saving = Tax revenue - Government spending (after reduction)
Public Saving = $80 - $80 = $0 per year
Based on this new information, the government's budget deficit or surplus (public saving) is equal to $0 per year.
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Lead time for one of your fastest-moving products is 22 days. Demand during this period averages 105 units per day.
The lead time for a product refers to the time taken from placing an order to receiving the product. The lead time for the fastest-moving product is 22 days.
During this period, the average demand for the product is 105 units per day. To ensure that customers receive the product within the lead time, it is crucial to have an efficient supply chain management system in place.
This includes maintaining optimal inventory levels and ensuring timely delivery from suppliers. To monitor demand patterns to accurately forecast future demand and adjust production accordingly.
Any delay in the supply chain can result in stock-outs and lost sales, which can have a significant impact on the business's bottom line. It is essential to constantly review and optimize the supply chain to meet customer demand within the lead time.
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