Explain the importance of scale of preference to individual
Opportunity cost like other basic concepts of Economics – scarcity, scale of preference and choice is important to an individual who represents the consumer or household, or firm or productive unit and the government that form the three decision making bodies in an economy.
A scale of preference can be defined as the list of a person's needs or wants written in an order of importance. You will observe that the person puts his most important needs or wants at the top of the list.
A scale of preference is a list of goods and services (for example, shoes, socks, books, haircut, and so on) prepared for purchase in order of priority. It is a priority rating of all individual wants, according to their importance in one's valuation and the means to achieve or obtain them.
Mitchell Corporation bought equipment on January 1, 2017. The equipment cost $300,000 and had an expected salvage value of $50,000. The life of the equipment was estimated to be 6 years. The depreciable cost of the equipment is
Answer:
$250,000
Explanation:
The depreciable cost of the equipment is the amount that will be used to provide for depreciation on the asset also known as Depreciable Amount.
Depreciable Cost = Cost - Salvage Value
therefore,
Depreciable Cost = $300,000 - $50,000 = $250,000
In the past, jaleel's vacation time has been spent at home catching a few local attractions when she could afford them. this year, she received a big bonus at work and has decided to finally take the trip to europe that she has always dreamed about. jaleel's purchasing behavior has changed due to_________.
a. the income effect.
b. the substitution effect.
c. cross-price elasticity.
d. the complementary products effect.
e. the substitute products effect.
Answer:
a. the income effect.
Explanation:
The income effect is the change in demand with respect to the good or service that due to change in the purchasing power of the consumer results in change in real income
Since in the situation it is mentioned that she received a big bonus this year and she decided for a trip to europe so here the purchasing power would be changed due to the income effect
hence, the option a is correct
Suppose Jill Johnson operates her pizza restaurant in a building she owns in the center of the city. Similar buildings in the neighborhood rent for $4,000 per month. Jill is considering selling her building and renting space in the suburbs for $3,000 per month. Jill decides not to make the move. She reasons, "I would like to have a restaurant in the suburbs, but I pay no rent for my restaurant now, and I don't want to see my costs rise by $3,000 per month." What do you think of Jill's reasoning?Suppose Jill Johnson operates her pizza restaurant in a building she owns in the center of the city. Similar buildings in the neighborhood rent for $4,000 per month. Jill is considering selling her building and renting space in the suburbs for $3,000 per month. Jill decides not to make the move. She reasons, "I would like to have a restaurant in the suburbs, but I pay no rent for my restaurant now, and I don't want to see my costs rise by $3,000 per month." What do you think of Jill's reasoning?
Answer: Jill is incorrectly ignoring the opportunity cost of using the building she owns.
Explanation:
Based on the information given, Jill is incorrectly ignoring the opportunity cost of using the building she owns.
Here, opportunity cost refers to the cost of what an individual forgoes when such person decides to choose another alternative. Even though he thinks that he's paying no cos for the restaurant, he actually does through the opportunity cost.
A hair salon designed to appeal to children does not use the standard salon furniture. Instead, children sit on carousel horses to get their haircuts. Large TV monitors strategically located throughout the salon show kid-targeted videos and cartoons are there to entertain the children. The child-friendly hair salon's servicescape serves in what two capacities?
Answer:
a differentiator and facilitator
Explanation:
Since in the question it is mentioned that hair salon would be designed for children where the standard furniture would not be used rather using this, the children would sit on carousel houses for their haircuts also the cartoon videos should be shown to them so here the two capacities would be differentiator and facilitator as it is different in providing the service and here the learning would be easy
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The system used for monitoring the amount of inventory you have in stock is called....
A). Par level
B). Last in, first out
C). First in, first out
D). Inventory control
Name two defferences between basic wants and secondary wants
Answer:
The answer is below
Explanation:
The difference between basic wants and secondary wants lies in how much humans want them in terms of survival.
Therefore, the two of the main differences between Basic wants and Secondary wants are:
1. Basic wants are wants of humans that are meant for survival or cannot do without while secondary wants are not meant for human survival or humans can do without.
2. Without Basic wants such as food, shelter, and oxygen, humans will die off quickly, while humans can easily survive without secondary wants such as entertainment activities.
One problem in relying on price elasticity and demand curves when setting prices is the way a product or service is marketed can have a profound impact on price elasticity. the underlying ideas of the demand curve and elasticity are less relevant in the modern economy. only economists can properly analyze demand curves and set prices using this tool. competitors can construct the same demand curves, so there is no advantage in using them. marketing split from economics over the ideas of demand and elasticity.
Answer: the way a product or service is marketed can have a profound impact on price elasticity.
Explanation:
What determines the prices of the market is the demand, this affects the price elasticity. Price elasticity and demand curves are the result of various factors, and in most scenario they determine the pricing factor in the market.
One problem in relying on price elasticity and demand curves when setting prices is the way a product or service is marketed can have a profound impact on price elasticity.
Write what you think the
short-term, medium-term, and long-term goals would be for
a person who has just purchased a toy store.
Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounded monthly. If he doesn't withdraw any money, what will the account balance be in 10 years?
Answer:
Total FV= $29,335.25
Explanation:
First, we need to calculate the future value of the initial investment ($2,500) using the following formula:
FV= PV*(1 + i)^n
PV= $2,500
i= 0.0075
n=10*12= 120 months
FV= 2,500*(1.0075^120)
FV= $6,128.39
Now, the future value of the $1,500 annual deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
We need to determine the effective annual rate:
Effective annual rate= (1.0075^12) - 1= 0.0938
FV= {1,500*[(1.0938^10) - 1]} / 0.0938
FV= $23,206.86
Total FV= $29,335.25
Which of the following is not an example of an operational cost?
A. the cost of the manufacturing process
B. the cost of supplies
C. the cost of hiring contractors
D. the cost of opening the business
Answer:
D
Explanation:
Direct expenses are operational expense that can be straightforwardly applied to creating a particular expense object, similar to a decent or administration. Cost objects are things that expenses are alloted to. Instances of direct expenses incorporate direct work, direct materials, and assembling supplies.
Brainliest?
The example of an operating cost does not involve the option d. the cost of opening the business
What are the direct expenses?It is considered to be the operational expense that should be applied for developing the specific expense object.
An example of the direct expense is direct material, supplies assembling, etc.
Therefore, the option d is correct.
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Companies are likely to lose money during the introduction phase of a product’s life cycle.
True
False
The mining and export of minerals and precious stones is very important part of the Namibian economy. It was reported that despite a sharp decrease in the quantity of these exports between 1995 and 1999 the export value of the items rose in that period. a) Where the minerals and precious stones would be recorded in the Namibian balance of payments?
Answer:
The minerals and precious stones would be part of the current account, which is one of the three components of the balance of payments, the other two being the capital account and the financial account.
Explanation:
The current account includes income transfers, current transfers, the balance in the trade of services, and the balance in the trade of goods. The export value of minerals and precious stones would more specifically be in the balance of the trade of goods, simply because minerals and precious stones are classified as economic goods.
4. How do dependent tasks differ from primary tasks?
Answer:
The answer is below
Explanation:
Dependent task is a term used to describe a type of task that is associated with the main or independent task under a particular scope of work. It is usually a sub-task of the whole task that needs to be executed.
On the other hand, a Primary task is a term used to describe a type of task that takes the center stage or the major task with priority. It takes the largest or most resources in its execution.
How do worker organizations influence wages?
A. They fight for higher pay for workers.
B. They lower the market value of workers.
C. They enforce regulations raising the minimum wage.
D. They require workers to have more education.
SUBMIT
Answer:
A.
Explanation:
In many industries wages are linked to enterprise cost of living which ensures a fair wages to workers. The wage rates are directly influenced by cost of living of a place. The workers will accept a wage which may ensure them a minimum standard of living. Wages will also be adjusted according to price index number.
They fight for higher pay for workers is the way organizations influence workers for wages. In many businesses, wages are tied to the cost of living of the company, ensuring that workers are paid fairly.
What is wage employment?In both the official and informal economies, wage employment encompasses any salaried or compensated position under contract to another person, organization, or company. Finding decent-paying work for those with impairments is often difficult.
Thus, option A, They fight for higher pay for workers is correct.
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In a market economy, equilibrium stays constant and never moves.
True or false
Answer:
false
Explanation:
there is always change in equilibrium any time demand or supply changes.
Explain the functions of a trade union. (6)
Answer:
Trade unions will organize strikes and demonstrations on behalf of worker demands. Fight for social welfare for workers. Promote and advocate for education and proper training for workers. Advocate and fight the government for legislative protection for workers.
Answer:
the functions of a trade union:
i. Increasing Co-operation and Well-being among Workers
ii. Securing Facilities for Workers
iii. Establishing Contacts between the Workers and the Employers
iv. Trade Unions working for the Progress of the Employees
v. Safeguarding the Interests of the Workers
vi. Provision of Labor Welfare
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MC Qu. 17 Tower Company planned to produce 3,000 units... Tower Company planned to produce 3,000 units of its single product, Titactium, during November. The standards for one unit of Titactium specify six pounds of materials at $0.30 per pound. Actual production in November was 3,100 units of Titactium. There was an unfavorable materials price variance of $380 and a favorable materials quantity variance of $120. Based on these variances, one could conclude that: Multiple Choice the actual usage of materials was less than the standard allowed. more materials were purchased than were used. more materials were used than were purchased. the actual cost per pound for materials was less than the standard cost per pound.
Answer:
From the list of options, Option A is the only correct one:
"the actual usage of materials was less than the standard allowed".
Explanation:
Material usage variance
A material usage variance occurs when the standard quantity required to active a particular level of production is higher or lower than than the actual actual quantity used. A favorable variance would mean than less quantity of materials were used than the standard to achieve a given output level. And an adverse variance would mean the opposite.
Material price variance
A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite.
From the list of options, Option A is the only correct one
The Federal Reserve wants to change the nominal interest rate from 7% to 5%. What action
must the Federal Reserve take?
A) The Fed needs to increase the quantity of money by $0.4 trillion.
B) The Fed needs to decrease the quantity of money by $0.4 trillion.
C The Fed needs to decrease the quantity of money by $1.3 trillion.
D) The Fed needs to increase the quantity of money by $1.3 trillion.
Answer:
the answer is a
Explanation:
i just took the usatestprep
Your friend Marco loves being on his phone and interacting on social media. He knows that you are studying different careers and asks you what kinds of careers he might consider that would allow him to learn more about communications. You know that advances in telecommunication are always being introduced, and in the future more and more people will be needed in the Energy cluster to design, create, advertise, and sell new ways of communicating. List two careers that he could pursue along the telecommunication pathway. What kind of skills or talents would he need in these two careers? How could he gain the talents or skills to succeed in these two careers?
Answer: The two pathway he can pursue on telecommunication pathway are public relations and social media manager. This is considering the fact that he loves interacting with the world on social media.
Explanation:
The two pathway he can pursue on telecommunication pathway are public relations and social media manager. This is considering the fact that he loves interacting with the world on social media.
The kind of skills he would need in this career are communicating skills and branding or marketing. In communication skill, he would need to know how to interact with various kinds of people on social media and how to present products to them. On branding skills, he would need to know how to build and maintain brands, which are a window to how organizations are seen.
To gain the talent or skills, he would need to enroll in college to study public relations or marketing, then there after take up multiple trianings on relating to them.
Sabrina bought a new washing machine. She put $50 down and pays $50 per month for the next 10 months to be able to make the purchase. Which type of credit did she use?
A. an installment sales credit
B. an installment cash credit
C. a single lump-sum credit
D. a bank line of credit
Sabrina uses an Installment sales credit. Thus the correct answer is A.
What is an installment?When an individual borrows a fixed amount of money from another person, bank, or financial institution he has to return the borrowed funds in smaller amounts. This smaller amount which is paid by the borrower is referred to as installments.
This installment helps an individual to borrow a big amount of money when needed and allows them to pay in smaller quantities to avoid any financial burden.
In a an installment sales credit, a person is allowed to have Credit sales which is a method for businesses to increase customers' compensation deduction options for a limited time.
In this case when Sabrina bought a new machine. she puts$50 down and Pays $50 per month for the next months reflecting the presence of sales credit.
Therefore, option A an installment sales credit is the appropraite answer.
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1)______elimination risks.
2)the positive factors of planning is called______.
3)planning is what to do it,how to do it,when to do it and _____in the future.
4)planning must start with simple____.
5)in business,time is gold.for this reason an,
6)entrepreneur must be efficient_____.
a.what to expect
b.time management
c.strengths
e.business plan
f.projects
g.micro
Answer:
1. E
2. C
3. A
4. F
5. B
Explanation:
Planning can be defined as the process of developing organizational objectives and translating them into action plans or courses of action.
This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.
1. Business plan eliminates risks. This is because it focuses on defining how a business would achieve its goals, objectives, mission and sets the overall direction for the business using specific strategies.
2. The positive factors of planning is called strengths. They give a business competitive advantage over competitors (rivals) in the same industry.
3. Planning is what to do it, how to do it, when to do it and what to expect in the future.
4. Planning must start with simple or micro projects because they generally require simple and less cumbersome management and technologies.
5. In business, time is gold. For this reason, an Entrepreneur must be efficient in time management i.e being able to control and manage time at all times.
Swinging Sammy Skor's batting prowess was simulated to get an estimate of the probability that Sammy will get a hit. Let 1 = HIT and 2 = OUT. The output from the simulation was as follows.
1 2 2 2 2 2 2 2 2 2 1 2 2 2 2 2 2 1 2 1 2 2 2 2 2 1 2 2 2 1 2 2 2 2 2 2 2 2 1 2 2 2
Estimate the probability that Sammy makes an out.
A. 0.929
B. 0.782
C. 0.833
D. 0.621
Answer:
I think its B!
Hope this helped! Good luck!! :)
Answer: B is the answer
Explanation:
What are references when applying for a job?
Answer:
Somewhere that’s close by where you live
Explanation:
.On May 1, 2012, Noah Unlimited issues 9%, 20-year bonds payable with a maturity value of $200,000. The bonds sell at 103 and pay interest on May 1 and November 1. Noah Unlimited amortizes bond premium by the straight-line method.
Answer:
1. May 1, 2012
Dr Cash $206,000
Cr Bonds payable $200,000
Cr Premium on bonds payable $6,000
2. November 1, 2012
Dr Interest expense $8,850
Dr Premium on bonds payable $150
Cr Cash $9,000
Explanation:
1. Preparation of the journal entry to record the issuance of the bonds on May 1, 2012
May 1, 2012
Dr Cash $206,000
(103%*$200,000)
Cr Bonds payable $200,000
Cr Premium on bonds payable $6,000
($206,00-$200,000)
(To record issuance of bonds)
2. Preparation of the Journal entry to record the semiannual interest payment and amortization of bond premium on November 1, 2012.
November 1, 2012
Dr Interest expense $8,850
($9,000-$150)
Dr Premium on bonds payable $150
($6,000*1/40)
Cr Cash $9,000
(9%*$200,000*6/12)
(To record semiannual interest payment and amortization of bond premium)
Kristina is tempted to get a credit card now that she is in college. What is one fiscally responsible reason for Kristina to get a credit card? A. She will be able to buy whatever she wants. B. She won’t have to carry cash everywhere. C. Price will no longer need to be considered when she makes purchases. D. She will receive a free tee-shirt when she opens the account.
Answer:
B because it is the only one except for d that cant be done using cash and d is just not it
Explanation:
Answer:
it would be B
Explanation: because you can definitely rule out D, C is definitely not it because you should still consider pricing with whatever you buy. With A it isn't a good reason because you may not have a lot of money on your card.
A good credit score means you will be able to get what? (Select the best answer.)
A credit history
A lower interest rate
A default
A higher interest rate
Answer:
you will get a credit history
Answer:
A credit history
Explanation:
A, credit history
write a paragraph (5-7 sentences) that explains what circular invention you think is the most important
Answer:
The wheel is considered to be man's greatest invention
Explanation:
And the printing press
‼️‼️ Which of the following statements about international business is the most
accurate?
A. International business can be riskier than domestic business but
the size of the market makes it a very attractive option.
B. Individuals and small business are at less risk than large
corporations in selling overseas.
c. Most products on the market today are produced domestically.
D. International banking regulations are the same in most countries.
Answer:
A
Explanation:
A-P-E-X
International business can be riskier than domestic business but the size of the market makes it a very attractive option is the most accurate statement about international business among the given options. The correct option is A.
Why international business is riskier than domestic business?More regulations apply to international business than domestic business. Domestic business generally has lower quality requirements than the international company. In comparison to domestic business, overseas business typically has greater quality standards.
International business involves trading goods and services across national borders, which can expose businesses to a range of risks such as currency fluctuations, political instability, different legal systems, and cultural differences. However, the size of the international market and the potential for increased revenue and profit can make it an attractive option for businesses seeking to expand their operations.
Thus, the ideal selection is option A.
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Describe two ways that externalities affect the lives of US citizens?
Answer:
In economics, there are four different types of externalities: positive consumption and positive production, and negative consumption and negative production externalities. As implied by their names, positive externalities generally have a positive effect, while negative ones have the opposite impact
