The reason why GDP is considered to be an imperfect measure is that not only it measures the products or services in a given time in a country but it does not include the purchase of foreign goods as the products and services it measures are only of the country it resides.
GDP is an imperfect measure of economic welfare because it excludes nontraded goods and services, ignores income distribution, and does not account for sustainability or environmental impact, among other factors. Despite these drawbacks, it is still the primary indicator used for assessing macroeconomic performance.
While Gross Domestic Product (GDP) is the most commonly used indicator of economic activity, it is an imperfect measure of economic welfare. GDP is designed to quantify economic activity but it does not capture all aspects that contribute to the well-being of society. One of the limitations is that GDP excludes nontraded goods and services, which can be substantial in certain economies. Therefore, while GDP can provide a rough indication of the material well-being of a country, it does not account for all factors that affect the quality of life and prosperity.
Additionally, GDP does not consider the distribution of income within a society or the value of leisure and unpaid work. It also doesn't measure the sustainability of growth or the negative impacts of economic activity, such as environmental degradation. These limitations necessitate the use of additional statistical measures when attempting to gauge overall economic welfare. However, despite these imperfections, GDP remains the best single indicator we have for comparing macroeconomic performance between different countries.
Geneva receives high praise from her boss when she attracts a new client to her firm. this praise leads geneva to work hard to obtain more new clients. for geneva, the praise from her boss was
Answer:
What he said
Explanation:
Figure out Samuel's Net Pay using the following information.
Gross Monthly Earnings $4,200
Social Security Tax Rate 6.2%
Medicare Tax Rate 1.45%
Net Pay__________
If the owner contributes 9,200 and the owner withdraws 39,500 how much is net income
jack and jill have trouble keeping their checking account balanced. because they never know how much is really in their account, they have an automatic funds transfer agreement with their bank. when jack or jill writes a bad check, what will happen?
If wellstone inc. plans to produce 1 million cell phone covers, how many of each color should it produce?
Final answer:
The production volume of each color of cell phone covers by Wellstone Inc. cannot be answered without further market research data. To achieve an optimal production mix, Wellstone Inc. should analyze market trends, customer preferences, and historical sales data. A strategy based on this analysis will guide production towards consumer demand, ensuring better sales potential.
Explanation:
Wellstone Inc.'s production of 1 million cell phone covers and determining how many of each color should be produced requires additional information for a precise answer. Typically, decisions on production quantities, especially in varying colors, involve analyzing market research, current trends, demand forecasts, and perhaps historical sales data to make an informed decision. Without specifying the number of colors or any preference indications from the market, it's challenging to determine the exact quantity of each color to produce.
To approach this strategically, Wellstone Inc. should segment its market and identify customer preferences. Surveys, focus groups, or analysis of online consumer behavior could provide insights into which colors are most likely to sell. Additionally, balancing the production based on these findings while allowing some flexibility in inventory for less predictable trends would be a sound approach. For instance, if research indicates a preference of 40% for black, 30% for blue, 20% for red, and 10% for yellow amongst potential buyers, production could align with these percentages. This method ensures a data-driven strategy that aligns with consumer preferences, ultimately enhancing the potential for sales success.
The consideration of future consequences scale is intended to measure the extent to which an individual considers the future when making immediate choices. if the scale is a reliable measure, we would expect that:
If the scale of it were able to provide a more reliable measure, it is expected that the score of the person in the scale would have caused or resulted into a more relatively stable from his or her day to day life or daily life.
Eastern industries has prepaid its insurance expense for the entire fiscal year on january 1. under the cash basis of accounting eastern will
In studies of seed production, why is it important to assign plots of land to either the control group or treatment group at random?
a. it decreases the likelihood that the results of the study will be challenged.
b. it increases the chance that the study will be able to be scaled to a higher level.
c. it increases the likelihood that the treatment group will show a difference from the control group.
d. it decreases the likelihood that plots that receive a particular treatment share other characteristics that might influence seed production.
The r&r company's manufacturing costs for august are: direct labor, $25,000; indirect labor, $10,500; direct materials, $28,600; taxes on raw materials and work in process, $1,600; heat, lights, and power, $1,800; and insurance on plant and equipment, $600. r&r company's factory overhead incurred for august is:
Efficiently scheduling material and labor is an example of ________________ decisions
When random assignment fails to create equivalent groups, the problem of _____ occurs?
In your lab report file, explain how data classification standards is related to customer privacy data protection and security controls
What is the market value of the shareholders’ equity if assets equal $5,700?
To determine the market value of shareholders' equity, more information about the liabilities is needed.
Explanation:The market value of shareholders' equity can be calculated by subtracting total liabilities from total assets. In this case, since we are given that the assets equal $5,700, we need more information about the liabilities to determine the market value of shareholders' equity.
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ECONOMICS: Opportunity Costs: Suppose on Friday night you have a choice to go either to a Katy Perry concert or a Lady Gaga concert. You won a free ticket to see Katy Perry. You would pay as much as $200 to see Lady Gaga perform, but tickets to her show cost $100 . Assume that you end up going to the Katy Perry concert.
Since you went to the Katy Perry concert, you must be willing to pay at least $_____ to see Katy Perry.
Answer:
This suggests merely, basically must be willing to pay at scarcest $100 to see another show up, in case you select to allow up Lady Gaga show.
Explain why and how a reasonably competitive market is always moving toward equilibrium.
Situation analysis is an ongoing process, referred to as __________.
Joe takes his car into the repair shop to have his tires realigned. while he is waiting for his car, he sees the repairmen take his car to the area where they change the car's oil. the car is then taken to the area where the tires are realigned. joe watches while the tires are realigned. the employees next take joe's car to be washed. joe did not know his car would be washed, but knows that many car repair businesses have a practice of cleaning the cars at no additional cost to the customer after completing the repair work. when joe is presented with the bill, there is a charge for the oil change, the realignment, and the car wash. according to the courts in pic realty corp. v. southfield farms, inc., the court is most likely to make joe pay for:
Final answer:
The court is likely to rule that Joe must pay for the oil change and realignment, the services he requested, but not for the car wash if it was provided without his consent and he reasonably believed it was complimentary.
Explanation:
The case presented here involves an issue where a customer, Joe, observed unintended services being performed on his car and was then charged for all the services including the unrequested car wash. According to the principles laid out in Pic Realty Corp. v. Southfield Farms, Inc., the court is likely to consider whether Joe had a reasonable opportunity to reject the car wash service and whether the car wash was imposed upon him without his consent.
The fact that many car repair businesses have a practice of cleaning the cars at no additional cost could indicate that Joe had reasonable grounds to assume the car wash was complimentary. Therefore, the court would most likely find Joe responsible for paying for the oil change and the realignment, which were services he requested, but not for the car wash if he did not agree to it and if he reasonably believed it was provided free of charge.
Select all correct answers. Radio Frequency Identification (RFID) may be used to _____.
Answer:
identify a lost dog track a package track inventory of a store
Explanation:
hope this helped
"what would have happened to shrimp prices and consumption if the government had prohibited price increases after the bp oil spill?"
Easily divisible between owners. a separate legal entity with perpetual life. owned by stockholders who enjoy the privilege of limited liability.
The ________ planning phase emphasizes time horizons of one year; whereas the ________ planning phase focuses on time horizons of three-to-five years with no help from consultants.
On december 1, 2016, escobar consulting, which uses a calendar year as its fiscal year, signs a $4,000, 12%, four-month note payable. journalize the entry to record the payment of the note and entire interest on april 1, 2017.
The current u.s. economy is based primarily on the production of
Jerry's supervisor has asked him to revise a memo because his paragraphs are too long. how long should jerry's paragraphs be, on average, in his revision?
Pepsi-cola made "freshness" an important product attribute when it stamped freshness dates on its cans. prior to doing so, few consumers considered freshness an issue for soft drinks. pepsi is trying to change consumers' attitudes toward its soft drinks by reducing perceived risk. changing beliefs about the extent to which a brand has a specific attribute. providing stimulus generalization. adding a new attribute. changing the perceived importance of a specific attribute.
This is actually a method used in attitude change. The answer to this is:
“changing the perceived importance of a specific attribute”
By making “freshness” an important product attribute, what Pepsi cola inflicts to the customers is a mindset of giving importance to this attribute since it was being neglected in the past.
The easiest way to convert your paper files into electronic files is by _______. a. Using an electronic scanner b. Typing each document by hand c. Taking a digital picture of each document d. Reading documents into a digital recorder
The easiest way to convert your paper files into electronic files is by using an electronic scanner. Hence, Option A is correct.
What is an electronic scanner?An electronic scanner is a radio receiver that moves automatically across some selected range of frequencies, looking for some signal or condition. It can also be described as a technique.
The use of this technique is basically in the sectors that vary and are covered by a transmitting or receiving antenna by electrical means without moving the antenna. In simple words, it is called a scanner. Its function is to detect the presence of radio signals or radioactivity.
Thus, Option A is correct.
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A medical group includes a provision in its contract with an hmo to receive larger pmpm payments if the hmo members are chronically ill. this type of provision is referred to as a
Final answer:
The provision in question is known as a risk-adjusted payment system, where healthcare providers receive higher payments if their patient population presents greater health risks.
Explanation:
A medical group that includes a provision in its contract with a Health Maintenance Organization (HMO) to receive larger per member per month (PMPM) payments if the HMO members are chronically ill is dealing with a form of risk-adjusted payment system. This system adjusts payments to healthcare providers based on the predicted cost of providing care, accounting for the health status and risk of their patients. If the HMO's members require more resources for their care, the medical group is compensated with higher PMPM rates, which helps in managing the financial risk of treating sicker patients.
In the circular flow model, the expenditures on goods and services flow in the
In the circular flow model, expenditures on goods and services flow from households to firms as they purchase goods and services, completing a cycle of economic activity between households and firms in the goods and services and labor markets.
Explanation:In the circular flow model, the expenditures on goods and services represent the money that households spend in the product market to acquire goods and services from firms. In return, these firms pay households for the labor services, land, capital, and entrepreneurship provided through wages, rent, interest, and profits. This interaction highlights the dependence of households and businesses upon each other within the economy, forming a continuous loop that is fundamental to economic activity.
The model simplifies the real-world complexity into a more understandable form, representing the essential transactions between households and firms. Households provide labor services and receive income, which they then turn into expenditures on goods and services, completing the cycle within the diagram. The goods and services market and the labor market are thus two critical components of the circular flow model, illustrating the flow of money and resources in an economy.
Martinez company’s relevant range of production is 7,500 units to 12,500 units. when it produces and sells 10,000 units, its average costs per unit are as follows:
For financial accounting purposes, the total amount of product cost incurred to make 10,000 units is given by
($6.00 x 10,000) + ($3.50 x 10,000) + ($1.50 x 10,000) + ($4.00 x 10,000) = $60,000 + $35,000 + $15,000 + $40,000 = $150,000
Part 2.
The total amount of period cost to make 10,000 units is given byPart 3.)
If 8,000 units are sold the variable cost per unit sold is given byPart 4.)
Therefore, if 12,500 units are sold the variable cost per unit sold is given byPart 5.)
Therefore, if 8,000 units are sold the variable cost related to the units sold is given byPart 6.)
If 12,500 units are sold the variable cost per unit sold is given byPart 7.)
Given that 10,000 units were budgeted, thus the total fixed manufacturing overhead is given by 10,000 x $4.00 = $40,000Therefore, if 8,000 units are produced, the average fixed manufacturing cost per unit produced is given by $40,000 / 8,000 = $5.00
Part 8.)
If 12,500 units are produced, the average fixed manufacturing cost per unit produced is given by $40,000 / 12,500 = $3.20Part 9.)
If 8,000 units are produced, the fixed manufacturing cost incured to support this level of production is $40,000Part 10.)
If 12,500 units are produced, the fixed manufacturing cost incured to support this level of production is $40,000Part 11.)
The total variable manufacturing overhead is given by $1.50 x 8,000 = $12,000Given that 10,000 units were budgeted, thus the total fixed manufacturing overhead is given by 10,000 x $4.00 = $40,000
Therefore, the total amount of manufacturing overhead cost incurred to support this level of production is given by $12,000 + $40,000 = $52,000
And the the total amount of manufacturing overhead cost incurred to support this level of production expressed on a per unit basis is given by $52,000 / 8,000 = $6.50
Part 12.)
If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is the total amount expressed on a per unit basis?
The total variable manufacturing overhead is given by $1.50 x 12,500 = $18,750
Therefore, the total amount of manufacturing overhead cost incurred to support this level of production is given by $18,750 + $40,000 = $58,750And the the total amount of manufacturing overhead cost incurred to support this level of production expressed on a per unit basis is given by $58,750 / 12,500 = $4.70
Part 13.)
If selling price is $22 per unit, what is the contribution margin per unit sold?
Contribution margin is a product’s price minus all associated variable
costs, resulting in the incremental profit earned for each unit sold.
Part 14.)
If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production?
Thus the total amount of direct manufacturing costs is given by ($6.00 x 11,000) + ($3.50 x 11,000) = $66,000 + $38,500 = $104,500
Thus the total amount of indirect manufacturing costs incurred is given by ($1.50 x 11,000) + ($4.00 x 11,000) = $16,500 + $44,000 = $60,500
Therefore, the total amounts of direct and indirect manufacturing costs incurred to support this level of production is given by $104,500 + $60,500 = $165,000.
Part 15.)
What total incremental cost will Martinez incur if it increases production from 10,000 to 10, 001 units?
An incremental cost is the increase in total costs resulting from an increase in production.When producing and selling 10,000 units, the average cost per unit for Martinez company could fall within the range of $10 to $20, depending on the specific plant's production capacity.
Explanation:Figure 33.5 illustrates economies of scale for a plant producing toaster ovens. The average cost of production varies based on the quantity of production. Production plant S has an average cost of production of $30 per toaster oven, plant M has an average cost of production of $20 per toaster oven, and plant L has an average cost of production of $10 per toaster oven. Production plant V, despite being larger, still has an average cost of production of $10 per toaster oven. This means that when producing and selling 10,000 units, the average cost per unit for Martinez company could fall within the range of $10 to $20, depending on the specific plant's production capacity.
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In building a model to analyze economic situations, one of the important assumptions is
In having to build a model in analyzing economic situations, the most important assumption is the ceteris paribus. The ceteris paribus means that it is having things in equal and where conditions should always remain the same. It is important as it is a way of having to show balance.