Answer:
When labor productivity is high.
Explanation:
According to neoclassical economic theory, real wages are equal to the marginal product of labor (MLP). The marginal product of labor is the extra output produced by one extra unit of labor (one extra worker).
If the MPL is high, this means that workers are very productive, and therefore, are paid a high real wage accordingly.
This is why countries with high labor productivity like the U.S. or Switzerland also have very high real wages.
What are the necessary capital investments for starting a free-range poultry farm?
Answer:
chicks, chickens feed, roosting perches
Explanation:
chicks, chickens feed, roosting perches are the necessary capital investments for starting a free-range poultry farm.As the capital investment means funds or thing require to start any business so for poultry form chicks, chickens feed, roosting perches are most necessary thing.
Johnson Waterworks Corporation provides plumbing services. Transactions during the first year of operations are provided below.
a) Received $14,000 cash and issued common stock to Mitchell Johnson.
b) Paid $1,300 for equipment to be used for plumbing repairs.
c) Borrowed $15,000 from a local bank and deposited the money in the checking account.
d) Paid $300 in rent for the year.
e) Paid $400 for plumbing supplies to be used on various jobs next year.
f) Completed a plumbing repair for a law firm and received $3,200.
Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $400 are left at the end of the year.
A. $3,400
B. $20,200
C. $10,000
D. $12,000
Answer:
The correct answer is 31,900 dollars.
Explanation:
This problem requires us to calculate the increase in total asset of JW corporation. Summary of transactions are given in the question.
We can easily find the increase in total assets by adding all cash receipt and than subtracting all payment made from it. However please note that payment made to acquire an other asset (property, plant and equipment) will not be taken as reduction from total assets. As these payment are not accounted as an expense but reduction of one asset in order to build an other asset. Detail Calculation is given below.
Receipt = a+c+f = 32,200 -A
Payment = (d) = (300) -B*
Total Asset = 31, 900 dollars
*Only rent payment will be taken as reduction.
Rent expense Debit 300
to Cash credit 300
Peter Parker, the HR vice-president of a well-known IT firm, called his team members for a meeting to discuss the measures to be taken by the company to fight recession. Peter suggested downsizing the workforce and also cutting salaries and benefits of the rest of the employees. Peter's team reached a consensus without critically testing, analyzing, and evaluating his ideas. This is an example of ________.
Answer:
groupthink
Explanation:
In team discussions and debates, groupthink is a common phenomenon where team members tend to agree with others without a constructive discussion filled with arguments. It is very common when an authoritative person (manager) is leading the discourse of discussion.
In this example, the reached consensus is an example of groupthink, since the team members did not critically evaluate the troublesome issue.
Final answer:
The given situation is an example of Groupthink
Explanation:
In the given case, a well-known IT company's vice-president of human resources, Peter Parker, scheduled a meeting with his team to discuss the steps the company would take to combat the recession. Peter recommended reducing staff numbers as well as the other employees' pay and benefits.
Groupthink occurs when a group of people reaches a consensus without critically testing, analyzing, and evaluating ideas. In this case, Peter's team accepted his suggestion of downsizing the workforce and cutting salaries without questioning or considering alternative solutions. This can be detrimental because it limits diverse perspectives and can result in flawed decision-making.
Final answer:
The given situation is an example of Groupthink
Explanation:
In the given case, a well-known IT company's vice-president of human resources, Peter Parker, scheduled a meeting with his team to discuss the steps the company would take to combat the recession. Peter recommended reducing staff numbers as well as the other employees' pay and benefits.
Groupthink occurs when a group of people reaches a consensus without critically testing, analyzing, and evaluating ideas. In this case, Peter's team accepted his suggestion of downsizing the workforce and cutting salaries without questioning or considering alternative solutions. This can be detrimental because it limits diverse perspectives and can result in flawed decision-making.
In the long run a company that produces and sells candy bars incurs total costs of $1,200 when output is 2,400 candy bars and $1,400 when output is 2,900 candy bars. The candy bar company exhibits
a. diseconomies of scale because total cost is rising as output rises.b. diseconomies of scale because average total cost is rising as output rises.c. economies of scale because total cost is rising as output rises.d. economies of scale because average total cost is falling as output rises.
Answer:
Option (d) is correct.
Explanation:
Economies of scale occurs when the average total cost decreases as the output increases.
Dis-economies of scale occurs when the average total cost increases as the output increases.
In the long-run,
When output is 2,400 candy bars, the total cost is $1,200
Average total cost = Total cost ÷ Output
= $1,200 ÷ 2,400
= $0.5
When output is 2,900 candy bars, the total cost is $1,400
Average total cost = Total cost ÷ Output
= $1,400 ÷ 2,900
= $0.48
In the given case, average total cost is falling as output rises.
So, the candy bar company exhibits economies of scale because average total cost is falling as output rises.
The candy bar company has been termed to exhibit the economies of sales as there has been a drop in the cost with rising in the sales. Thus, option D is correct.
In microeconomics, economies can be given as the decrease in sales, with the increase in the per-unit production cost. While diseconomies can be given as the increase in sales, with the decrease in the per-unit production cost.
The per-unit production cost can be given as:
Production cost = [tex]\rm \dfrac{Total\;cost}{Total\;sales}[/tex]
The production cost with total costs of $1,200 when output is 2,400 candy bars:
Production cost = [tex]\rm \dfrac{1200}{2400}[/tex]
Production cost = 0.5
The production cost with total costs of $1,400 when output is 2,900 candy bars:
Production cost = [tex]\rm \dfrac{1400}{2900}[/tex]
Production cost = 0.48
With the increase in the sales from 2400 candy to 2900 candy, the production cost has been decreased from 0.5 to 0.48. Thus, the condition has been termed as economies of sales as there has been a drop in the cost with rising in the sales. Thus, option D is correct.
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Matt Shaw buys 100 shares of common stock for $8,000 in January. The value of the stock fluctuates in a narrow range (averaging $8,700) throughout the year. In November, when it has a value of $9,500, he donates it to a nonprofit entity. On December 31, the stock has a fair value of $8,200. At what amount should the nonprofit entity value the stock on its December 31 statement of financial position? Select one: a. $8,200
b. $8,000
c. $9,500
d. $8,700
Answer:
a. $8,200
Explanation:
The value of a stock is the price it can fetch from the market if it were to be sold immediately. Naturally, the price of a stock fluctuates as demand and supply level changes. If a company that issued the stock is performing well, its shares will be in demand leading to appreciation in price.
Mart Shaw will record the market price as the true value of the stock. Stock is a current asset. The market price is an accurate representation of the stock value. Any other price will be a misrepresentation which is against the accounting reporting principles.
The difference between the required rate of return on a given risky investment and that on a riskless investment with the same expected return is the
Answer:
The correct answer is risk premium.
Explanation:
Remember it with simple saying "With great risk there comes greater reward." Risk premium represents the extra return above the risk-free rate that an investor wants in order to be compensated for the risk. In other words, the riskier the investment, the higher the return the investor wants.
In order for a broker to write an offer for a buyer on a HUD-acquired property, the broker must use a:
Answer:
HUD sales contract
Explanation:
An HUD sales contract is a form that is filled by a broker concerning the sale of a property or properties. Filling an HUD sales contract is a very important knowledge that a sales agent must possess as it could either impress or discourage a buyer from purchasing a property. An HUD sales contract is also called HUD-9548.
I hope this helps.
Consider an industry with two firms producing similar products. Each firm’s total cost (in dollars) is given below. Mega Corp: TC = 5,000 + 100Q Big Inc: TC = 4,000 + 200Q When each firm produces 8 units, ______ has a lower total cost, and when each firm produces 12 units, ______ has a lower total cost.
When each firm produces 8 units, Big Inc has a lower total cost, and when each firm produces 12 units, Mega crop has a lower total cost.
Explanation:
When each product is made 8 units, Big Inc does have a smaller total cost, and when each company produces 12 units, Mega Crop does have a smaller total cost.
A single company producing goods without near competition has a monopoly, whereas an oligopoly market does have an amount limited of extremely large companies producing similar or slightly separate goods. For both cases, the entrance of other businesses is significantly impeded.
By nationalization of a good or service like postal system a government could create a monopoly.
A restaurant purchased kitchen equipment on Jan 1, 2016 for $40,000. It is estimated that the equipment will have a $4,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31
Answer:
$3,600
Explanation:
Asset was purchased on 1 January
Cost of Kitchen Equipment = $40,000
Salvage value = $4,000
Useful years = 10 years
Annual depreciation = ($40,000 - $4,000)/10
= $36,000/10
= $3,600
Depreciation to be recognized by December 31 is $3,600
The empirical method of study is based on ________. a. guesswork b. practice c. observation d. statistics
Answer:
Observation
Explanation:
Empirical studies is observational evidence-based analysis. It refers to a way of obtaining insight through directly and indirectly evaluation or practice. Empiricism views more than most types of work. It is possible to mathematically or subjectively evaluate empirical proof.
Research design in such studies varies depending on the area and the problem being examined. Several scientists combine theoretical and practical types of study to adequately respond to comments that can not be examined in laboratory conditions, especially in humanities and learning.
Thus, from the above we can conclude that the correct option is C.
The empirical method refers to a type of study based primarily on observation. Researchers in various fields use this method to gather and interpret data to draw conclusions.
Explanation:The empirical method of study is based primarily on observation. In essence, the empirical method involves using data collected through observation or experimentation to learn about the world. This type of study is often employed in the social and natural sciences, where researchers observe, record, and interpret data to draw conclusions. For example, a psychologist might use the empirical method to understand the impact of specific behaviors on mental health, by observing and compiling data from multiple patients' experiences with these behaviors.
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When is it acceptable under NASAA rules for an IAR to exercise discretionary authority over the account of an investor?
A) Only when the IAR gives written notification to the investor with the confirmation of the trade.
B) If the IAR receives authority via telephone and this is followed by written authority within 10 days, the IAR may exercise discretion over the account.
C) Only when the IAR is increasing or decreasing an existing position that is held by the investor.
D) If the IAR has suggested allowing discretionary authority, then the IAR may use discretionary authority.
Answer:
B) If the IAR receives authority via telephone and this is followed by written authority within 10 days, the IAR may exercise discretion over the account.
Explanation:
The members of the North American Securities Administrators Association (NASAA) must follow their Model Rule which allows IAR the use of discretionary authority with verbal authorization (in this case a telephone call), but the verbal authorization must be confirmed by a written authorization within 10 days.
if estimated land value is 225,000 total net operating income is 85,000 and interest on the estimated land value is 14% per year the annual net income residual to the building on the land is___________.
Answer:
Residual income is $53,500
Explanation:
To compute residual income, we have to find first the required minimum return by multiplying the value of an asset by the rate of return. Afterwards, we will deduct the minimum rate of return from the total net operating income of the period.
Residual income = net operating income - (minimum rate of return x value of an asset)
• = $85,000 - ( 14% x $225,000 )
• = $85,000 - $31,500
• = $53,500 (answer)
Which field of economics deals primarily with the problems faced by low-income countries?
Answer:
Development economics
Explanation:
Development economics is a field which deals with the problems dealt by low-income countries and low-middle income countries. The focus of development economics is to solve the development problems by using economic tools and to push these low-income countries to start trade with developing or developed countries. Development economics gained popularity, especially after globalisation, because it provided low-income countries with an opportunity to interact with other countries.
When firms successfully implement poor strategies (perhaps due to good luck) or do a poor job of implementing good strategies, it can be difficult to:
Answer:
evaluate performance and make adjustments.
Explanation:
Ron is interested at working at Gas’N’Go, but whenever he looks on their company Web site he doesn’t see any openings listed. What should Ron do?a.Ron should wait for six months before checking the company site again.b.Ron should check the company Web site once a week to look for openings.c.Ron should send a prospecting letter to see if there are any unadvertised openingsd.Ron should give up and look at different companies
Answer:
C) Ron should send a prospecting letter to see if there are any unadvertised openings
Explanation:
Since Ron doesn't see any openings at Gas N Go's website, he should send a prospecting letter to the company.
A prospecting letter is a formal document (along with a resume) that job applicants send to businesses to let them know they are interested in working there. This way the company can consider them in case a future opening shows up.
A competitive car wash currently hires 4 workers, who together can wash 80 cars per day. The market price of car washes is $5 per wash, and the price of workers is $60 per day. The car wash should hire a fifth worker if it would increase total production to at least:______
a. 92 cars per day.
b. 100 cars per day.
c. 104 cars per day.
d. 110 cars per day.
Answer:
Number of car washed is 92
So option (a) is correct answer
Explanation:
It is given that 4 workers can wash 80 cars per day
Means initially 80 cars are washed per day
And it is given that rate of car wash is $5 per car
Now price of workers is $60 per day
As per car wash is $5
So number of extra car washed [tex]=\frac{60}{5}=12[/tex]
So total number of car washed = 80 + 12 = 92 cars per day
So option (a) is correct answer
Which form of advertisement works well for an agent that deals with specialized properties?
Answer: newsletters
Explanation: A newsletter is a written or digital publication that includes information about a company or institution's operations that were sent to their stakeholders, clients, workers or other subscribing parties. Newsletters usually contain each of their users ' key topics of interest.
A newsletter might be regarded as gray literary works. E-newsletters are distributed digitally through e-mail or, if e-mail advertising has been sent unprompted, can be perceived as spam.
Thus, the agent selling specialized property can use this medium as the information will be sent only to interested parties.
April's disposable income increases from $500 to $750 and her savings increases from $100 to $150, then her marginal propensity to
a. save is 0.2.
b. consume is 5.
c. consume is 0.2.
d. save is 5.
e. save is 0.8.
Answer:
A) save is 0.2
Explanation:
Marginal propensity to save (MPS) is ratio of extra dollar saved from every extra dollar of income (increase in income). MPS is calculated by dividing change in saving by change in income.
Increase in saving = 50 (150 - 100)
Increase in income = 250 (750-500)
MPS: 50 / 250 = 0.2
Marginal propensity to consume (MPC) is ratio of extra dollar consumed from every extra dollar of income. MPC is calculated by dividing change in consumption by change in income.
Increase in consumption = (Increased income - increased saving) - (Previous income - previous saving)
Increase in consumption (750 - 150) - (500-100)
Increase in consumption = 600 - 400 = 200
Increase in income = 250 (750 - 500)
MPC = 0.8
Thus the correct answer is
A) MPs is 0.2
Suppose that a firm in a competitive market is currently maximizing its short run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th units is $9, and the average total cost of producing 50 units is $4, what is the firm's profit?a. $0
b. $450
c. $250
d. $200
Answer: b
Explanation:
$250 is the firm's profit. Thus, option C is correct.
What is the price?
Price, which is decided upon during a deal, is the dollar value of the a good, commodity, or resource. That whenever a seller or manufacturer has monopoly power, they are referred to as price producers. Alternatively, pricing can be established by the marketplace on its own when businesses are price takers.
The total revenue will be determined as:
Total Revenue = Price x Output
Total Revenue = $9 x 50
Total Revenue = $450
The total cost of the firm product will be determined as
Total Cost = ATC x Output
Total Cost = $4 x 50
Total Cost = $200
The profit of the firm will be determined within the market
Profit = Total Revenue - Total Cost
Profit = $450 - $200
Profit = $250
Therefore, option C ($250) is correct.
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An academic medical center is selecting a new database system for clinical research. The system needs to be "Part 11 compliant" in order to allow:
Answer: The medical center should replace it's paper records with the electronic records for the research if the system needs to be "Part 11 compliant".
Explanation:
An academic medical center who wants to select a new data base system for the clinical research, the medical center should change the paper record with the electrical records for the purpose of research, if the center wants the system to be part 11 compliant.
All the data bases of today's time are not on paper but are electrical in nature. Using this form of data base makes it easy for the research to be done. It is very easy to store data in such a form of database. If any correction is to be made, that can also be done with in seconds. Finding a particular entry is also very easy in such a data base system. This makes the work of the people very easy and saves a lot of time and efforts as compared to the time and efforts required in the data base which makes use of paper.
Lee's department store uses the every day low prices strategy. This strategy hinges upon the store's ability to obtain consumer goods at the cheapest possible price and passes these savings on to consumers. Lee's store also developed its own distribution network for supplying its retail outlets with consumer goods. This distribution network allowed them to cut out external suppliers and middlemen thereby driving down business costs further. This implies that the competitive strategy used by this store would most likely focus on ________.A) supply chain efficiencyB) supply chain visibilityC) supply chain effectivenessD) operational CRME) analytical CRM
Answer: (A) Supply chain efficiency
Explanation:
The supply chain efficiency is one of the competitive strategy in an organization where the various types of technology, activities are the resources are used for selling the products and the services from the supplier to the customers.
According to the given situation, this competitive strategy has the ability for obtaining the customer products and the services and this strategy is using the supply chain efficiency process.
Therefore, Option (A) is correct.
Phillip, owner of Technology Sales, said, "We have to focus on our customers and how can we beat the competition, so we have to be flexible." He encourages his R&D department to develop innovative products and focuses on being quick to respond to market changes. Technology Sales has a(n) _____.
1. market culture2. goal-driven agenda3. adhocracy culture4. clan culture5. focused approach
Answer:
2 goal driving agenda
Explanation:
The goal customer satisfaction. And that can only be achieved through understanding the competitors strength and weakness. A defined goal can make future earnings more lucrative.
As the product manager for the eatery division at Whole Foods, Jerry is responsible for analyzing sales data to help him manage his team. Today Jerry is analyzing his data using many different perspectives to identify different ways to improve his division. Which of the following common digital dashboard capabilities is Jerry using to analyze his department's success?
A. Slice-and-Dice
B. Competitive tables
C. Drill-down
D. Consolidation
Answer: Option A
Explanation: Slicing and Dicing relate to how details in a server can be segmented, presented and comprehended. Big data frames are divided into smaller sections and hence the process is repeated for deeper analysis till the appropriate amount of detail is reached.
Slicing relates to determining a cube sub-set by specifying a single number for one of its dimensions and making a narrower cube with a narrower dimension. On the other hand, dicing produces a sub cube by choosing several variables from either the cube's different dimensions. The cube is turned regardless of its size.
Thus, from the above we can conclude that the correct option is A.
The "unemployment rate" is the number of unemployed people divided by the ________. A) population B) number working C) number in the labor force D) None of these
Answer: Option C
Explanation: The unemployment rate refers to the proportion of the unemployed workforce, calculated as a percentage.
This is considered as a lagging indicator, which means this normally goes up or down in the midst of response to changing circumstances instead of predicting them. The unemployment rate could be expected to increase when the economic situation is in bad condition and job opportunities are scarce.
In order to evaluate the jobless rate, the amount of unemployed individuals is measured by the number of working and unemployed individuals in the total labor force.
A team of surgeons is working in the neuroscience unit of ColdMont Medical Hospital. The team has informally agreed to explain to the medical students interning at the hospital the specific procedures that are involved in a brain surgery. However, there are no formal guidelines mandating that students should be given an explanation. The team's agreed-on standards can be best categorized as _____
A) job descriptionsB) hierarchiesC) stretch goalsD) norms
Answer:
d)
Explanation:
Norms.
Hall and Donnell reported findings of five separate studies involving over 12,000 managers that explored the relationship between managerial achievement and attitudes toward subordinates. Overall, they found that managers who strongly subscribed to Theory X beliefs
A. were unlikely to have a pessimistic view of others.
B. were unlikely to rely on coercive, external control methods to motivate workers.
C. were highly likely to believe that workers were naturally motivated to work.
D. were highly likely to be in their lower-achieving group.
Answer:
D) were highly likely to be in their lower-achieving group.
Explanation:
Theory X refers to a motivation theory developed by Douglas McGregor. Theory X can be described as a pessimistic view of humanity and human workers. Managers who support theory X tend to dislike their own work and believe everyone else dislikes their work, are not ambitious and believe everyone else is not ambitious either, and finally don't like to assume responsibility over their actions and believe everyone else is like them.
So it shouldn't be a surprise that managers who support theory X are underachievers.
Hall and Donnell's studies found that managers who intensely align with Theory X tenets are highly likely to belong to the lower-achieving group. Theory X implies that employees are innately lazy and require continuous oversight.
Explanation:The studies conducted by Hall and Donnell into the attitudes of managers discovered that those who primarily identified with Theory X values were more likely to be members of the lower-achieving group. This is likely because Theory X presupposes that employees are inherently reluctant to work and need to be strictly supervised, which can result in negative managerial attitudes. An answer to your question is option D.
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Consumer sovereignty is more likely to be observed in what type of economic system?
Answer: Mixed economy
Explanation:
The consumer sovereignty is simply defined as the ability of consumers to control the type of goods and services available in the market by their demand behavior.
The mixed economy is a form of economic system where there is balance between the activities of the private companies and the government.
In the mixed economy the demand of consumers is the major determinant of products in the market, which indicates consumer sovereignty.
The owner of ProPhone has charted the company's marginal revenue and marginal cost for its latest line of smartphones, the Blazer. Use the chart to calculate the company's profit. If ProPhone sells four phones, the company will
a. break evenb. lose moneyc. maximize profitsd. make some profit
Answer: I found the Chart
Quantity / Price / Total Revenue / Marginal Revenue / Total Cost / Marginal Cost
0 220 0 0 90 0
1 200 200 200 170 80
2 180 360 160 200 30
3 160 480 120 290 90
4 150 600 120 340 50
5 140 700 100 400 60
6 135 810 90 500 100
7 130 910 100 620 120
Explanation: The correct answer is "d. make some profit".
Because while he is getting a little profit (600 - 340 = 260), he would maximize his earnings if he sold 6 units, (810 - 500 = 310).
Jeanie had always been interested in how individuals and businesses effectively allocate their resources in order to accomplish personal and organizational goals. That’s why she majored in economics and took on an entry-level position at an accounting firm. She is very interested in further advancing her career by looking into a specialization that builds upon her academic background, and her interest in deepening her understanding of how companies adjust their operating results to incorporate the economic impacts of their practices on internal and external stakeholders. Which specialization could Jeanie follow to get the best of both worlds?
Jeanie should chose
accounting to get the best of both worlds.
The correct answer is; financial accounting.
Further Explanation:
Since Jeanie has such diverse interests she can specialize in financial accounting to have the best of both worlds. With financial accounting, she can still help the individuals and businesses accomplish their goals with their resources at hand.
When she goes into financial accounting she will be able to learn a more detailed knowledge of the framework of accounting. In this field, she will be using the external reports of the financial records. She can learn how to read the financial statements of large corporations and even go higher in her career.
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Elle Inc. is a firm that holds frequent reviews and feedback sessions for its employees. It demands that the same person should review the employees of a team to ensure that the performance evaluation is consistent; tests—retests are conducted periodically to make sure the evaluation is consistent. These two steps taken by Elle focus on the _____ of performance management.
a) reliability
b) strategic congruence
c) specificity
d) acceptability
e) validity
Answer:
a) reliability
Explanation:
Based on the information provided within the question it can be said that these two steps taken by Elle focus on the reliability of performance management. This refers to making sure that you can count on the results that are gathered from the performance evaluation on the employees. Thus allowing you as a manager to manage the performance of those employees and provide correct feedback or decisions based on the results.