The adjusting entry required to record accrued expenses includes credit to a liability.
Adjusting entries are accounting entries made at the end of the accounting period to record the transactions that have occurred but have not yet been reported.
To record accrued expenses, the adjusting entry includes credit to a liability. This means that the company owes money for goods or services that have been received but not yet paid for.
An example of an accrued expense is the salary or wages owed to employees for work done but not yet paid for.
Adjusting entries are made for transactions that have occurred but have not yet been recorded in the accounts. These entries are made to ensure that the financial statements are accurate and complete.
The adjusting entry required to record accrued expenses includes credit to a liability.
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a central bank operating with discretion can achieve the same outcome as the central bank committed to a fixed rule of zero inflation if:
Answer:
a central bank operating with discretion can achieve the same outcome as the central bank committed to a fixed rule of zero inflation if it follows a consistent and credible policy that prioritizes achieving and maintaining price stability over other goals. This means that the central bank must be transparent and communicate its actions and intentions clearly, while also being responsive to changes in the economy and financial markets. Additionally, the government must provide the central bank with the necessary independence and resources to carry out its mandate effectively.
during year 1, chung corporation earned $6,600 of cash revenue and accrued $2,900 of salaries expense. required: based on this information alone: (hint: record the events in accounts under an accounting equation before satisfying the requirements.)
a. Prepare the December 31, Year 1, balance sheet. b. Determine the amount of net income that Chung would report on the Year 1 income statement.
Chung Corporation would report a net income of $3,700 on the Year 1 income statement.
How do we calculate the net income?a. To prepare the December 31, Year 1 balance sheet for Chung Corporation, we need to record the events in accounts under the accounting equation. The accounting equation is Assets = Liabilities + Owner's Equity.
1. Cash revenue earned: $6,600
This will increase the cash asset account.
Assets = Liabilities + Owner's Equity
Cash (Asset) = $6,600
2. Salaries expense accrued: $2,900
This is a liability as the salaries have not been paid yet.
Assets = Liabilities + Owner's Equity
Salaries Payable (Liability) = $2,900
Now, we can prepare the balance sheet:
Assets:
Cash: $6,600
Liabilities:
Salaries Payable: $2,900
Owner's Equity:
To calculate Owner's Equity, we need to subtract Liabilities from Assets:
Owner's Equity = Assets - Liabilities
Owner's Equity = $6,600 - $2,900
Owner's Equity = $3,700
December 31, Year 1 balance sheet:
Assets: Liabilities and Owner's Equity:
Cash: $6,600 Liabilities:
Salaries Payable: $2,900
Owner's Equity:
$3,700
b. To determine the amount of net income that Chung Corporation would report on the Year 1 income statement, we need to consider revenues and expenses.
Revenues:
Cash revenue: $6,600
Expenses:
Salaries expense: $2,900
Net Income = Revenues - Expenses
Net Income = $6,600 - $2,900
Net Income = $3,700
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If a government wishes to fix the value of a currency __________ its equilibrium value in the foreign exchange market, then it can engage in monetary policy to __________ interest rates, thereby increasing capital flows into its country. A) Below; increase
B) Above; decrease
C) Above; increase
D) Below; stabilize
When a government wishes to fix the value of a currency below its equilibrium value in the foreign exchange market, it can engage in monetary policy to increase interest rates, thereby increasing capital flows into its country.
In this situation, the government is seeking to increase demand for its currency in order to raise its value above the market equilibrium level. By increasing interest rates, the government is making its currency more attractive to foreign investors, who will then be more likely to invest in the country and buy its currency.
This increase in demand will cause the value of the currency to rise, which will bring it closer to the government's desired level.
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select costs are those expended to keep nonconforming goods and services from being made and reaching the customer; select costs are those expended on ascertaining quality levels through measurement and analysis of data to detect and correct problems. true or false
The given statement "The costs that are expended to keep nonconforming goods and services from being made and reaching the customer are prevention costs, while the costs that are expended on ascertaining quality levels through measurement and analysis of data to detect and correct problems" is false because prevention costs refer to the cost of preventing quality issues before they occur.
This includes both proactive and reactive measures, such as designing quality into the product, testing the product or service, and planning for quality. Examples of prevention costs include:
Training of employees and suppliers to prevent defects from occurring in the first placeQuality engineering and product development to prevent defects from occurring in the design stageCreating a quality control system that is designed to detect and prevent defects before they occurAppraisal costs are the costs associated with detecting and measuring quality problems. This includes both proactive and reactive measures such as inspection, testing, and statistical process control. Examples of appraisal costs include:
Incoming quality inspections to ensure that materials meet specificationsInspection of products or services during production to identify quality problemsInspection of finished products to ensure that they meet customer requirementsTesting of products or services to determine whether they meet specifications.You can learn more about prevention costs at: brainly.com/question/17311586
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a local electronics retailer asked sales associates to stay late several evenings one week for training on the current merchandise sold in store and new mobile devices to help consumers with product assistance or ordering while in store. this retailer is educating his employees in order to help combat what omni-channel shopping behavior?
The retailer is educating his employees to help combat D. showrooming as an omni-channel shopping behavior.
Showrooming is when customers visit a brick-and-mortar store to examine products in person but ultimately make their purchase online, often at a lower price. By training sales associates on the current merchandise and new mobile devices, the retailer aims to provide better in-store assistance, enhance customer experience, and encourage consumers to make their purchases at the physical store instead of looking for cheaper alternatives online.
The goal is to minimize the impact of showrooming by offering knowledgeable staff who can provide valuable insights, answer questions, and offer personalized product recommendations. This approach allows the retailer to leverage the advantages of in-person shopping, such as immediate gratification and the ability to see, touch, and try products before buying, to persuade customers to purchase in-store. By improving the overall shopping experience and creating added value, the retailer hopes to build customer loyalty and increase sales.
In contrast, web rooming (A) is the opposite of showrooming, where customers research products online before buying them in a physical store.
Single-channel shopping (B) refers to customers using only one platform to make their purchases.
In-store shopping (C) is the traditional method of buying products at a physical retail location.
Sequential shopping (E) is when customers make purchases across different channels in a specific order or sequence. None of these behaviors directly address the problem of showrooming, which the retailer is trying to combat.
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A local electronics retailer asked sales associates to stay late several evenings one week for training on the current merchandise sold in-store and new mobile devices to help consumers with product assistance or ordering while in store. This retailer is educating his employees in order to help combat what omni-channel shopping behavior?
A. web rooming
B. single-channel shopping
C. in-store shopping
D. showrooming
E. sequential shopping
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A firm's culture, brand equity, and intellectual property are examples of ______.
A firm's culture, brand equity, and intellectual property are examples of intangible assets.
What are intangible assets?Intangible assets are long-term resources that lack a physical existence and are not traded like financial assets. Intangible assets are either identifiable or non-identifiable. Identifiable intangible assets arise from contractual or legal rights, whereas non-identifiable intangible assets lack a clear contractual or legal right to their continued use, but are valuable to the business.
Trademarks, patents, copyrights, trade secrets, and brand equity are examples of intangible assets. The following are examples of intangible assets: trademarks patents copyrights trade secrets brand equity customer lists patents employee know-how Other examples of intangible assets include customer relationships, unpatented technology, contracts, software, and licenses to operate a particular company.
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a price floor will: multiple choice question. lower the minimum wage. change the incentives that both buyers and sellers face. decrease profits for sellers. lower prices for buyers.
Answer: A price floor will change the incentives that both buyers and sellers face. This statement is true regarding a price floor.
Explanation:
What is a price floor?
A price floor is a government-imposed minimum price for a commodity or service, typically implemented to help suppliers earn a minimum profit or wage. A price floor, also known as a minimum price, is a legal restriction that does not allow the price of a good or service to fall below a certain level.
In economics, a price floor is a government or group-imposed price level that is above the market equilibrium price level. A price floor results in a surplus supply and a shortage of demand. The price floor must be set above the equilibrium price to prevent a decrease in price. This is the reason for a price floor's existence. The minimum wage law is an example of a price floor.
What does a price floor do?
A price floor shifts the supply curve upward and the demand curve downward, causing a surplus, which is a price greater than the equilibrium price. When the price floor is applied to the labor market as a minimum wage, it creates a surplus of labor, resulting in unemployment in the market.
What changes do buyers and sellers face with the imposition of a price floor?
A price floor changes the incentives that both buyers and sellers face. When a price floor is imposed, sellers' incentives increase because they can now charge more for their products or services. However, buyers' incentives to purchase a product or service diminish because the price has been set above the market equilibrium price. The result is a decrease in the number of goods or services that consumers buy and an increase in the number of goods or services that suppliers provide.
Therefore, a price floor results in a change in the incentives that buyers and sellers face.
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impairment losses on property, plant and equipment are normally reported on the income statement as:
Impairment losses on property, plant, and equipment are typically reported as an expense on the income statement.
What is Impairment losses on property, plant, and equipment?Impairment losses on property, plant, and equipment refer to a decrease in the value of these long-term assets due to a significant and/or unexpected decline in their fair market value or usefulness.
Impairment losses on property, plant, and equipment are typically reported as an expense on the income statement. The expense is recognized when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell or its value in use.
The impairment loss is calculated as the difference between the carrying amount of the asset and its recoverable amount. This loss is recognized in the period in which it is identified and is reported as a separate line item on the income statement, typically under the heading "impairment loss on property, plant and equipment."
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a luxury car company that markets its products to consumers who have a strong need to project an image of power and success uses which method of market segmentation?
The luxury car company is using demographic segmentation. Demographic segmentation involves dividing the market into segments based on variables such as age, gender, income level, family size, and occupation. This allows the company to target consumers who have a strong need to project an image of power and success.
Demographic segmentation is a method of market segmentation that involves dividing a market into subgroups based on demographic variables, such as age, gender, income, education, occupation, marital status, family size, and ethnicity. This type of segmentation allows companies to tailor their marketing efforts and product offerings to specific demographic groups that are likely to have different needs, preferences, and purchasing behaviors. For example, a company that sells baby products may target its marketing efforts toward new parents, while a company that sells luxury cars may target high-income consumers who are likely to have more disposable income to spend on expensive cars.
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which type of arrangement is created when a company sells its product line to another firm that agrees to maintain its high levels of quality? joint venture wholly owned subsidiary exporting licensing
The type of arrangement created when a company sells its product line to another firm that agrees to maintain its high levels of quality is a subsidiary.
What is a Subsidiary?A subsidiary is a company that is controlled by another company, called the parent company. In this case, the parent company is selling its product line to the subsidiary, and the subsidiary is agreeing to maintain the high levels of quality of the product line.
This allows the parent company to retain some control over the product line while also benefiting from the subsidiary's resources and expertise.
Thus, the answer is: C. Subsidiary.
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Complete Question:
Which type of arrangement is created when a company sells its product line to another firm that agrees to maintain its high levels of quality?
A. joint venture
B. wholly owned
C. subsidiary
D. exporting licensing
darren has been found guilty of four violations relating to fraud in the practice of real estate activities, and has been levied civil penalties. if each violation has been assigned the maximum civil fine amount, how much will darren be fined?
If each of the four violations has been assigned the maximum civil fine amount, Darren will be fined $4,000 in total.
If each violation has been assigned the maximum civil fine amount, and there are four violations in total, the total amount of fines would be $1,000 per violation, for a total of $4,000. It is not uncommon for regulatory agencies to assign financial penalties for violations of rules or regulations, with the amount of the penalty determined by the severity of the violation and other factors.
In this case, Darren has been found guilty of four violations relating to fraud in the practice of real estate activities, and has been levied civil penalties. The total amount of the fine is calculated by multiplying the amount of the penalty by the number of violations.
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when firms decide how much labor to hire, one of the factors that influences them is the group of answer choices
When firms decide how much labor to hire, one of the factors that influence them is the wage rate.
Labor is an important factor of production, and its demand is derived from the demand for the product it produces.
Firms need to decide how much labor to hire in order to achieve maximum profits.
How much labor to hire is determined by considering various factors, including the cost of labor, labor productivity, and the demand for the product. Wages which are the price of labor, are a key factor that influences the quantity of labor demanded by the firms.
Therefore, the wage rate is one of the factors that influence the decision of firms when deciding how much labor to hire. The wage rate is determined by the interaction of demand and supply for labor in the labor market. The higher the wage rate, the higher the cost of labor, and the lower the quantity of labor demanded by the firms.
Hence, firms will try to balance the cost of labor and the productivity of labor to achieve maximum profits.
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which of the following retains the same information but is concise and is written with appropriate business style and tone? is there anyway i can earn 12 points to get a c, i just reread the syllabus i thought the optional assignments didnt count. if its not too late i would love to complete two of those assignments.
To write the same information but more concisely with the appropriate business style and tone, you could write something like this:
If possible, I would like to complete two of the optional assignments to earn 12 points and achieve a C grade.
After rereading the syllabus, I realize I was mistaken about the assignments not counting. Please let me know if this is still possible.
To earn a C grade, it is essential to complete all the required assignments and also the optional assignments, and you must receive a grade of 70% or higher.
The syllabus provides all the necessary information, and I will make sure to read it thoroughly in the future to avoid confusion. In the business style and tone,
it is essential to convey the necessary information concisely while maintaining a professional tone. It is essential to avoid using unnecessary phrases and focus on the core message.
Also, avoid the use of jargon, slang, and informal language in the business style and tone.
The following retains the same information but is concise and is written with appropriate business style and tone:
If possible, I would like to complete two of the optional assignments to earn 12 points and achieve a C grade.
After rereading the syllabus, I realize I was mistaken about the assignments not counting.
Please let me know if this is still possible. To earn a C grade, it is essential to complete all the required assignments and also the optional assignments, and you must receive a grade of 70% or higher.
The syllabus provides all the necessary information, and I will make sure to read it thoroughly in the future to avoid confusion.
In the business style and tone, it is essential to convey the necessary information concisely while maintaining a professional tone.
It is essential to avoid using unnecessary phrases and focus on the core message.
Also, avoid the use of jargon, slang, and informal language in the business style and tone.
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when a bank grows by establishing a new branch rather than acquiring a branch from an existing bank, this is called a(n) branch
When a bank grows by establishing a new branch rather than acquiring a branch from an existing bank, this is called a de novo branch. A de novo branch is a newly created bank branch.
A de novo branch is one that has been created from the ground up. A new bank branch is constructed and opened by the bank in order to serve clients in a specific region. The word "de novo" comes from the Latin phrase "from the beginning" or "anew," and it is used to describe a branch that is built from the ground up.
When a bank establishes a new branch, it must recruit new customers, establish new relationships, and build up its business from the ground up in order to grow. It is a contrast to a bank that acquires a branch from another bank.
Examples of de novo branches include banks that open a branch in a new geographical area or banks that establish a brand new location to provide new services.
New branches will allow a bank to increase its exposure in a certain region and offer a wider range of services to customers.
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what is the main reason that business organizations buy products? multiple choice question. to increase profitability to improve decision making to differentiate their products from those of competitors to satisfy employees
The main reason that business organizations buy products is to increase profitability. This is because they can save money by purchasing needed products rather than creating them themselves, which allows them to improve their bottom line.
Additionally, purchasing products can help improve decision making as businesses can select the best product for their needs, as well as differentiate their products from those of competitors, allowing them to remain competitive.
Overall, businesses purchase products to increase their profitability and remain competitive. Doing so allows them to save money and make the best decisions for their needs, ultimately leading to improved business success.
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what does a broker do if the buyer of an industrial complex wants the earnest money to be placed in an interest bearing trust account with the interest being paid to the buyer at closing? the broker is not authorized to use an interest-bearing account.
A trust account that earns interest and pays it to the buyer upon closing Without the seller's consent, the broker may carry out the buyer's instructions.
Earnest money can be connected to the offer, although it is typically delivered after the sales contract or purchase agreement is signed. When a deposit is made, the money is typically kept in an escrow account until closing, when it is used to cover the buyer's closing costs and down payment.
An agent or broker becomes an escrow agent as soon as they accept an earnest money deposit on behalf of a seller, and the funds are then put into an escrow account. The earnest money is typically not released after it enters escrow unless both parties agree in writing to do so.
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Working for wages at an ice cream stand is an example of an exchange that happens in the resource market.a. Trueb. False
This statement is true. Working for wages at an ice cream stand is an example of an exchange that happens in the resource market.
What is the resource market?The resource market is the market where the resources used to manufacture goods and services are sold. The workers are the main resource, as they provide labor services, but other resources such as raw materials are also sold. The resource market is driven by the laws of supply and demand, with the cost of the resources determined by the value of the work they provide to production.
Because working for wages at an ice cream stand is an exchange where labor is supplied in exchange for payment, this exchange falls under the resource market category. Workers trade their labor for a wage with the business owner, who is a buyer of labor resources in this case. Therefore, working for wages at an ice cream stand is an example of an exchange that occurs in the resource market, and the statement is true.
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the use of a tagging system for inventory taking is designed to prevent double counting of goods. group startstrue or false
the given statement is true as the tagging system is designed to prevent double counting of goods.
The use of a tagging system for inventory taking is designed to prevent double counting of goods. This statement is true.What is a tagging system?A tagging system is a method of keeping track of inventory by affixing a numbered or labeled tag to each item.
The items are then sorted and recorded in an inventory system with the corresponding tag numbers.The following benefits are provided by a tagging system:
Preventing double counting of goodsIt helps in the counting of stock so that no item is counted twice or missed.Reducing the number of data entry errors.
It increases inventory accuracy as well as speed.Most importantly, it aids in the quick identification of inventory since each item has a unique number or label.
Therefore, the given statement is true as the tagging system is designed to prevent double counting of goods.
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what are the eight stages of the organizational buying process? explain them and what it means to a hospitality sales person?
The 8 stages of the organizational buying process are as follows: Need Recognition, Information Search, Evaluation of Alternatives, Supplier Selection, Negotiations, Purchase Decision, Order Specification.
1. Need Recognition: The first stage of the organizational buying process occurs when the company identifies a need for a specific product or service.
2. Information Search: Once the need is recognized, the company will begin to search for information about potential solutions.
3. Evaluation of Alternatives: At this stage, the company evaluates the various options available to them and weighs the pros and cons.
4. Supplier Selection: At this point, the company narrows down their list of potential suppliers to a few candidates.
5. Negotiations: This stage involves negotiating prices, terms, and other details with the chosen supplier.
6. Purchase Decision: The company makes its final decision on which supplier to go with.
7. Order Specification: The company will provide detailed information on the product or service being purchased.
8. Order Routine Specification: The company sets up a process to manage the order.
For a hospitality sales person, understanding the 8 stages of the organizational buying process can be helpful in planning sales strategies and effectively engaging with customers. Being aware of the different stages and how customers think through the process can help a sales person identify potential needs and anticipate questions and objections.
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many companies provide miniature on their staff members, especially those in the upper echelon of the organization. a. articles b. newspapers c. biographies d. newsletters
Many companies provide miniature biographies on their staff members, especially those in the upper echelon of the organization. The miniature biographies can be found in company newsletters.
A miniature biography is a brief biography that gives an overview of the most important aspects of a person's life. A miniature biography is generally 1-2 pages long and focuses on the person's accomplishments, education, and employment history. Miniature biographies are used to introduce a person to others, such as members of an organization, or to provide background information about a person in a publication or online.
Many companies provide miniature biographies on their staff members, especially those in the upper echelon of the organization. The miniature biographies can be found in company newsletters. This allows other employees to get to know their coworkers better and to understand their job responsibilities, skills, and experience. It also helps build a sense of community within the organization as employees feel more connected to each other.
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shadia is a first-line supervisor at rooftop corporation. she is most concerned with which level of goals?
Shadia is most concerned with operational goals as a first-line supervisor at Rooftop Corporation.
Operational goals are short-term goals that need to be completed within a specific time frame. These goals are usually set by upper management, but it is the supervisor’s responsibility to ensure these goals are met.
Operational goals are the backbone of a successful business and their success relies on the supervisor’s ability to motivate and manage their team.
As a supervisor, Shadia is responsible for setting specific goals for her team, tracking the progress of each team member, and providing feedback to her team as needed.
Operational goals are also important for staying on schedule and meeting deadlines. Shadia’s focus on operational goals is essential to ensure Rooftop Corporation runs smoothly and efficiently.
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speedy assembly company promises its employees a 10-percent raise at the end of the year if productivity has increased and management feels it is warranted. speedy must
The Speedy Assembly Company has promised its employees a 10-percent raise at the end of the year if productivity has increased and management deems it warranted.
About Speedy Assembly CompanyIn order to ensure that this promise is fulfilled, the company must take certain measures.
Firstly, the company must monitor productivity levels and evaluate if the increase is sufficient for a raise. Secondly, the management should evaluate other factors, such as employee performance and morale, to ensure that the raise is justified.
Finally, the management should communicate the decision to the employees in a timely and respectful manner. By taking these steps, the Speedy Assembly Company can make good on its promise and reward its employees for their hard work and dedication
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in financial planning, the numbers expressed in an income statement, balance sheet, and cash flow statement are assessments of a. short-term and long-term goals. b. net worth. c. alternatives. d. timing. e. the current situation.
In financial planning, the numbers expressed in an income statement, balance sheet, and cash flow statement are assessments of E: the current situation.
The income statement, balance sheet, and cash flow statement are financial reports that provide information about an individual or organization's financial performance and position at a specific point in time. The income statement shows the revenue and expenses over a period of time, the balance sheet shows the assets, liabilities, and equity at a specific point in time, and the cash flow statement shows the inflows and outflows of cash over a period of time.
By examining these financial statements, individuals and organizations can assess their current financial situation and make decisions about how to allocate resources and plan for the future.
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kala is financing a house for $123,500. she has to pay $300 plus 1.05% for a brokerage fee. how much are the mortgage brokerage fees? (2 points) $429.68 $1,296.75 $1,596.75 $2,152.50
The mortgage brokerage fees for Kala's house are $1,296.75. Therefore, the correct option is b.
Kala is financing a house for $123,500. She has to pay $300 plus 1.05% for a brokerage fee. The amount of mortgage brokerage fees can be calculated using the following formula:
Total Mortgage Brokerage Fees = (Percentage fee x Mortgage amount) + Flat fee.
In this case, Mortgage amount = $123,500, Flat fee = $300, and Percentage fee = 1.05% = 1.05/100 = 0.0105
Substitute the given values in the formula:
Total Mortgage Brokerage Fees = (0.0105 x $123,500) + $300= $1,296.75
Therefore, the amount of mortgage brokerage fees are $1,296.75. Hence, option (b) is correct.
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The market price of cheeseburgers in a college town increased recently, and the students in an economics class are debating the cause of the price increase. Some students suggest that the price increased because several burger joints in the area have recently gone out of business. Other students attribute the increase in the price of cheeseburgers to a recent increase in the price of calzones at local pizza parlors
The second group of students attribute the decrease in the price of cheeseburgers to the increase in the price of french fries. The supply curve will shift to the right while the demand curve will shift to the left.
More cheeseburgers are produced at every price point as beef prices fall, therefore the supply curve moves to the right. Be aware that this model predicts that as the price falls, the quantity demanded rises. Rather than a change in demand itself, this is demonstrated by a movement along the demand curve.
Given that they are frequently consumed together, it is logical to assume that cheeseburgers and french fries go well together. People give up some of their cheeseburger consumption when the price of french fries rises.
The demand for cheeseburgers declines as a result. The quantity supplied reduces as a result of the equilibrium price of cheeseburgers falling. The supply curve's movement serves as an illustration of this.
The market demand change for cheeseburgers must have been greater than the market supply shift if the equilibrium number of cheeseburgers decreases.
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Correct question:
The market price of cheeseburgers in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because the price of beef, an important ingredient for making cheeseburgers, has decreased. Other students attribute the decrease in the price of cheeseburgers to a recent increase in the price of french fries. Everyone agrees that the increase in the price of french fries was caused by a recent increase in the price of potatoes, which are not generally used in making cheeseburgers.
The first group of students think the decrease in the price of cheeseburgers is due to the fact that the price of beef, an important ingredient for making cheeseburgers, has decreased.
On the following graph, adjust the supply and demand curves to illustrate the first group's explanation for the decrease in the price of cheeseburgers.
The second group of students attribute the decrease in the price of cheeseburgers to the increase in the price of french fries.
On the following graph, adjust the supply and demand curves to illustrate the second group's explanation for the decrease in the price of cheeseburgers.
Suppose that both of the causes suggested by the students are partly responsible for the decrease in the price of cheeseburgers. Based on your analysis of the explanations offered by the two groups of students, how would you figure out which of the possible causes is the dominant cause of the decrease in the price of cheeseburgers?
For each of the descriptions 1-6, match the correct word or phrase from A-H A. Inspection of tangıible assets B. Confirmation C Tracing on221 D. Vouching E. Inquiry F External-internal evidence G. Audit plan
H. Substantive procedures
1. Documentation prepared by independent parties and sent to the client 2. Proceeding forward through the accounting and control system from the evidence to the financial statements 3. Audit of details of transactions and balances 4. Audtprocedure that provides compelling evidence of existence 5. Direct correspondence with independent parties 6. A list of audit procedures
Order of the correct answer is B. Confirmation E. Inquiry H. Substantive procedures A. Inspection of tangible assets C. Tracing on 221 F. External-internal evidence G. Audit plan
For each of the descriptions 1-6, match the correct word or phrase from A-H as follows:
A. Inspection of tangible assets
B. Confirmation
C Tracing on221
D. Vouching
E. Inquiry
F External-internal evidence
G. Audit plan
H. Substantive procedures
1. Documentation prepared by independent parties and sent to the client - Confirmation
2. Proceeding forward through the accounting and control system from the evidence to the financial statements - Tracing on 221
3. Audit of details of transactions and balances - Substantive procedures
4. Audit procedure that provides compelling evidence of existence - Inspection of tangible assets
5. Direct correspondence with independent parties - Inquiry
6. A list of audit procedures - Audit plan
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according to the interstate land sales full disclosure act, the buyer of land covered by this law must be given the opportunity to rescind the sales contract within____
According to the Interstate Land Sales Full Disclosure Act, the buyer of land covered by this law must be given the opportunity to rescind the sales contract within 7 days.
The Interstate Land Sales Full Disclosure Act is a US law that regulates the sale of land by property developers and seeks to safeguard potential buyers from fraud, misrepresentation, and other shady sales tactics.
The Act demands the developer to give the buyer with a detailed disclosure statement before they sign the sales contract. The statement must contain material details about the land and its ownership, zoning and land use, soil and geological data, and any access rights to the land.
The developer must also notify the buyer of their right to rescind the sales contract within seven days of receiving the statement. They are allowed to request a refund of any deposits made within the seven-day period.
In conclusion, the buyer of land covered by the Interstate Land Sales Full Disclosure Act must be given the opportunity to rescind the sales contract within 7 days.
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in baum v. helget gas products, incorporated, what was the outcome of the handwritten notes that were claimed to comprise an employment contract?
Handwritten notes can be considered a legally binding employment contract. This was the outcome in the baum v. helget gas products, inc., regarding handwritten notes.
A contract of employment is commonly defined as a "contract of service."
Historically, a contract of service was distinguished from a contract for the supply of services, with the expression changed to imply the distinction between someone who is "employed" and someone who is "self-employed." The dividing line's purpose is to grant rights to certain types of people who work for others.e assumption is that people who are truly self-employed should be able to manage their own affairs.
So, The Handwritten notes can be considered a legally binding employment contract.
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3. when countries try to ban child labor, a. gdp increases b. most children start to attend school c. family poverty decreases d. child labor often moves to the informal economy
When countries try to ban child labor, it does not necessarily lead to an increase in GDP or a decrease in family poverty
In this case option D is correct.
Using children under the age of 18 in any type of job that robs them of their childhood, their potential, and their dignity is referred to as child labour. It violates children's rights and is a serious social issue.
Access to education, healthcare, and other fundamental services that are essential for children's physical, emotional, and cognitive development is frequently denied to children who work. Several industries, including agriculture, mining, manufacturing, and services, use child labour. Children may work under risky or exploitative circumstances, which may lead to accidents, sicknesses, or even fatalities.
Several international treaties and legislation, such as the International Labour Organization and the United Nations Convention on the Rights of the Child (UNCRC), forbid child labour and support education.
In this case option D is correct.
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what is it called when a business can offer a product for cheaper because they can make it for less cost
The term used to describe when a business can offer a product for cheaper price because they can make it for less cost is known as cost advantage.
The ability of a company or country to produce a product at a lower cost than its competitors, allowing it to offer a lower price to customers and/or generate a greater profit margin is referred to as a cost advantage.
A cost advantage can be generated in a variety of ways, including the use of technology, economies of scale, or labor cost advantages, among others.
As a result, companies with a cost advantage can sell their products at lower prices while still making a profit. This can help the company to establish a competitive advantage and outperform competitors.
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