When domestic currency can purchase just as many things overseas as it does at home, this is known as purchasing power parity.
A currency is the uniformization of money used or in use as a medium of trade, including banknotes and coins. A currency is also a system of money that has been regularly used over time in a specific location, especially by citizens of a country state. This definition of a currency is more general. Trading of currencies across nations and their use as value repositories are made possible by currency exchange markets, which determine the relative values of the various currencies. In this sense, currencies are formed by governments or by users, and each type has unique limitations on acceptance, such as laws demanding a particular unit of account for payments to governments.
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What happens when money supply increases?
Interest rates are typically lowered when there is an increase in the money supply. This leads to more investment and more money in the hands of consumers, which in turn encourages spending.
As a result, more raw materials are ordered and production is increased.
Does an expansion in cash supply cause expansion?When an economy's money supply grows faster than the economy's capacity to produce goods and services, this is known as inflation.
When the money supply grows, what happens to the price level?The price level changes as a result of the same change in the money supply (M) that occurs when output (Y) is increased but the money supply (M) is increased. To put it another way, output does not change, but the price level also rises when the money supply doubles.
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All of the following are harmful environmental impacts that are the result of emissions from burning coal except
a. carbon dioxide emissions, a potent greenhouse gas.
b. particulate matter emissions that contribute to air pollution.
c. sulfur oxides and nitrogen oxides that contribute to acid depositions.
d. airborne mercury with the potential to cause illnesses.
limestone particles transported by wind currents with the potential to damage ecosystems.
The answer is Limestone particles transported by wind currents with the potential to damage ecosystems.
Burning coal does not typically produce Limestone particles, which are more commonly associated with the burning of other fuels such as oil and natural gas. Limestone particles can damage ecosystems by causing air and water pollution, which can lead to decreased plant and animal health.
An ecosystem is a community of living organisms (plants, animals and microbes) in a particular area. The term `eco' refers to a part of the world and `system' refers to the co-ordinating units.
Types of Ecosystem :
Forest Ecosystem.
Grassland Ecosystem.
Tundra Ecosystem.
Desert Ecosystem.
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What do Agile teams use to break their work into small deliverable elements?
Agile teams enables more effective collaborations between teams working on difficult projects by allowing teams to create projects in manageable chunks known as "sprints." and use user stories to break their work into small deliverable elements
An Agile team is a collection of staff members, subcontractors, or contract employees in charge of carrying out an Agile project. Agile teams frequently work in close proximity to one another and are free from duties to other tasks during the project's timeline. Every individual needed to generate the final good or service is a requirement for an Agile team. The team is often cross-functional, and responsibilities will change based on the requirements of the task and the kind of Agile framework selected.
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What are the 4 factors of sustainability?
Socio-cultural respect, community involvement, political cohesiveness, economic stability, and environmental sustainability make up the four pillars of sustainability.
Fulfilling the requirements of the present generation without compromising those of the future requires sustainability, which involves striking a balance between economic development, environmental protection, and social well-being.
By recognizing, advancing, and preserving fundamental human needs including human rights, equality, health, culture, and religion today and into the future, we as a country can ensure the well-being of our community.
Programs promoting local involvement and sustainability increase community awareness while also expanding the reach of government initiatives. The path forward for inclusive and sustainable development is to work with communities to improve knowledge and options in village development projects.
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What factors affect an adjustable rate mortgage?
interest rate for new loans, length of the initial phase, After the introduction period, the frequency of interest rate changes (such as per year) is one of the elements that effect an adjustable rate mortgage.
What is an adjustable-rate mortgage's biggest drawback?The likelihood of your rate increasing is a major drawback of an ARM. Your payment will climb if rates have gone up since you took out the loan.
What results in a rising adjustable-rate mortgage?Based on the market, the index varies. An adjustable-rate mortgage, loan's interest rate fluctuates based on changes in the index and the loan's margin. When you apply for the loan, the lender chooses which index your loan will use, and this decision often won't alter after closing.
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How can cost-benefit analysis help the government choose among alternative investment projects?
The main advantage of cost-benefit analysis is that it may direct investment choices, particularly in the public sector. The Government can select the most advantageous option among them based on a cost-benefit analysis given the resource constraints.
How can the government profit from using cost-benefit analysis?
Cost-benefit analysis has been employed as one technique. In order to evaluate and analyze the discounted streams of future benefits and costs connected with a planned project in terms of money, this tries to accomplish for government programs what the forces of the market do for corporate projects.
What are cost-benefit analyses used for?
It is typical to anticipate that supply and demand will balance out. Comparing the costs and benefits of a certain course of action is the aim of cost-benefit analyses.
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Who is responsible for NAFTA?
Presidents George H. W. Bush of the United States, Carlos Salinas de Gortari of Mexico, and Brian Mulroney of Canada agreed to negotiate what would become NAFTA.
What is the purpose of NAFTA?
The agreement went into force on 1 january, 1994. All investments and trade barriers—tariff and nontariff—between the US, Canada, and Mexico are intended to be eliminated by NAFTA.
NAFTA: Did it benefit or harm the US?
Key Learnings. Increased commerce, economic output, foreign investment, and lower consumer costs were some benefits of NAFTA. When domestic firms moved to Mexico, where wages are cheaper, it resulted in the loss of American jobs and a decrease in pay in American manufacturing facilities.
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romeo juliet airline discovers that the price elasticity of demand coefficient for its airline tickets is 0.90. if romeo juliet raised its price by 10%, what would likely happen to its total revenue, all else equal?
The procedures below can be used to multiply a number by a specific percentage. To find one hundredth of a number, divide the desired increment by 100. Decide on a percentage and multiply it by 1%. Then, multiply it by the previous figure. The Correct Answer is increase by 1%.
How do I calculate percentage increase over time?Subtract the smaller number from the larger one. Step 4 will be your next step if you have previously determined the percentage change.Divide the answer by one and subtract it.Divide this new sum by 100. Now that you know the percentage change.By the amount of time between the two values, divide the percentage change.You now own the % growth over time. Always keep in mind that the units are % / [time], where time is the number you divided by, such as s for seconds or min for minutes. Please be aware that compounding is not taken into account.To calculate the % change between the two times for linear graphs, multiply this value by any time difference.You may solve algebraically for non-linear plots by simply substituting your equation for the larger integer. All that will be determined is the percentage difference between the inputted number and the starting point.The Complete Question is increase by 1%.
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a. Dominating
b. Obliging
c. Compromising
d. Integrating
e. Avoiding
Match each of the options above to the items below.
Milton always finds something petty to be upset about. Today Milton is complaining to you that he did not get a shiny new red Swingline stapler like his office mate did
1. Lauryl works hourly shifts at a restaurant and she isn’t happy about her schedule for the upcoming week. You are Lauryl’s coworker and offer to switch schedules with her this week. You don’t have much going on outside of work this week, and one day in the future you may need a favor from her.
2. Your company withdrew the funding you planned to use to put your employees up at a really fancy hotel on this week’s work trip. Instead, you’ll have to stay at a cheap motel and double up in rooms. You announce the disappointing news and quickly move on to other business. There’s no point in fielding questions or complaints since the money just isn’t there.
3. Stanley and Phyllis are both top salespeople at their company. Both believe that the biggest, most important potential clients should be given to them. They decide that a good system is to alternate evenly—one important potential client goes to one of them, then the next goes to the other, etc.
4. Your department has just been given a $4,000 end-of-year bonus. Everyone has an opinion on how it should be spent, including fancy new desk chairs, a big party, a new copy machine, and new laptops. You take a few days to evaluate the office’s needs using historical data and discussing options with each employee individually before finally arriving at a decision that you believe everyone will see as the best decision for all in the group.
Milton always finds something petty to be upset about. Today Milton is complaining to you that he did not get a shiny new red Swingline stapler like his office mate did .This is the correct match 1. Compromising
2. Avoiding
3. Integrating
4. Obliging
1. Lauryl works hourly shifts at a restaurant and she isn’t happy about her schedule for the upcoming week. You are Lauryl’s coworker and offer to switch schedules with her this week. You don’t have much going on outside of work this week, and one day in the future you may need a favour from her. - Compromising
2. Your company withdrew the funding you planned to use to put your employees up at a really fancy hotel on this week’s work trip. Instead, you’ll have to stay at a cheap motel and double up in rooms. You announce the disappointing news and quickly move on to other business. There’s no point in fielding questions or complaints since the money just isn’t there. - Avoiding
3.Stanley and Phyllis are both top salespeople at their company. Both believe that the biggest, most important potential clients should be given to them. They decide that a good system is to alternate evenly—one important potential client goes to one of them, then the next goes to the other, etc. - Integrating
4. Your department has just been given a $4,000 end-of-year bonus. Everyone has an opinion on how it should be spent, including fancy new desk chairs, a big party, a new copy machine, and new laptops. You take a few days to evaluate the office’s needs using historical data and discussing options with each employee individually before finally arriving at a decision that you believe everyone will see as the best decision for all in the group. - Obliging
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Which goal are airlines trying to achieve when they use frequent flyer programs, which give customers points that can be redeemed for free travel, rental cars, and other merchandise? Group of answer choices
a. increase the amount and frequency of use
b. provide information
c. create product awareness
d. get consumers to try their product
e. identify target market(s)
A frequent-flyer program or frequent-flyer program is a loyalty program offered by many airlines. Many airlines have frequent-flyer programs designed to encourage customers to enroll in the program to collect points which may then be redeemed or used for air travel or other rewards.
Points earned under FFPs may be based on the class of fare, distance flown on that airline or its partners, or the amount paid for the ticket booking. There are many other ways to earn points.
For example, in past few years, more points have been earned by using co-branded credit and debit cards than by air travel. A similar way to earn points is spending money at associated retail outlets, car hire companies, hotels, lunge, or other associated businesses.
The points that we get can use for air travel, other goods or services, or for increased benefits, like travel class upgrades, airport lounge access, fast track access, or priority bookings.
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Challenge Problem: Completing a work sheet 01,2,3,4,5,6 Sales ProSource Company had a small fire in its office. The fire destroyed some of the accounting records. On November 30 of the current year, the end of a monthly fiscal period, the following information was constructed from the remaining records and other sources. A work sheet is given in the Working Papers. Remains of the general ledger: Account Titles Account Balances Accounts Receivable--C. Grumpa $1,650.00 Supplies 1,400.00 Donna Beggin, Drawing 600.00 7,600.00 Advertising Expense 400.00 Rent Expense 1,200.00 Utilities Expense 780.00 Information from the business's checkbook: Cash balance on last unused check stub $6,238.00 Total payments for miscellaneous expense 100.00 Total payments for insurance 800.00 Information obtained through inquiries to other businesses: Owed to Century Supplies $3,000.00 500.00 Value of prepaid insurance, November 30 Information obtained by counting supplies on hand after the fire: Supplies on hand $400.00 Instructions: 1. From the information given, prepare a heading and reconstruct a trial balance on a work sheet. The owner's capital account balance is the difference between the total of all debit account balances minus the total of all credit account balances 2. Complete the work sheet. Chapter 6 185 Work Sheet and Adjusting Entries for a Service Business
The total adjusted trial balance of ProSource Company for November 30 is $11,380 and its working capital is $292.
The complete adjusted trial balance is attached below
To construct the trial balance for ProSource, we have to idenfity the unadjusted balance for each accounts and defines wheter it is recorded as debit or credit.
For the unadjusted balance, we have informations:
Debit accounts:
Account receivable = $1,650
Supplies = $1,400
Drawing = $600
Advertising expense = $400
Rent expense = $1,200
Credit accounts:
Long-term debt = $780
Revenues (Sales) = $7,600
From the additional informations, we have some adjusting entries:
Debit accounts:
Cash = $6,238
Supplies = $(1,000)
Prepaid insurance = $500
Misc. Expense = $100
Credit Accounts:
Account payables = $300
Please notice that the total supplies on hand after the fire is $400, hence the supplies loss $1,000 should be recorded as the adjusting entries.
Based on the adjusted balance for each account, we have:
Debit accounts:
Cash = $6,238
Account receivables = $1,650
Supplies = $400
Drawing = $600
Advertising expense = $400
Rent expense = $1,200
Misc. expense = $100
Total debit = $11,088
Credit accounts:
Account payables = $300
Long-term debt = $780
Revenues (Sales) = $7,600
Total credit = 11,380
If we sum up all the debit and credit accounts, we will find that the total debit is unbalanced with the total credit. However, remember that the owner's capital account balance refers to the total of all debit account balances minus the total of all credit account balances.
Hence we could use the equity account to record the owner's capital.
Equity = Total debit accounts - Total credit accounts
Equity = $11,088 - $11,380
Equity = $292 --> in debit
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Is incentive a disadvantage?
According to the given statement is It can gradually foster an attitude of entitlement, which will diminish motivation and performance.
What exactly are an advantage and a disadvantage?An advantage is any occurrence, opportunity, or strategy that is particularly favorable to achievement or any desired purpose, whereas a downside is a fault or unpleasant trait; a scam.
Can a drawback turn into a benefit?Disadvantage (physically, mental, etc psychological) is a benefit rather than a liability. It presents an opportunity for growth and development in your life that is profoundly significant. Consider how I changed careers from opera singer to clinical psychologist.
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A characteristic of a sound sales force expense plan is that it:
A. Is designed so that the reps neither profit nor lose under the plan.
B. Does not hamper the performance of selling activities.
C. Is simple and economical to administer.
D. Does All of these.
E. Accomplishes only two of A-B-C.
A characteristic of a sound sales force expense plan is that it Does All of these.
According to physics, sound is essentially a vibration that moves through a solid, liquid, or gas transmission medium, such as a sound wave. These waves are received as sound, and the brain interprets them as sound from a physiological and psychological standpoint.
Humans can only experience auditory experiences from sound waves with frequencies between 20 Hz and 20 kHz, or the range of audio frequencies. Humans cannot hear sound waves with frequencies higher than 20 kHz, which are known as ultrasound. Sound frequencies below 20 Hz are referred to as infrasound. Different types of animals have varying hearing ranges.
Hence the correct option is D
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Which now is integral part of all business functions?
The integral part of all business functions is known as coordination.
Coordination is considered to be the essence of management and an integral part of all the managerial and business functions. Coordination is also instrumental in order to bind all the managerial functions. Thus, coordination is inseparable from the managerial functions.
However, in planning, coordination tends to allow a manager in order to assess what he must include or exclude in a good plan. Coordination is the process through which various functions of management are seen to be synchronized towards common goals.
Hence, coordination is required by managers at all levels of management.
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a 30-year maturity mortgage-backed bond is issued. the bond has a par value of $1,000 and promises to pay a 9 percent coupon, on a semi-annual basis. at the issue date, bond market investors require a 8.1 percent interest rate (yield to maturity) on the bond. what is the initial price on the bond (rounded to $1)? ch19 a. $1,101 b. $941 c. $1,029 d. $1,000,000 e. $1,043
The initial price on the bond is 0ption (e). $1043.
What is Mortgage Loan?The price at which any Stock of any class are initially made available for purchase or subscription is referred to as the initial price. One of those concepts that is thankfully simple to comprehend is mortgage maturity. It simply means the day your mortgage debt is expected to be fully repaid.
Regular interest payments to investors stop after the loan arrangement matures since it is no longer in effect.
Face value = 1000
Coupon = 9/2%*1000
= 45
YTM = 8.6%/2
= 4.3%
Time = 30*2
= 60 periods
Use financial calculator,
FV = 1000
PMT = 45
1/y = 4.3
N = 60
CPT Pv -> 1042.79
Initial price = $1042.79
= 1043
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wwhat are the strong and weak points of the flexible exchange rate system?hat are the strong and weak points of the flexible exchange rate system? what are the strong and weak points of the fixed exchange rate system
The benefit of flexible exchange rates is that they do not necessitate ongoing government intervention. They accurately reflect a country's currency, thus no adjustments to foreign reserves are necessary.
What is advantage of flexible exchange rates?The value of one currency in relation to another is known as an exchange rate. In other words, it's the expense of converting a certain amount of local currency into foreign currency.The exchange rate is based on the availability and demand of money in the market in a flexible exchange rate system. A flexible exchange rate system permits currency values to alter at will in accordance with shifts in the supply and demand for foreign currencies.A fixed exchange rate is one that the government establishes and keeps constant. A flexible exchange rate is one that changes in response to market conditions. occurs whenever there is talk of changing government policy.A flexible exchange rate keeps the domestic economy protected from pressures and shocks from outside sources. The risk of "importing inflation" from abroad is minimal under this method. In other words, the impact of price feedback is minimal.To learn more about flexible exchange refer :
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Which of 3 main financial statements needs to be prepared first?
Financial statements that must be provided are the income statement, balance sheet, and statement of cash flows.
Which accounting statement is the most crucial?The income statement of a firm is the most crucial financial document to include when requesting finance because it shows whether your company can turn a profit.
What are the two primary financial statements used while making decisions?Businesses can monitor their activities through financial accounting, which also gives a quick overview of their financial situation. A corporation can provide investors and lenders greater clout in their decision-making by presenting data through a range of statements, such as the balance sheet and income statement.
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The day-to-day operations of a corporation are overseen by a. the officers. O b. the owners. O c. the shareholders. d. the directors.
The day-to-day operations of a corporation are overseen by the officers. Hence, option (a) will be regarded as the relevant option choice.
Give a brief account on corporation.Unrelated to its owners, a corporation is a separate legal entity. Numerous legal rights and obligations apply to businesses just like they do to people. They have the authority to carry out a contract, lend as well as borrow money, bring on legal actions and defend them, choose judges, own property, and pay taxes. A Corporation can at times be regarded as a "legal person."
Some corporation conduct business both under their own names and under different trade names, such as Alphabet Inc., which is best known for operating as Goo-gle. Although the exact legal definition of a company varies from one state to the next, limited liability is usually the corporate form's most crucial feature. By receiving dividends and rising stock prices, shareholders can partake in the company's profits, but they are not personally responsible for the obligations of the business.
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Are variable costs always relevant costs? Explain.
Variable costs are not always relevant costs, because variable costs are relevant or irrelevant depending on other factors.If under different alternatives.
The variable cost remains the same,so it will not be considered a relevant cost,Variable cost analysis is important for the following reasons variable costs help determine price.Typically,a company strives to set competitive prices for its products in order to recover the cost of manufacturing the products.Fixed costs may be relevant, but they have to be related to a specific decision.On the other hand,fixed costs that are of a general nature fixed costs that we incur regardless of the decision that is made,would not be considered relevant.Relevant cost is a managerial accounting term that describes avoidable costs which are incurred only when making business Decisions the concept of relevant cost is used to eliminate unnecessary data that can complicate decision making.
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in your current job, you earn $41,000. you take the standard deduction of $12,200. you have an offer of a new job working for a different employer. your salary would go up by $6,500. how much extra will you owe in federal income taxes if you take the new job?
The amount extra that you will owe as federal income taxes if the new job is taken, is $ 780.
How to find the tax ?Your current taxable income is :
= Current earnings - Standard deduction
= 41, 000 - 12, 200
= $ 28, 800
If you receive a new salary under a different employer, the taxable income becomes :
= 28, 800 + 6, 500
= $ 35, 300
This means that your marginal tax rate is 12 % so the tax on the $ 6, 500 would be:
= 6, 500 x 12 %
= $ 780
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What are the three conditions of an oligopoly?
High entry costs in capital expenditures, legal privilege (license to use wireless spectrum or land for railroads), and a platform that gains value with more customers are the conditions that allow oligopolies to exist (such as social media).
An oligopoly is a market in which a small number of firms recognize their pricing and output policies are interdependent. Due to the small number of firms, each firm has some market power. Oligopolistic markets exist when there are two to ten sellers in a market selling homogeneous or differentiated products. The cold beverage industry is a prime example of an oligopoly.
The term "oligopoly" refers to an industry in which only a few companies operate. In an oligopoly, no single firm has significant market power. As a result, no single firm can raise its prices above the price that would exist in the absence of perfect competition.
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Which of the following statements is true regarding the promotion mix?
A. Direct and digital marketing cannot be used to target individual consumers.
B. Advertising is a personal form of marketing communication.
C. The entire marketing mix must be coordinated for greatest impact.
D. Sales promotions are long-term incentives to encourage the purchase or sale of a product or service.
E. Personal selling is not used to engage customers.
The true statement is that the entire marketing mix must be coordinated for the greatest impact.
To maximize promotional efforts and reach a larger audience, marketers create a promotion mix, which is a collection of various marketing strategies. The duty of the marketer is to determine the ideal promotion mix for a specific brand. It is a crucial technique for sending a pertinent marketing message through the platform that is best for each target audience and thus increases client communication.
A coordination of the marketing mix elements is essential for achieving the greatest impact in marketing efforts. The marketing mix consists of the four "Ps" of marketing: product, price, promotion, and place. These elements work together to create a cohesive marketing strategy that is designed to reach the target market and achieve the desired marketing objectives. The strategy is also essential for building a propper promotional mix.
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What are 3 ways of reducing the taxes you pay?
Contributing to a retirement account through an employer-sponsored plan or an individual retirement account is a useful way to lower taxable income (IRA).
How to Reduce Taxable Income: Can the Average American Pay No Taxes?The vast majority of individuals never get used to having so much federal income tax deducted from each paycheck. The IRS withholds an increasing percentage of your income.I frequently get asked if it is possible to lower your taxable income such that you owe no taxes in my capacity as Personal Capital's senior tax specialist.Even if you have a somewhat large salary, careful tax preparation could dramatically lower your tax burden to nearly nothing. As shown here.Your financial and investment goals can be met with the assistance of Personal Capital's team of committed advisors. To make a consultation session with an advisor, register for our free financial tools.To Learn more About lower taxable income refer to:
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capitalist economies do not have much a. competition among businesses. b. profit motive. c. government ownership of resources. d. freedom of choice.
A) Businesses in capitalist economies are not particularly competitive.
Is competition nonexistent in capitalism?Personal property ownership, open competition, and individual incentives are all hallmarks of capitalism. In a free-market system, buyers and sellers' demand and supply are the only determinants of the market, and the government has little to no influence.
What are the four traits of a capitalist?A two-class system, private ownership, a profit motive, minimal government intervention, and competition are just a few of the unique characteristics of capitalism.
What is the economy's capitalist?Most people think of capitalism as an economic system in which private actors own and control property according to their own interests and demand and supply freely set market prices in a way that can serve society's best interests. The drive to make a profit is fundamental to capitalism.
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at december 31, amy jo's appliances had account balances in accounts receivable of $350,000 and in allowance for uncollectible accounts of $1,300 (debit) before any adjustments. an analysis of amy jo's december 31 accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. bad debt expense for the year should be:
According to an examination of Amy Jo's 31 december accounts receivable, the stipend for doubtful debts should be 2% of receivable accounts. The annual bad debt expense should be $7,190.
What Exactly Is a Debt Expense?
When a credit is no longer collector's items since a consumer fails to fulfill their responsibility to pay a remaining loans because of bankruptcy or even other financial problems, a bad loans expense is recognized.
How do you locate debt expenses?
The current year's bad debt expense is calculated by dividing the bad debt proportion by the predicted credit sales. Current year bad debt expense = bad debt proportion X Credit sales projections.
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What are the characteristics of a command socialist economy?
A command economy is like a tree, and socialism and communism are its two distinct branches. Socialism or communism are two examples of command economies. In all three, the government controls the enterprises, resources, and overall national economy.
While free-market economies have historically been tied to capitalism and democratic countries, command economies have generally been associated with socialist and communist countries.
Actually, an economy cannot be fully managed by either a government or a free market. A socialist political and economic system is one in which the state or the government has control over property ownership and the means of production, generally speaking.
Socialism, that has predicated on the notion that more egalitarian society results from collective or public ownership of resources and manufacturing equipment. In a socialist economic system, the government either entirely or partially regulates the production of commodities and services. The new economic system is referred to as a planned economy and this is known as central planning.
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Does cutting taxes help the economy?
Tax reductions give people more discretionary money, which is a simple argument in favor of the idea that they promote economic growth.
What are the benefits of tax cuts for the economy?Reduced income taxes increase consumers' purchasing power and increase aggregate demand, which in turn can increase economic growth (and possibly inflation). Income tax reductions may strengthen labor incentive structures on the supply side, boosting productivity.
Are taxes harmful to the economy?Additionally, they largely support the idea that raising taxes may raise government revenue, but typically at the expense of economic expansion and taxpayer mobility. On the other side, tax cuts often lead to short-term revenue losses while promoting long-term economic growth.
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if the usa could produce 1 ton of potatoes or 0.5 tons of wheat per worker per year, while ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, a. there can be mutual gains from trade if the usa specializes in potatoes because of its comparative advantage in producing potatoes b. there can be mutual gains from trade if the usa specializes in wheat because of its absolute advantage in producing wheat c. there can be mutual gains from trade if the usa specializes in wheat because of its comparative advantage in producing wheat d. there can be no mutual gains from trade
if the USA could produce 1 ton of potatoes or 0.5 tons of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, there can be mutual gains from trade if the usa specializes in wheat because of its comparative advantage in producing wheat
What is comparative advantage?Generally, There can be mutual gains from trade if the USA specialized in wheat because of its comparative advantage in producing wheat.
Comparative advantage refers to a country's ability to produce a good or service at a lower opportunity cost than other countries. The opportunity cost of a good is the value of the next best alternative that must be given up in order to produce that good.
In this case, the USA has a comparative advantage in producing wheat because it has a lower opportunity cost of producing wheat than Ireland. The opportunity cost of producing 1 ton of wheat in the USA is 0.5 tons of potatoes, while the opportunity cost of producing 1 ton of wheat in Ireland is 2 tons of potatoes.
Since the USA has a lower opportunity cost of producing wheat, it is more efficient at producing wheat than Ireland. This means that the USA can specialize in producing wheat and trade with Ireland, which can specialize in producing potatoes, and both countries can benefit from trade.
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What happens when the price of an elastic good decreases?
When price of an elastic good decreases, the quantity demanded of that good increases more than the change in the price of the good.
In case of elastic demand, the change in quantity demanded is more than the change in the price of the good. This happens when the good has many substitutes or it is a luxury item. A decrease in the price results in greater than proportionate increase in the quantity demanded of the good and vice-versa. For example, if price of coffee falls then more consumers will start demanding coffee instead of tea, therefore, change in quantity demanded will be more.
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If you were putting together a team or committee to develop an operational plan at your business, who would be on that team?Why would you choose those people?What skills and knowledge does each person bring to the team?
Operational planning is a procedure that includes developing plans or policies, obtaining and allocating resources, establishing benchmarks, carrying out projects, and monitoring advancement.
Sometimes operations research, O.R., or operational planning are used interchangeably. The objective is to clearly lay out how your group or organization will accomplish its strategic objectives within a given time frame.
To reduce the risk of having too much information converge, operational planning is typically handled by mid-level managers. Monthly action items should be spaced out between the quarterly milestones that operational planning should be divided into. Saving time is the main advantage. If you have a plan, the team shouldn't have to waste time or resources trying to decide what to prioritize or redo tasks.
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