Answer:
The correct answer is the option B: False.
Explanation:
To begin with, the taxes are financial charges that are imposed upon a taxpayer with the only purpose to increase the incomes of the government who are mainly taxes. Therefore that the taxes will never be or communicate a benefit nither to producers or consumers in any form or type that they could be. The taxes will only help the government to increase its income and to pay for the expenditures and therefore that it will never help to communicate nither costs or benefits to producers or consumers.
When comparing contracts in common law and civil law systems, it can be said that:________ a. contracts drafted under a civil law system tend to be more specific than those drafted under a civil law system. b. resolving contract disputes tends to be less adversarial in common law systems than in civil law systems. c. civil law systems allow for judges to interpret a contract dispute, but this feature is absent in common law systems. d. contracts drafted under a common law system tend to be longer than those drafted under a civil law system. e. it is more expensive to draw up contracts in a civil law system than in a common law system
Answer:
d. contracts drafted under a common law system tend to be longer than those drafted under a civil law system.
Explanation:
Common law can be defined as a set of unwritten laws which are primarily based on precedent court decisions, tribunal decisions and customs and are usually employed in similar court judgments and rulings that cannot be determined by existing statutes.
On the other hand, civil law can be defined as a set of law which regulates private or personal matters such as family matters, marriage, property, contracts etc.
When comparing contracts in common law and civil law systems, it can be said that contracts drafted under a common law system tend to be longer than those drafted under a civil law system because the drafters of contracts under civil law are able to rely on codified and standard default rules.
The following occurred during 20X1. A $35,000 note payable was issued. Land was purchased for $50,000. Bonds payable (maturing in 20X5) in the amount of $30,000 were retired by paying $30,000 cash. Capital stock in the amount of $40,000 was issued at par value. The company sold surplus equipment for $14,000. The equipment had a book value of $14,000 at the time of the sale. Net income was $35,500. Cash dividends of $5,000 were paid to the stockholders. 100 shares of stock of another company (considered short-term investments) were purchased for $8,300. $75,000 in bonds were issued. The next day, the proceeds were used to purchase a new building. $12,000 of depreciation was recorded on the plant and equipment. At December 31, 20X1, Cash was $93,200, Accounts receivable had a balance of $41,500, Inventory had increased to $73,000, and Accounts payable had fallen to $25,500. Long-term investments and Taxes payable were unchanged from 20X0. Required: Prepare a statement of cash flows for 20X1. Prepare the December 31, 20X1, balance sheet for Kay Wing, Inc.
Answer and Explanation:
The preparation of the statement of cash flow is shown below:-
Kay wing, Inc.
Statement of Cash Flows
For the Year Ended December 31,2021
Particulars Amount
Cash flows from operating activities:
Net income $35,500
Adjustment
Depreciation expense $12,000
Changes in current asset and liabilities
Increase in accounts receivable -$4,500
Increase in Inventory -$3,000
Decrease in accounts payable -$7,500 -$3,000
Net Cash Provided by Operating activities $32,500
Cash flows from Investing activities
Purchase of land -$50,000
Sale of Equipment $14000
Purchase of short-term
investment -$8,300
Net Cash Used by Investing
Activities -$44,300
Cash flows from Financing activities
Common Stock Issued $40,000
Bond payable -$30,000
Dividend paid -$5,000
Notes payable $35,000
Net Cash Provided by Financing activities $40,000
Net increase (decrease) in cash $28,200
Cash Balance at December 31, 2020 $65,000
Cash Balance at December 31, 2021 $93,200
2. The Preparation of balance sheet is shown below:-
Kay wing, Inc.
Balance Sheet
For the Year Ended December 31,20X1
Asset
Cash $93,200
Accounts receivable $41,500
Inventory $73,000
Long-term investments $20,000
Land $89,000
Plant and equipment $158,000
Short-term investment $8,300
Total assets $483,000
Liabilities
Accounts payable $25,500
Taxes payable $4,000
Note payable $35,000
Bonds payable $125,000
Stockholders equity
Capital stock $130,000
Retained earnings $163,500
Total liabilities and stockholders
equity $483,000
Note:
Plant and equipment - Sale of equipment - Depreciation + Purchase of building
Plant and equipment = $109,000 - $14,000 - $12,000 + $75,000
= $158,000
Retained earnings = Opening Retained earning + net income - dividend
= $133,000 + $35,500 - $5,000
= $163,500
Serge is a landscape architect who manages a team of 12 employees who work primarily on commercial landscaping projects. Serge is also responsible for purchasing equipment and landscaping materials, and he recently bought a new Bobcat skid steer machine. He prefers Bobcats even though they are more expensive, because the company provides a variety of add-on products that extend the usefulness of the skid steer, a great warranty, and a competitive price. Thus, Serge purchases the Bobcat due to its _______.
Answer:
Serge purchases the Bobcat due to its _______.
brand equity.
Explanation:
We are considering Serge's preference for Bobcat skid steer machine based on some perceived values. These values can be described as the brand equity. The Bobcat's brand equity represents the commercial value which customers derive from Bobcat's skid steer when compared with the products of Bobcat competitors. Purchasing a Bobcat skid steer makes Serge to feel that he has received enough value notwithstanding the more expensive price he pays vis-a-vis choosing the alternatives offered by Bobcat's competitors. In the equity value, Serge has included the "variety of add-on products that extend the usefulness of the skid steer, a great warranty, and a competitive price."
The primary advantages of specialization are that employees acquire greater _______ from repetition, they avoid _______ time in shifting from one task to another, and they do the types of work for which they are ________ suited.
Answer:
Efficiency
wasting
best / well
Explanation:
Specialization is a method of production where a worker focuses on a particular production process in order to be more efficient.
For example, if a worker focuses on maybe packaging a product only. By doing the packaging repeatedly, the worker would become more efficient at his work - he would make less mistakes and become faster. Also, less time is wasted from moving from one duty to another.
Advantages of specialisation
Workers becomes more efficientproduction increases at producing goodsIt matches worker with the duties they are best suited forIf you send a personal email from a work computer, does the company have the right to view that message?
Answer:
Yes.
Explanation:
A company has the right to view the email messages sent from the computer of the company but only if the sender has used the official email i.d to send a personal email. In simple terms, if the sender has logged in his personal email i.d in the work computer of the company then the company has no right to view the message but if the mail is sent through the email i.d of the company then only the company has the right. The email i.d that the company provides to its employees is meant for official works and thus the company also has access to the employee's i.d and right to view any message sent through the official email i.d.
Which of the following statements more accurately describes the treasurer than the controller? You may select more than one answer. a. Monitors capital expenditures to make sure that they are not misappropriated. b. Responsible for investing the firm's spare cash. c. Responsible for arranging any issue of common stock. d. Responsible for the company's tax affairs.
Answer:
a. Monitors capital expenditures to make sure that they are not misappropriated.
Explanation:
A noteworthy factor of a Treasurer over the Controller is that treasurers are focused on how capital is appropriated. Thus, a company treasurer would monitor the capital expenditures so as to make sure that they are not misappropriated.
On the other hand, the controller does mainly budgeting, internal tax accounting, and financial reporting.
The fundamental purpose for the existence of any organization is described by its:_______ A. policiesB. proceduresC. corporate charterD. mission statementE. bylaws
Answer:
D
Explanation:
The following cost data pertain to the operations of Montgomery Department Stores, Inc., for the month of July.
Corporate legal office salaries $ 64,800
Apparel Department cost of sales—Evendale Store $ 101,500
Corporate headquarters building lease $ 75,600
Store manager’s salary—Evendale Store $ 15,000
Apparel Department sales commission—Evendale Store $ 8,450
Store utilities—Evendale Store $ 14,900
Apparel Department manager’s salary—Evendale Store $ 8,550
Central warehouse lease cost $ 20,900
Janitorial costs—Evendale Store $ 11,000
The Evendale Store is just one of many stores owned and operated by the company. The Apparel Department is one of many departments at the Evendale Store. The central warehouse serves all of the company’s stores.
Required:
A. What is the total amount of the costs listed above that are direct costs of the Apparel Department?
B. What is the total amount of the costs listed above that are direct costs of the Evendale Store?
C. What is the total amount of the Apparel Department’s direct costs that are also variable costs with respect to total departmental sales?
Answer:
Montgomery Department Stores, Inc.
A. Direct costs of the Apparel Department:
Cost of sales—Evendale Store $ 101,500
Sales commission—Evendale Store $ 8,450
Manager’s salary—Evendale Store $ 8,550
Total direct costs $118,500
B. Direct costs of the Evendale Store:
Apparel Department cost of sales—Evendale Store $ 101,500
Store manager’s salary—Evendale Store $ 15,000
Apparel Department sales commission—Evendale Store $ 8,450
Store utilities—Evendale Store $ 14,900
Apparel Department manager’s salary—Evendale Store $ 8,550
Janitorial costs—Evendale Store $ 11,000
Total direct costs $159,400
C. Apparel Department's variable direct costs:
Cost of sales—Evendale Store $ 101,500
Sales commission—Evendale Store $ 8,450
Total variable direct costs $109,950
Explanation:
Corporate legal office salaries $ 64,800
Corporate headquarters building lease $ 75,600
Central warehouse lease cost $ 20,900
Apparel Department cost of sales—Evendale Store $ 101,500
Store manager’s salary—Evendale Store $ 15,000
Apparel Department sales commission—Evendale Store $ 8,450
Store utilities—Evendale Store $ 14,900
Apparel Department manager’s salary—Evendale Store $ 8,550
Janitorial costs—Evendale Store $ 11,000
What is the difference between price objectives and price constraints? Can you share an example of illustrate your thoughts?
Answer and Explanation:
Price objective aims to set price under influence of various factors such as cost of production and distribution. In other words price objective offer guidelines to company's prices. On the other hand price constraints refer to perceived restrictions/factors by way of price range that a company is faced with in the market.
Example: if a car manufacturing company sets it's price at $9000 for it's car, then it's price objective might be based on the costs involved to produce that car in terms of whether the car is a luxury car or it offers satisfaction such as prestige or maybe the company aims to maximize profits. If also this company because of government restrictions has a price ceiling of say $9100, the company would never go past $9000 in setting it's price and would probably have to go down from $9000 for the period of the price ceiling regulation
Riverside Company issued long-term debt of 350 paid dividends of 20 and issued capital stock of 100. Cash flow from financing activities was:________a. 410 b. 420 c. 430 d. 440
Answer:
430
Explanation:
Riverside company issued a long term debt of 350
They paid dividend of 20
They also issued a capital stock of 100
Therefore the cash flow from financing activities can be calculated as follows
=long term debt - dividend + issued capital stock
= 350-20+100
= 330+100
= 430
Hence the cash flow from financing activities was 430
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appropriate term for completing sentencea. Feedback is often used to (improve, direct) operations. ___________________b. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs. ___________________c. Advertising costs are usually viewed as (period,product) costs. ___________________d. The balance sheet of a manufacturer would include an account for (cost of goods sold, workin process inventory). ___________________
Answer:
a. Feedback is often used to improve operations.
Feedback is used to improve operations as it shows the areas that could work better if they were improved upon.
b. The implementation of automatic, robotic factory equipment normally decreases the direct labor component of product costs.
Automated machines do the job faster and do not have to be paid wages so when they are used they reduce the direct labor component of product costs.
c. Advertising costs are usually viewed as period costs.
Period costs are those that are incurred for the period in question and are not related to the manufacturing section so advertising is a period cost.
d. The balance sheet of a manufacturer would include an account for working process inventory.
As manufacturers produce their own goods, they will record a Work in Process inventory instead of a Cost of goods which is for firms that have to purchase inventory.
How can a sales user relate an opportunity to a campaign?
Answer:
Using the campaign influence related list on the opportunity.
Explanation:
By using the campaign influence related list on the opportunity a sales user can relate an opportunity to the campaign. With the help of campaign influence, the person will be allowed to other person campaigns listed on an opportunity. A person must hire a person for a role in the opportunity. A hired person will be an expert in doing so therefore the productivity will also be rise by hiring the expert.
Which of the following falls in the category, "place" in the marketing mix?
A) Wholesalers
B) Brand name
C) Promotional allowances
D) Trade shows
E) Features
Answer: trade shows
Explanation:
In marketing mix, the place is simply referred to as the process of movement if goods and services from the producer to the prospective consumers or consumers.
The place also refers to how ones good or service is bought and the place where it is being sold. The movement could be through intermediaries like distributors, the wholesalers, retailers etc.
In the above, the place will be the trade shows.
Homer notices that he gains more weight if he eats more doughnuts. Fill in the blanks to com the passage about the correlation between weight and doughnutsThere is a _______correlation between the number of doughnuts Homer eats and his weight if Homer wants to lose weight, he should eat_______ doughnuts If Homer graphed this relationship on a scatterplot, an increase on the y axis would lead to________ on the x axis.
Answer:
Homer notices that he gains more weight if he eats more doughnuts. Fill in the blanks to com the passage about the correlation between weight and doughnuts.
There is a __positive_____correlation between the number of doughnuts Homer eats and his weight. If Homer wants to lose weight, he should eat___less____ doughnuts. If Homer graphed this relationship on a scatter plot, an increase on the y axis would lead to__an increase______ on the x axis.
Explanation:
According to the question, Homer's doughnut consumption and weight should be graphed so that an increase in the x-axis would lead to an increase in the y-axis. The x-axis is the independent variable while the y-axis is always the dependent variable and not vice versa. The number of doughnuts that Homer consumes should be plotted on the x-axis and the weight obtained on the y-axis because the weight depends on the number of doughnuts consumed.
To sell variable life insurance policies, an agent must receive all of the following EXCEPT:________a. A life Insurance licenseb. a SEC registrationc. a FINRA registrationd. A securities license
Answer:
b. a SEC registration
Explanation:
In order to be able to sell variable life insurance products or policies, an agent must fulfill certain requirements, some of which includes
1. He must be registered with the Financial Industry Regulatory Authority
2. He must possess a securities license,
3. He must be a licensee within the state to sell life insurance.
However, since it is agent and securities, SEC registration is not applicable.
Hence, the correct answer in this situation is an SEC registration
The life insurance policy is the form of contract between the insurer and the insurance company for the payment of the lump sum amount of money at the time of death of the insurance holder. These policies help the family after the death of the earning person.
The SEC registration is not required for selling life insurance policies.
Reason:
SEC registration is the process of registering the documents with the Securities and Exchange Commission. These registrations are dealt with for acknowledging the board about the companies properties and their business.
The other options are incorrect because the life insurance license, a securities license, and FINRA registrations are mandatory at the time of selling the life policies.
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Productivity is not important in economics.A. TrueB. False
Answer: True
Explanation: In my opinion I think its true , there is a difference between productivity as a whole country and the norm of an individual alone for productivity
Columbia Products produced and sold 900 units of the company's only product in March. You have collected the following information from the accounting records
Sales price (per unit)
Manufacturing costs $ 448
Fixed overhead 50,400
Direct labor (per unit) 35
Direct materials (per unit) 112
Variable overhead (per unit) 70 (for the month)
Marketing and administrative costs
Fixed costs (for the month) 67,500
Variable costs (per unit) 14
Required:
Compute the following:____
1. Variable manufacturing cost per unit $217
2. Full cost per unit
3. Variable cost per unit
4. Full absorption cost per unit.
5. Prime cost per unit.
6, Conversion cost per unit.
7. Profit margin per unit
8. Contribution margin per unit
9. Gross margin per unit
Answer:
Results are below.
Explanation:
Giving the following information:
Units produced and sold= 900
Sales price (per unit) $448
Manufacturing costs:
Fixed overhead 50,400
Direct labor (per unit) 35
Direct materials (per unit) 112
Variable overhead (per unit) 70 (for the month)
Marketing and administrative costs:
Fixed costs (for the month) 67,500
Variable costs (per unit) 14
a. Variable manufacturing cost= 35 + 112 + 70= $217
b. Total cost:
Total variable cost= (217 + 14)*900= 207,900
Total fixed cost= 50,400 + 67,500= 117,900
Total cost= $325,800
Total cost per unit= 325,800/900= $362
c. Total variable cost= 217 + 14= $231
d. The absorption costing method includes all costs related to production, both fixed and variable.
Absorption cost= 217 + (50,400/900)= $273
e. Prime cost= direct material + direct labor
Prime cost= 112 + 35= $147
f. Conversion cost= direct labor + unitary variable overhead
Conversion cost= 35 + 70= $105
g. Profit margin= selling price - total unitary cost
Profit margin= 448 - 362= $86
h. Contribution margin per unit= selling price - total unitary variable cost
Contribution margin per unit= 448 - 231= $217
j. Gross margin per unit= Selling price - absorption cost per unit
Gross margin per unit= 448 - 273= $175
One of the mentioned assumptions of portfolio management theory is that investors are rational. A
rational investor:
Answer:
Prefers a higher return for a given risk and prefers a lower risk for given return.
Explanation:
Baggins Incorporated identifies new product development and product improvement as the top corporate goals. An employee developed an innovation that will correct a shortcoming in one of the company's products. Although Baggins current Return on Investment (ROI) is 12%, the product innovation is expected to generate ROI of only 10%. As a result, awarding bonuses to employees based on ROI resulted in:________
a. goal conflict.
b. information overload.
c. goal congruence.
d. decreased value of information.
Answer:
A) goal conflict
Explanation:
We were informed about Baggins Incorporated that identifies new product development and product improvement as the top corporate goals. And how an employee developed an innovation that will correct a shortcoming in one of the company's products.
In the case of , awarding bonuses to employees based on ROI as explained resulted in goal confict.
It should be noted that goal confict takes place when one goal lessen the effectiveness of other goal.
A lottery claims its grand prize is $10 million, payable over 5 years at $2,000,000 per year. If the first payment is made immediately, what is this grand prize really worth
Answer:
The grand prize is really worth $8,930,211.23
Explanation:
The working is as attached.
An increase in the expected rate of inflation will:______a. the real rate of interest.b. the nominal rate of interest.c. both the real and the nominal rates of interest.d. neither of the above, unless the increase in inflation is anticipated.e. the real rate of interest only if the inflation is unanticipated.
Answer:
B
Explanation:
Inflation is a persistent rise in general price levels
Real rate of interest is interest rate adjusted for inflation.
Nominal rate of interest is real interest rate added with the real rate of interest
Nominal Interest Rate = Real rate of interest + inflation rate
If inflation is expected, it would be incorporated into the nominal rate of interest.
For example, if the nominal rate of interest is 9% and expected inflation is 2%. Nominal interest rate would become 11% (9% + 2%)
Which of the following ethical theories believes in the well-being of maximum people using the fairest means available?
A. Deontological theory
B. Moral relativism theory
C. Act utilitarianism theory
D. Rule utilitarianism theory
Answer:
D. Rule utilitarianism theory
Explanation:
Rule utilitarianism theory refers to a theory in which it talks about the right and the wrong concept i.e. if any situation occured that the appropriate actions could be taken that represents the fair actions that are acceptable by the all
here in the given situation since it is mentioned that it trust the maximum people well being that they do the fair decisions
So this represents the Rule utilitarianism theory
Hence, the correct option is D.
Create a Crow's Foot ERD to include the following business rules for the ProdCo company:
a. Each sales representative writes many invoices.
b. invoice is written by one sales representative.
c. Each sales representative is assigned to one department.
d. Each department has many sales representative.
e. Each customer can generate many invoices
d. Each invoice is generated by one customer
Answer:
The Crow's Foot ERD is shown on the first uploaded image
Explanation:
Bonita Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020.
Amortized cost $50,900
Fair value 41,800
Expected credit losses 12,500
Required:
a. What is the amount of the credit loss that Bonita should report on this available-for-sale security at December 31, 2020?
b. Prepare the journal entry to record the credit loss, if any (and any other adjustment needed), at December 31, 2020.
c. Assume that the fair value of the available-for-sale security is $54,800 at December 31, 2020, instead of $41,800. What is the amount of the credit loss that Bonita should report at December 31, 2020?
d. Assume the same information as for part (c). Prepare the journal entry to record the credit loss, if necessary (and any other adjustment needed), at December 31, 2020.
Answer:
a. What is the amount of the credit loss that Bonita should report on this available-for-sale security at December 31, 2020?
since available for sale securities must be reported at fair value, any difference between the amortized cost and the security's fair value should be reported under other comprehensive income.
in this case, since the amortized cost is lower than the fair value, a loss must be reported = $50,900 - $41,800 = $9,100
b. Prepare the journal entry to record the credit loss, if any (and any other adjustment needed), at December 31, 2020.
Dr Loss on AFS securities 9,100
Cr AFS securities investment 9,100
c. Assume that the fair value of the available-for-sale security is $54,800 at December 31, 2020, instead of $41,800. What is the amount of the credit loss that Bonita should report at December 31, 2020?
since the amortized value is lower than the fair value, a gain must be reported under other comprehensive income.
gain = $54,800 - $50,900 = $3,900
d. Assume the same information as for part (c). Prepare the journal entry to record the credit loss, if necessary (and any other adjustment needed), at December 31, 2020.
Dr AFS securities investment 3,900
Cr Gain on AFS securities 3,900
Explain what is meant by "Information Technology (IT) flattens organizations?
Answer: The answer is given below
Explanation:
Information Systems are the networks of both the hardware and the software which is used by economic agents to collect, process, create and help in the distribution of data.
Information Technology (IT) flattens organizations simply means that information systems can help in the reduction of the levels in an organization through the provision of information to managers which will be used in the supervision of other emoloyees and also, lower-level employees could be given more authority relating to decision-making.
Since decision making has been pushed to lower level then fewer managers will be needed. This ensures that faster decision making are made and there's increase in the span of control.
The following account appears in the ledger prior to recognizing the jobs completed in January: Work in ProcessBalance, January 1 $ 72,000Direct materials 390,000Direct labor 500,000Factory overhead 250,000Jobs finished during January are summarized as follows:Job 210 $200,000 Job 224 $225,000Job 216 288,000 Job 230 436,800a. Journalize the entry to record the jobs completed.b. Determine the cost of the unfinished jobs at January 31.
Answer:
Year-end WIP 62,200
jounral entry for completed jobs:
-------------------------------------
Finished Good Inventory 1,149,800 DEBIT
WIP inventory 1,149,800 CREDIT
-------------------------------------
Explanation:
WIP
Beginning $ 72,000
Materials $ 390,000
Labor $ 500,000
Overhead $ 250,000
Total WIP $ 1,212,000
Finished Jobs:
Job 210 $ 200,000
Job 224 $ 225,000
Job 216 $ 288,000
Job 230 $ 436,800
Total $ 1,149,800
the jobs complete will move to finished good and credit WIP inventory
WIP year-end:
1,212,000 - 1,149,800 = 62,200
A researcher submits a study to the IRB that proposes to evaluate a new
after-school on-line tutoring program for middle school students in a local
school district examining the effect on student grades. She proposes to
perform this assessment at the school that her children attend, because she
is familiar with the school district. Students may use either their personal
smartphone or computer to participate in the program. This study might be
determined to be violating which principle of the Belmont Report
Answer:
Justice
Explanation:
The Belmont Report has the full name Ethical Principles and Guidelines for Protection of Human Subjects of Research, Report of the National Commission for the Protection of Human Subjects of Biological and Behavioural Research.
The report outlines the ethical guidelines for involving humans in a research. There are 3 primary considerations:
- Respect for persons and getting their consent. Researcher must be transparent to the participants.
- Beneficence is the philosophy of doing no harm. Risks are minimised for participants of the research.
- Justice ensure that all participants recieve equal costs and benefits and the procedure is non exploitative.
In the given scenario where Students may use either their personal smartphone or computer to participate in the program.
The type of device used by the students may not give them the full benefit of the research. For example a computer may give a better experience than a smartphone.
Also some may not use a smart phone or computer. This violates the principle of Justice.
To remedy this the researcher can provide a device for all students to use during the programme.
Based on the information given, the study might be determined to be violating the justice principle.
The Belmont Report are the ethical principles put in place to protect the people that take part in research. .The report outlines the ethical guidelines for involving humans in a research. The 3 main considerations in the Belmont Report include beneficence, respect for the person that participates in the research, and justice which ensures that every participants are treated fairly.In this case, the justice principle is violated. This is because all the schools were not treated equally as the researcher wanted to do the assessment at the school that her children attend.Also, the students should have been given the same phone or computer rather than using their personal gadgets.In conclusion, the justice principle is violated.
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The ultimate purpose of economics is
Answer:
The ultimate purpose of economics is to understand and promote the enhancement of well-being. Which is literally to study how individuals make choices.
Explanation:
I hope this helps!
The ultimate purpose of economics is to study and understand how societies allocate scarce resources to meet unlimited human wants and needs.
What are the benefits?It analyzes production, consumption, and distribution of goods and services, along with the factors influencing these processes. Economics seeks to optimize resource allocation to achieve maximum efficiency, growth, and welfare for society.
Through the analysis of supply, demand, prices, and market interactions, it provides insights into economic behaviors, policies, and decision-making. By addressing issues like poverty, unemployment, and inflation, economics aims to improve overall well-being and quality of life, contributing to sustainable and prosperous societies.
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To test their theories, economists usually have to:____.
Answer:
Confront theories predictions with evidence
Explanation:
To test economic theories, economists would observe real behavior and test it with data from the real world. Which would in turn provide evidence based on what is being tested. Confronting theories predictions with evidence is a pointer to the fact that economic theories are verifiable and their validity can be tested.
What is an example of a price constrinat in the market?
Answer:
In marketing, a price constraint refers to any factor that limits the price that a company can charge for its products or services. An example of a price constraint might be the price of substitute products or even complementary products. E.g. if you sell Pepsi, your sales price will be conditioned by the price of Coke (being Coke the market leader).