The right response is "Panama" and "Mexico."
An open economy is one that allows for free trade; it includes unrestricted imports and exports of commodities and services.
What is an open economy?
An open economy is a form of economy in which organisations from other nations trade goods in addition to those produced domestically (goods and services). Management interchange, technological transfer, and the exchange of a wide range of commodities and services are all examples of trade. There are some exceptions that cannot be swapped; for instance, a country cannot trade its railway services with another nation in order to use the service.
In contrast, a closed economy forbids the conduct of both foreign trade and finance. Exporting is the process of selling products or services to another nation. Importing is the process of purchasing goods or services from another nation. International trade is the term used to describe both importing and exporting.
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panera bread donates breads and bagels at the end of the day to local charities and food banks. this is an effort to reduce which of the following?
Panera Bread's donations of breads and bagels at the end of the day is an effort to reduce food waste.
Panera Bread's practice of donating unsold breads and bagels at the end of each day is an effort to reduce food waste and help fight hunger in local communities. By giving away unsold food items instead of throwing them away, Panera Bread is helping to alleviate hunger and provide nutritious food to those in need, while also reducing the amount of waste that ends up in landfills. This practice not only benefits those in need, but also supports the company's commitment to sustainability and corporate social responsibility. By reducing waste, Panera Bread is able to make a positive impact on both people and the environment.
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some, but not all, government economists are employed within the administrative branch of government. which of the following government agencies employs economists outside of the administrative branch?
The Federal Reserve is one of the government organizations that employs economists outside of the administrative branch.
What is Federal Reserve?The American financial system is centralized through the Federal Reserve System. Following a string of financial panics that made it necessary to have centralized control over the monetary system in order to prevent financial crises, the Federal Reserve Act was passed on December 23, 1913, and this was when it was founded. In order to make sure the financial system supports a strong economy for American individuals, communities, and businesses, the Federal Reserve analyzes financial system risks and participates both domestically and internationally.The Board of Governors, which is based in Washington, D.C., is the entity responsible for overseeing the Federal Reserve System. The seven members who serve as its "governors" are chosen by the American president and confirmed by the Senate.To learn more about Federal Reserve, refer to:
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a likely example of complementary goods for most people would be question 8 options: butter and margarine. lawnmowers and automobiles. chips and salsa. cola and lemonade.
They are two items that the customer uses in tandem, such as cereal and milk or a DVD and a DVD player.
What do complementary goods mean in economics?Complementary Goods Definition Any good or service that is used in conjunction with another is said to be complimentary. The complementary item typically has little to no value when taken on its own. However, it increases the value of the bid when paired with another good or service.
What do complimentary products entail?The term "complementary goods" refers to products that are utilised in tandem to fulfil a certain need. When two goods are complimentary, a rise in price for one results in a fall in demand for the other.
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edison consulting received a $330 utilities bill and immediately paid it. edison's general journal entry to record this transaction will include a:
Debit to Utilities Expense account for $330 and a credit to Cash account for $330. This entry records the recognition of the expense incurred and the payment of the bill, which results in a decrease in cash.
Debit to Utilities Expense account: The first step in recording the transaction is to debit the Utilities Expense account, which represents the cost of the services that Edison has consumed, such as electricity, gas, and water. The debit amount will be $330, which is the amount of the bill that Edison has paid.
Credit to Cash account: The second step is to credit the Cash account, which represents the reduction in the company's cash balance as a result of paying the bill. The credit amount will be $330, which is the same as the debit amount to the Utilities Expense account.
Date and Description: The next step is to indicate the date and description of the transaction, such as "Paid utilities bill in the amount of $330 on [date]." This information will help provide context and understanding of the transaction in the future.
Source Document: The fourth step is to attach a source document, such as the utilities bill, to the journal entry. This document will support the accuracy and validity of the transaction and serve as a reference for future audit purposes.
Posting to Ledger: The final step is to post the journal entry to the ledger, which is a permanent record of all financial transactions. The ledger will show the debit and credit accounts, amounts, and description of the transaction. This information will be used to create financial statements, such as the balance sheet and income statement, to provide an overall picture of the company's financial position and performance.
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which of the following was declared illegal by the taft-hartley labor act? group of answer choices agency shop closed shop open shop union shop
Union shop was declared illegal by the Taft-Hartley labor act. So last option is the correct option of the given statement.
What was the Taft-Hartley Act's purpose?They outlawed secondary boycotts, making it illegal for a union with a primary conflict with one employer to demand that a second, impartial employer cease doing business with the first.
Was the Taft-Hartley Act a success?The Act wasn't flawless. It was heavily affected by the white supremacy that pervaded American society, like the majority of legislation at the time. Some of the most vulnerable and precarious workers, who were primarily persons of color back then (and still are), had their rights as employees disallowed.
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a manufacturing firm uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs, based on machine hours required. at the beginning of 2019, the firm expected to incur the following:
You can calculate predetermined overhead fee via dividing the manufacturing overhead fee via the exercise driver. For example, if the pastime driver was machine-hours, then you would divide overhead expenses through the estimated range of computer hours.
What is the predetermined manufacturing overhead rate predetermined manufacturing overhead rate?A predetermined overhead price is calculated at the begin of the accounting duration by means of dividing the estimated manufacturing overhead via the estimated undertaking base. The predetermined overhead price is then utilized to production to facilitate figuring out a general price for a product.
The use of predetermined overhead fees can assist easy fluctuations in real overhead prices due to periodic variations (such as seasonal changes). This will make sure that product costs continue to be regular over the year.
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https://brainly.com/question/26372929#SPJ4Which of the following choices best complete the following statement? Explain. A investor with a higher degree of risk aversion, compared to one with a lower degree, will most prefer investment portfolios. a. with higher risk premiums b. that are riskier (with higher standard deviations) c. with lowers Sharpe Ratio d. with higher Sharpe Ratio
A risk-averse investor will favour investment portfolios with lower risk premiums more than one who has a lesser level of risk aversion. This is because these portfolios have lower standard deviations and therefore less risk, meaning that they are unlikely to lose as much money in the event of an economic downturn.
What do you mean by economic downturn?
An economic downturn is a period of time in which an economy experiences a sustained decrease in production and employment, leading to a decrease in economic growth. During an economic downturn, businesses reduce output and investment, leading to a decrease in consumer demand and spending, resulting in a decrease in economic activity. This decrease in economic activity leads to a decrease in business profits, and a decrease in employment and wages. The result is a decrease in consumer confidence, which can lead to decreased spending, leading to further decreases in economic activity.
During an economic downturn, governments can intervene to help stimulate the economy, such as through tax cuts and increased spending.
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which of the following processor features used is most likely to dynamically reduce power consumption based on current operating conditions?
Throttling-Slowing down statistics speeds after a consumer reaches its month-to-month statistics restriction is a frequent exercise amongst web service vendors and mobile carriers it's known as throttling.
Why is it referred to as throttling?Easing off the accelerator pedal “throttles down” the motor — as its oxygen grant is restricted, the engine runs slower and slower. So even though full throttle is when the engine breathes freely, throttling the engine goes again to the strangling metaphor.
API throttling is the system of limiting the range of API requests a user can make in a certain period.
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https://brainly.com/question/28906698#SPJ4which of the following purchases is included in gross domestic product? * 1 point a used stereo bought on e-bay government purchase of 100 new hummers 2,000 shares of stock of apple inc. a social security payment to a retired salesman
The following purchases are accounted for in the gross domestic product calculation: Farm equipment for new harvests.
The total dollar worth of all completed goods and services produced in a nation during a given time period is known as the gross domestic product (GDP).
The gross domestic product (GDP) is the total monetary or market value of all finished products and services produced within a country's borders during a specific time period (GDP).
Because it is a broad indicator of total domestic production, it provides an exhaustive evaluation of the state of the economy in a particular country. Although it is often calculated annually, GDP can also be computed on a periodic basis.
For instance, the US government estimates the annualized GDP for the entire year and each fiscal quarter. Real GDP takes inflation's effects into account, whereas nominal GDP does not.
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In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year.
Required:
a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire?
Deductible donation $0
Carryover $0
Carryover expires after 0
b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary?
Year Book-tax Difference Favorable or Unfavorable Temporary or Permanent
2023 $0 Unfavorable Permanent
The maximum amount of charitable contribution that OCC is allowed to deduct for tax purposes in 2022 is $0, as the limit on charitable contribution deductions is limited to 100% of taxable income. The entire $400,000 donation will be carried over to 2023. The carryover will expire after 2023.
In 2023, OCC will report a book-tax difference of $0 associated with the charitable contributions as the carryover from 2022 was not used in 2023. This difference is unfavorable and permanent.
What is charitable tax donation impact?
The charitable tax donation impact refers to the effect of making a charitable donation on a company's taxable income. The donation may be fully or partially deductible, resulting in a reduction of taxable income, and may also have a carryover effect to future years if the full deduction is not taken in the current year. The impact can lead to a favorable or unfavorable book-tax difference, which can be either temporary or permanent.
Hence, the answer is, the company made a $400k donation in 2022 but was not able to deduct the full amount for tax purposes. The remaining amount carried over to 2023 but there was no book-tax difference in 2023. The difference was unfavorable and permanent.
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Of all types of departmentalization, ____ departmentalization requires the highest level of management skill for successful implementation
Matrix departmentalization demands the highest level of managerial expertise of all methods of departmentalization to be implemented successfully.
Which departmentalization model is most likely to cause decision-making to move more slowly?Disadvantages: Bureaucracy frequently results in inflexibility and rigidity, which hinder decision-making and generally make it difficult to react to sudden developments or emergencies. Businesses and other sorts of organizations searched for alternatives because of the drawbacks.
Which departmentalization—the one based on the nature of the work performed or on customer flow—is being discussed here?Grouping activities based on a product, service, or customer flow is known as process departmentalization. Process departmentalization enables homogeneous activities to be divided together because each process demands a diverse set of capabilities.
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Question;
a. Geographic
b. Customer
c.
d. Product
e. Functional
When the product possibilities frontier is convex, and therefore bowed in towards the origin, this suggests a) the factors of production are perfect substitutes for each other. b) a relatively small economy with limited economic options. c) there exist increasing opportunity costs of production. d) international trade has created comparative advantage for both goods. e) none of the other answers are correct.
When the product possibilities frontier is convex and therefore bowed in towards the origin, this suggests ) international trade has created a comparative advantage for both goods.
If an agent can produce a specific good at a lower relative opportunity cost or autarky price—that is, at a lower relative marginal cost before trade than their competitors, they have a comparative advantage over them in the economy.The term "comparative advantage" refers to the economic reality of the benefits of trade for individuals, businesses, or nations that result from variations in their factor endowments or technological advancement. [2] (The absolute advantage, comparing output per unit of time (labor efficiency) or per unit of material input (monetary efficiency), is generally thought to be more intuitiveTo learn more about comparative advantage here
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Last year, Donna invested her money in two purchases. She purchased a certificate of deposit for
$2000
that paid
4%
interest per year and purchased
$6000
in corporate bonds paying
9%
interest per year.
(b) What was the percent interest for her total investment?
(a) What was the total interest earned at the end of 1 year? $
a) percent interest for her total investment = 6000 * 0.09 * 1 = $540
b) total interest earned at the end of 1 year = (540) / (2000 + 6000) = 0.0675
I = P r t is a formula for calculating simple interest. It takes the amount invested P, the interest rate r, and the number of years invested t.
a) The first investment has a principle of P = $2,000, r = 4% = 0.04, t = 1 year, and I = $2,000 * 0.04 * 1.
The second investment has a principle of $6,000, an interest rate of 9% (or 0.09), and a time frame of one year (or I = 6000 * 0.09 * 1).
To determine your overall interest, add these together.
b) By dividing Total Interest / Total Invested = (response from a) / (2000 + 6000), you may determine the total interest rate.
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which of the following are ways wikipedia can be useful to you when you are developing your research question?
Your understanding of how your research issue fits into a larger topic can also be improved by consulting Wikipedia. The fact that each article on Wikipedia contains a link to a related one is one of its advantages. You can use these to investigate your topic's context.
When conducting research, what is the value of Wikipedia?Using Wikipedia to quickly learn about your subject is one of the best uses of the site for academic study. Considering that it is an encyclopedia If you are looking up information on a topic you are not familiar with, this is especially helpful.
Why Wikipedia is a trustworthy source for researchWikipedia entries are frequently at the forefront of any web study and are excellent resources to acquire trustworthy information and get background knowledge on a subject. sources through their notes, references, external links and further reading sections.
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T/F sport professionals who follow the philosophy of idealism would place a high value on serving as role models to their clients.
The given statement "sport professionals who follow the philosophy of idealism would place a high value on serving as role models to their clients" is true because it correctly defines the concept of idealism in regrad to sports.
Idealism is a philosophical viewpoint that prioritizes ethical and moral considerations over material or practical ones. In the context of sports, an idealistic professional would place a high value on serving as a positive role model for their clients, as they see their actions and behavior as having a significant impact on those around them. They would believe that their actions should reflect their moral and ethical values, and that they have a responsibility to lead by example and promote positive values in their clients and the broader sports community.
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requirements analysis could be performed in a number of ways. which of the following is not a requirements analysis technique?
Understanding of screen design, layout, and navigation is not a requirements analysis strategy.
What are the techniques used for performing Requirement Analysis?Graphs that make it easier to understand business processes are made using the Business Process Model and Notation. It is a common method employed by business analysts to synchronize the timing of communications sent between several parties engaged in a connected set of activities.
What are the various types of Requirement Analysis?Business, customer, product, functional, and non-functional needs are among the main categories of requirements analysis. Each one expresses the needs of the project and represents a stakeholder or stage of the endeavour.
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The definition of ___________ ___________ states: skills that involve the ability to picture the organization as a whole and the relationship among its various parts.
A. technical skills
B. human relations
C. operational skills
D. conceptual skills
The definition of conceptual skills states is skills that involve ability to picture organization as whole and relationship among its various parts.
What are conceptual skills?Conceptual skills help professionals avoid falling into the cliched trap of failing to "see the forest for the trees." These skills imply that you are imaginative and able to process abstract ideas and concepts. Conceptual skills enable comprehension of how an organization's various parts interact to achieve its aims. Managers are responsible for making sure that everyone under their supervision is working toward the company's overall goals. Both upper and middle managers must avoid becoming bogged down in the details of day-to-day operations and keep the "big picture" goals of the organisation in mind. Even though you have a particular list of responsibilities, it is always helpful to understand how your specialised tasks fit into the overall picture of your organisation.
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T/F human skills consist of the ability to think analytically, to visualize an organization as a whole, and to understand how the parts work together.
False, Conceptual skills include the capacity for critical thought and the capacity to envision an organisation as a whole.
Conceptual skills, a type of thinking ability, let you solve difficult problems and understand complicated ideas. These skills are crucial because they allow people to employ purposeful study and abstract thinking to provide a variety of solutions to different challenges. Conceptual skills enable employees to avoid the pitfall of failing to "see the forest for the trees," as the saying goes. If you have a strong conceptual foundation, you can visualise problems and develop original solutions. These skills imply that you are a creative person who can reason through abstract ideas and concepts.
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an accident at a u.s. refinery killed two workers. by gathering information about how the men died in order to prevent a recurrence, the company used___control.
An accident at a U.S. refinery operated by Valero killed two workers. By gathering information about how the men died in order to prevent a recurrence, Valero used feedback control.
What is feedback control?
A control system that uses feedback to analyse the disparity between actual and expected performance can then make the necessary modifications. Setting up feedback control is crucial because it offers the team a goal to work toward and a course to take. Each employee works hard to complete the task to the best of his ability in order to earn his spurs during the evaluation that follows. To encourage team members, managers frequently give incentives like bonuses and appreciation to top performers. On the other hand, team members who perform poorly are exposed.
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Wallace Driving School’s 2020 balance sheet showed net fixed assets of $3.8 million, and the 2021 balance sheet showed net fixed assets of $4.1 million. The company’s 2021 income statement showed a depreciation expense of $415,000. What was net capital spending for 2021?
The net capital spending for 2021 is equal to the change in net fixed assets plus depreciation, which in this case is $4.1 million - $3.8 million + $415,000 = $825,000.
Net capital spending, also known as net investment in fixed assets, is a measure of the amount of money a company has invested in its fixed assets during a particular period. It is calculated as the change in net fixed assets plus depreciation for that period. In the case of Wallace Driving School, the net fixed assets increased from $3.8 million in 2020 to $4.1 million in 2021, so the change in net fixed assets is $4.1 million - $3.8 million = $300,000. Additionally, the 2021 income statement showed a depreciation expense of $415,000. Therefore, the net capital spending for 2021 is equal to the change in net fixed assets plus depreciation, which is $300,000 + $415,000 = $825,000.
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Dieker Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw materials used. o (L BE2-4 Factory labor data for Dieker Company is given in BE2-2. During January, time Pr tickets show that the factory labor of $6,000 was used as follows: Job l $2,200, Job 2 as, $1,600, Job 3 $1.400, and general factory use $800.
The raw materials used by Dieker Company is 3400 and their factory payroll is 6000.
What is the importance of raw materials in a company?
Raw materials are essential for a company to produce their goods or services. They provide the building blocks for the products that a company creates and are an integral part of the production process. Raw materials can be either natural resources or manufactured components, and they must be of good quality and in accordance with the company’s production standards to ensure that the finished product meets customer expectations. The availability of raw materials is also a key factor in a company’s success and profitability, since they must be purchased in sufficient quantities to make sure that production can continue without interruption.
1) Work in process inventory = 2800
(900+1200+700)
Factory overhead = 600
Raw material inventory = 3400
(2800 + 600)
2) Work in process inventory = 5200
(2200+1600+1400)
Factory overhead = 800
Factory payroll = 6000
(5200+800)
Therefore, The raw materials used is 3400 and their factory payroll is 6000.
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figure: circular-flow model reference: ref 7-1 (figure: circular-flow model) if the circular-flow model is in equilibrium (the sum of money flowing into each box is equal to the sum of the money flowing out of that box), which of the following is likely to happen if there is a decrease in exports? group of answer choices a decrease in the nominal gdp an increase in the real gdp a decrease in the unemployment rate an increase in the inflation rate
The most likely to happen if there is a decrease in exports an increase in the nominal GDP.
What is GDP?
The total dollar worth of all completed products and services produced in a nation during a certain time period is known as the gross domestic product (GDP).An estimate of a nation's GDP may be used to determine the size and growth rate of an economy.Spending, output, and income may all be used to compute GDP, which can then be adjusted for population and inflation to give more detailed results.While nominal GDP ignores the consequences of inflation, real GDP does.Although it has its limits, GDP is an important tool for assisting firms, investors, and politicians in making strategic decisions.To study more about GDP
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suppose that jacques, an economist from a consulting firm, and kyoko, another economist from a university in florida, are both guests on a popular science podcast. the host of the podcast is facilitating their debate over budget deficits. the following dialogue represents a portion of the transcript of their discussion:
The disagreement between these economists is most likely due to Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
A collection of products and services are measured for inflation over a given time period, often a year, to determine how much more costly they have become. One of the most well-known economics terms is possibly this one. Long stretches of instability have been caused by inflation in many nations. To gain the reputation of "inflation hawks," central bankers frequently strive. In the field of economics, inflation is the overall rise in the cost of products and services across a country's economy. A decrease in the buying power of money results from an increase in the overall price level, which makes each unit of currency purchase less in goods and services. This is why inflation is a result of rising prices generally. Low inflation may potentially undermine the economy, even as high inflation might be bad.
the complete question is:
Suppose that Shen, an economist from a consulting firm, and Valerie, another economist from a university in Florida, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over health insurance. The following dialogue represents a portion of the transcript of their discussion:
Valerie: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health
benefits.
Shen: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for
those who are obese.
Valerie: I disagree. I think government funding of health insurance is useful to ensure basic fairness.
1. The disagreement between these economists is most likely due to __________ . Despite their differences, with which proposition are two economists chosen at random most likely to agree?
i) Business managers can raise profit more easily by reducing costs than by raising revenue.
ii) Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
iii) Employers should not be restricted from outsourcing work to foreign nations.
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if counsel is a part of the executive management team the counsel is referred to as______ (choose two correct answers.)
if counsel is a part of the executive management team the counsel is referred to as in-house counsel/general counsel
What is the role of a management team?
Setting shared objectives and providing assistance and techniques for achieving them improve teamwork among groups of employees. To keep the team on track and moving forward, managers may assign tasks to team members, establish brief checkpoints, and other strategies.
The executive management of a company often consists of the leaders of its product and/or geographic units as well as functional executives like the chief financial officer, chief operating officer, and chief strategy officer.
In project management, senior management approves project funds. For instance, general counsel is sometimes the title given to the highest-ranking in-house attorney inside a legal department. This individual is typically a c-suite executive, such as the COO or CFO of a corporation.
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which of the following will not cause demand for oranges to change?a a reduction in the price of orangesb an increase in incomec a reduction in the price of a complement for orangesd a decrease in the number of consumers in the market
A reduction in the price of oranges will not cause the demand for oranges to change. Option A.
Any change in the demand for goods occurred due to the change in the other factors except the price of that good then this change is known as either increase in demand or a decrease in demand.
And if any change in demand for a good occurs due to the change in the price of that good, other factors remain constant, then this change is known as either increase in quantity demanded or a decrease in quantity demanded. Therefore, a reduction in the price of oranges will not cause the demand for oranges to increase or decrease.
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which of the following would be the least-effective way to follow up a negative performance review of an employee?
Painting a broad picture of what is expected from the employee be the least-effective way to follow up a negative performance review of an employee.
Option B is correct.
How can you effectively deliver a negative performance evaluation?
Negative performance evaluations should focus more on attitudes and intentions than on actions and outcomes. enables deeper communication.
"A performance review is a formal evaluation in which a manager evaluates an employee's work performance, identifies their strengths and weaknesses, provides feedback, and establishes objectives for future performance." Performance evaluations and appraisals are other names for performance reviews.
What exactly is an employee's performance evaluation?A data-based assessment of an employee's strengths, weaknesses, and potential areas for improvement are included in performance reviews. Positive feedback does not punish. It encourages the employer to perform better in the future.
Question incomplete:
which of the following would be the least-effective way to follow up a negative performance review of an employee?
A. The employee is less likely to become defensive.
B. painting a broad picture of what is expected from the employee
C. the ability to give feedback to employees more often.
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(TCO 1) The International Accounting Standards Board: (Points : 5)was the predecessor to the IASC.can overrule the FASB when their policies disagree.promotes the use of high-quality, understandable global accounting standards.has its headquarters in Geneva.
The International Accounting Standards Board promotes the use of high-quality, understandable global accounting standards.
Accounting is the practise of keeping track of a company's financial transactions. Summarizing, evaluating, and reporting these transactions to oversight organisations, regulatory bodies, and tax collecting organisations are all parts of the accounting process. The financial statements that are used in accounting provide a succinct overview of all financial transactions that took place during a given accounting period, including information on a company's activities, financial situation, and cash flows. Accounting is an essential role for decision-making, cost planning, and measuring economic success, regardless of the size of an organisation. A bookkeeper may take care of simple accounting requirements, but for bigger or more complex accounting chores, a Certified Public Accountant (CPA) should be used. Managerial accounting and cost accounting are two essential categories of accounting for firms.
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Imagine you go to a retail outlet and buy a pair of shoes. Prior to this transaction taking place, a distributor bought the shoes from the manufacturer and sold them to the retail outlet. Which of the following would be considered resellers?
A. Both the distributor and the retailer
B. The retailer
C. Neither the distributor nor the retailer
D. The distributor
Both distributor and the retailer would be considered the resellers.
What is a retailer?A retailer, sometimes known as a merchant, is a business that sells products to customers directly through a variety of distribution methods, such as apparel, groceries, or automobiles, with the intention of making a profit. In addition to operating online, this business has a physical location. The supply chain's component that interacts most regularly with consumers is the retail sector. There are numerous varieties, designs, and sizes available. The majority of the time, retailers purchase products from a producer, wholesaler, or other distributor before reselling them to the general public. Small, family-run pharmacies or your neighbourhood grocery store can buy from the same outlets or from smaller suppliers. While large retailers like Walmart and Target buy goods in bulk from producers or wholesalers, smaller retailers like your local pharmacy or grocery store can also do so.
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Assume you wish to travel to Mwanza to attend the funeral of your Mother and at the same time Mohamed Dewji, a prominent business man wishes to travel to Mwanza for an important contract signing worthy billions of money. You are all at the airport and the only flight to meet the deadline for both funeral and contract signing has only one seat remaining. From economic point of view who should given the remaining seat to fly to Mwanza?
Answer:It is difficult to answer this question definitively because the true economic value of each individual’s trip is difficult to accurately gauge. From a utilitarian perspective, it is likely that the seat should be given to Mohamed Dewji, since the potential economic benefits of the contract signing are likely to be greater than the potential economic benefits of the funeral. However, from an ethical standpoint, this question is much more complex, as the value of Mohamed Dewji's life cannot be measured against the value of your mother's life. Ultimately, the decision should be made with the individual circumstances in mind, taking into account the needs of both parties and the potential implications of either decision.
Explanation:
Due to a recession that lowered incomes, the 2008 market prices for last-minure rentals of U.S. beach -front properties were lower than usual. Suppose that the inverse demand function for renting a beach-front property in Ocean City, New Jersey, during the first weel of August is p=1,000 - Q + Y/20, where Y is the median annual income of the people involved in this market, Q is quantity, and p is the rental price. The inverse supply function is p= Q/2 + Y/40.
A) Derive the equilibrium price, p and quantity Q in terms of Y.
B) Use a supply and demand analysis to show the effect of decreased income on the equilibrium price of rental homes. That is find dp/dY. Does a decrease in median income lead to a decrease in the equilibrium rental price?
The equilibrium rental price, p, is equal to 200+10Y and the quantity, Q, is 800-10Y. A decrease in median income leads to a decrease in the equilibrium rental price, with dp/dY = 10.
A)To find the equilibrium price and volume, we need to equate the demand and force functions. Setting the two functions equal to each other, we get-
1000 - Q + Y/20 = Q/2 + Y/40
Q = 800 - 10Y
Substituting Q into the demand function, we get:
p = 1000 - 800 + 10Y = 200 + 10Y
So the equilibrium price, p, is equal to 200+10Y and the volume, Q, is equal to 800-10Y.
B) To find the effect of dropped income on the equilibrium rental price, we can find the outgrowth of the price with respect to Y:
dp/dY = 10
This means that as median income diminishments by 1 unit, the equilibrium rental price will drop by 10 units. So, a drop in median income does lead to a drop in the equilibrium rental price.
To learn more about Equilibrium:
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