Answer:
True
Explanation:
According to contemporary consumer behavior researchers, buying decisions are based on sentiments, experiences, and perceived values of product or services.
Suppose the demand curve for medical care services is perfectly inelastic. What will happen to the equilibrium price and quantity if supply increases?
Answer:
Equilibrium price would fall
Equilibrium quantity would remain unchanged
Explanation:
A perfectly inelastic demand means the quantity demand doesn't change regardless of changes in price.
If supply increases, equilibrium price falls while quantity remains unchanged.
Refer to the image attached for a graphical explanation.
I hope my answer helps you
Final answer:
With a perfectly inelastic demand curve for medical care services, an increase in supply will lower the equilibrium price, while the equilibrium quantity remains unchanged.
Explanation:
When the demand curve for a good or service is perfectly inelastic, it means that consumers' quantity demanded does not change in response to a change in price. In the context of medical care services, if the supply of these services increases, the usual expectation would be for the equilibrium price to fall and the equilibrium quantity to increase. However, because we have a perfectly inelastic demand, the equilibrium quantity remains constant regardless of any changes in supply.
Therefore, the increase in supply will lead to a decrease in the equilibrium price of medical care services, but the quantity of services consumed will stay the same. This is because, in the case of perfectly inelastic demand, consumers are willing to pay any price for the same quantity due to the necessity or lack of substitutes for the service.
Marshall McLuhan's "global village" metaphor suggests that the world's cultures are becoming increasingly disconnected and independent
A. True
B. False
Answer:
The answer is "Option B"
Explanation:
Marshall McLuhan invented a word to describe the planet "shrunk under", that is also known as modern communications technologies. He associates with an expanded central nervous system with the vast network of Communication Systems, that eventually connected all of them worldwide. In his, a global village defines the world's integrated trend as a result of the proliferation of information technologies around the planet, that's why it is wrong.
Jamison's gross tax liability is $7,600. Jamison had $2,850 of available credits and he had $4,305 of taxes withheld by his employer. What is Jamison's taxes due (or taxes refunded) with his tax return?
$3,295 taxes due.
$4,750 taxes due.
$445 tax refund.
$445 taxes due.
Answer:
$445 taxes due.
Explanation:
The taxes due or refund by Jamison's shall be determined using the following formula:
Taxes due or refund=gross tax liability-available credits-taxes withheld
If the answer to above mentioned equation is positive then the taxes will be due but if the answer to the above mentioned equation is negative, then the taxes will be refund.
Taxes due/refund=$7,600-$2,850-$4,305
=$445
Since the above answer is positive, it will be $445 taxes due.
Coronado Industries is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals from its plant. Coronado's lawyer states that it is probable that Coronado will lose the suit and be found liable for a judgment costing Coronado anywhere from $1,830,000 to $8,980,000. However, the lawyer states that the most probable cost is $5,430,000. As a result of the above facts, Coronado should accrue:________.
a) a loss contingency of $1,800,000 and disclose an additional contingency of up to $7,200,000.b) a loss contingency of $5,400,000 and disclose an additional contingency of up to $3,600,000.c) a loss contingency of $5,400,000 but not disclose any additional contingency.d) no loss contingency but disclose a contingency of $1,800,000 to $9,000,000.
Answer:
b) a loss contingency of $5,400,000 and disclose an additional contingency of up to $3,600,000.
Explanation:
There are 2 conditions that must be met in making provisions, as stated by the International Accounting Standards (IAS 37). They are:
1. Present Obligation
2. Are outflows probable (i.e. more likely than not)
3. Can the outflows be reliably measured.
1. Present Obligation
In the given scenario, it was mentioned that there is a present obligation because ''Coronado Industries is being sued for illness caused to local residents as a result of negligence on the company's part'' hence this already informs that there is an obligation.
2. Are outflows probable (i.e. more likely than not)
From the scenario, it can be gathered that outflows are probable because the lawyer has stated ''it is probable that Coronado will lose the suit and be found liable'' that implies that there is a liability to be recognised
3. Can the outflows be reliably measured.
It is stated in the scenario that ''However, the lawyer states that the most probable cost is $5,430,000'' Hence, this represents a reliable estimate.
Furthermore, the other likely fraction in the worse case scenario should be shown in the disclosures or additional information.
The nurse instructs a client on how to collect a 24 hour urine specimen for a creatinine clearance test. which statement by the client would cause the nurse to intervene?
A client collecting a 24-hour urine specimen must be instructed to include all urine passed in that period, starting after the first morning's urination. Discarding the first urine and then collecting every drop until the same time the next day is crucial for accurate results. Misunderstanding the instructions by the client would require the nurse to intervene to ensure valid results.
The client statement that would cause the nurse to intervene when collecting a 24-hour urine specimen for a creatinine clearance test might be, "I will start collecting my urine in the morning and finish the next morning, discarding the first urine of the day." It is essential to include the first morning's urine and end with the same timing on the following day, without including that day's first morning urine. The nurse would need to correct the misunderstanding because proper collection is crucial for accurate test results.
Educational reinforcement should include instructions to collect every drop of urine during the 24-hour period, starting with the second urination of the day after discarding the first morning's urine. The sample collection is critical to assess kidney function accurately, preferably without long delays in testing or without proper refrigeration to prevent the decomposition of urinary constituents.
Presence of white blood cells in the urine, for instance, might suggest an infection or inflammation within the urinary tract. Furthermore, accurate 24-hour urine collection data are vital for diagnosing potential health issues such as renal failure, which might require additional medical interventions like blood tests and ultrasonography to rule out urinary tract obstruction or other causes.
Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?
Answer: $105.788
Explanation: property tax amount is calculated by multiplying the assessed value by the tax rate.
Tax rate =0.63% = 0.0063
Assessed value = $201,500
Property tax = tax rate * assessed value
Property tax = $201,500 * 0.0063
Property tax = $1269.45
Property tax is calculated on a yearly basis. Therefore,
Monthly tax=$1269.45÷12=$105.79
What are five characteristics which help differentiate projects from other functions carried out in the daily operations of the organization?
Answer:
Explanation:
5 characteristics of project:
change - projects are used to change an existing process. For example, project to improve the performance of existing software will bring change in working of software
temporary - project is temporary, it is held to achieve some results or bring change and has a completion time
cross-functional - it involves people from various departments and backgrounds
uncertainty - every project has an element of uncertainty. There are no guarantees
unique - there are no absolutely similar projects
A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting?a. it should have no bearing on the player's decision from an economic standpointb. it would increase the opportunity cost of becoming a broadcasterc. it would cause the production possibilities frontier to become convexd. it would increase the opportunity cost of continuing to play professional basketballe. it would not affect the opportunity cost of playing basketball or of broadcasting
Answer:
B) It would increase the opportunity cost of becoming a broadcaster.
Explanation:
Opportunity costs are defined as the cost of choosing one alternative activity or investment over another.
The basketball player has two options, he can continue to play for an NBA team with a much better salary, or he can decide to become a broadcaster. If the player decides to quit basketball, then he will lose more money due to pay raise. That amount of money that he will lose if he decides to become a broadcaster is the opportunity cost of becoming a broadcaster. Since the pay increase raised the player's salary, the opportunity cost of becoming a broadcaster also increases.
It will cost $20,000 a year for four years to send an 8-year-old child to college. How much should be invested today if the child will make the first of four annual withdrawals 10 years from today? The expected rate of return is 8 percent.
Answer:
To achieve their goal, they will need to invest $30,684.111 today
Explanation:
The value of money always reduces as time moves due to inflation. Therefor if we were to compare the current value of money now and maybe ten year ago, we notice that the value ten years ago was higher than the current value. It was determined the amount of money used to buy a piece of property now was higher than the amount of money used to buy the same property ten years ago. In our case above, we need to determine the present value of the future cash flows that will be needed to be invested today in order to meet the child's college education. This can be achieved as follows using the formula below;
P.V=C/(1+r)^n
where;
P.V=present value=unknown
C=future cash flows=$20,000 per year
r=rate of return=8%=8/100=0.08
n=number of year
Year Present Value Result
11 {20,000/(1+0.08)^11} 8,577.657
12 {20,000/(1+0.08)^12} 7,943.275
13 {20,000/(1+0.08)^13} 7,353.958
14 {20,000/(1+0.08)^14} 6,809.221
Total=(8,577.657+7,943.275+7,353.958+6,809.221)=$30,684.111
To achieve their goal, they will need to invest $30,684.111 today
One contributor to the easy with which young entrepreneurs can have success is low-cost distribution to massive markets worldwide. This is enabled by?
Answer:
app stores
Explanation:
An App Store refers to the digital storefront designed to enable the check and study of digitally offered software titles or other media for sale. Analytically, the storefront application itself offers a safe, standardized experience that simplifies the acquisition, decoding, and configuration of software packages or any other electronic media.
Usually, app stores arrange the applications they sell on the basis of: the function(s) offered by the app (including gaming, graphics or productivity), the platform the app was built for and the operating system upon which app will be working.
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: Determine the missing amounts. Additional investment in the $ Revenue $ Withdrawals from the business $
Final answer:
The question involves finding the missing information in balance sheets and income statements for different proprietorships. The calculations include determining the merchandise balance and the current account balance, using basic accounting principles and known relationships between accounts.
Explanation:
The question entails the task of completing missing information from summaries of balance sheets and income statements for proprietorships. The task requires an understanding of basic accounting principles, particularly balance sheets and income statements, which are crucial for determining the financial health of businesses. It includes calculations such as the merchandise balance and the current account balance.
To calculate the merchandise balance, you will need to consider the values of exports minus imports. The current account balance is broader, including the merchandise balance alongside net income from abroad and net current transfers. Thus, it reflects the net flow of goods, services, and unilateral transfers during the period.
The missing information can be found by using known accounting equations and the relationships between the different accounts. For example, the owner's equity at the end of the period can be calculated by adding the net income, additional investments, and subtracting any withdrawals from the business.
True or False: When a research project includes the collection of biological samples, all planned future uses of the samples, identifiers, and the data obtained from the samples, must be fully explained to the research subject.
Answer:
True
Explanation:
All biological samples and their plans must be fully explained to the research subject.
Final answer:
True, all planned future uses of biological samples and related data in a research project must be fully explained to research subjects as part of the fully informed consent process.
Explanation:
The statement that 'When a research project includes the collection of biological samples, all planned future uses of the samples, identifiers, and the data obtained from the samples, must be fully explained to the research subject' is True. In the realm of research, especially when it involves sociocultural, medical, or clinical studies that include the collection of biological samples, it is crucial that researchers gain written consent from participants. This consent is part of the ethical practice known as fully informed consent, which entails transparent communication about the research's purposes, methods, potential risks, benefits, how the data will be used in the future, and how the participants' privacy will be protected. The possibility of future use of the data and samples, if planned, must be clearly outlined in the consent forms. Furthermore, subjects are often granted rights over the data, including reviewing reports and claiming ownership of the final product and research data. In certain cases, data may be destroyed post-research to prevent future unapproved use.
The constraint that states that information disclosed by the entity must have benefits to the user which are greater than the costs of providing it is called:
Answer:
Cost-Benefit Principle.
Explanation:
The constraint that states that information disclosed by the entity must have benefits to the user which are greater than the costs of providing it is called the Cost-benefit principle. Basic logic behind the cost-benefit principle is that any information is not free of cost, all information bears somehow or other some kind of cost associated with it. Companies spend loads of amount to information entering into their logs, statements, financial statements etc. Outside stakeholders want to know about the organisation, how it is performing, what products they are making, whats the company' health in terms of numbers and figures. So company gather all that information for its stakeholders. But here is the main question that whether it makes any logic of getting that information by spending huge amount to make it available for its stakeholders, does this cost can be justified by the benefits coming from those particular stakeholders.
Carmen operates a franchise tanning salon. Negative publicity about the effects of tanning has diminished her ability to grow the business. Carmen has a(n):________.
a. attractive small firm.
b. micro-business.
c. high-potential venture.
d. lifestyle business.
Answer:
Option "B" is the correct answer to the following statement.
Micro-business.
Explanation:
Micro companies are enterprises with small average revenue and estimated assets as opposed to the other company with fewer workers including the owner. This same effort and dedication have driven many micro-enterprises to expand into bigger companies this makes up the small business market.
The results of this study suggest that the presumed magnitude of negative advertising about the unethical behavior of an enterprise founder is having a detrimental effect on the business's positive image.Which mission area includes restoring health and social services networks and returning economic and business activities to a healthy state?
Answer:
The correct answer is letter "A": recovery.
Explanation:
The U.S. Federal Emergency Aid (FEMA) is an agency that aims to provide the necessary support needed in front of major events and natural disasters. The FEMA has five (5) mission areas: prevention, protection, mitigation, response, and recovery. FEMA's recovery mission is to put back on track communities affected by incidents. FEMA's core capabilities include planning, health and social services, infrastructure systems and economic recovery.
Final answer:
The correct mission area for restoring health and social services and revitalizing economic and business activities after an emergency is the Recovery phase. This phase is critical for community stabilization and resilience building.
Explanation:
The mission area that includes restoring health and social services networks and returning economic and business activities to a healthy state is Recovery. The Recovery phase is crucial in emergency management and addresses the long-term revitalization of the affected community. Option B
By stabilizing the economy using various strategies, such as economic stimulus, and restoring services and infrastructure, the community can work towards regaining normalcy. This involves actions like re-establishing health services and social protection measures, as well as the rehabilitation of the ecosystem and green infrastructure damaged by extreme events. Recovery is aimed at reducing vulnerabilities and increasing the resilience and capacity of communities to withstand future incidents.
A _____________ is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.
Answer is: Liability
Explanation: This includes a past transaction, a future payment for assets/services and a present obligation. A liability can't be reported when the following aren't included.
A liability is a probable future payment of assets or services that a company is presently obligated to make. It represents a debt or obligation that the company owes.
Explanation:A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. It represents a debt or obligation that the company owes.
For example, if a company borrows money from a bank, the borrowed amount is considered a liability because the company is obligated to repay the loan in the future.
In the context of accounting, liabilities are typically classified on a company's balance sheet under long-term liabilities or short-term liabilities.
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Why is it that horizontal analysis is performed only on the income statement and balance sheet, but not on the statement of cash flows? A. When searching for fraud, examining the statement of cash flows is not as effective as comparing actual changes in account balances.B.Horizontal analysis converts balance sheet and income statement to change statements whereas the statementof cash flow is already a change statement.C. The statement cash flow of cash flows does not provide any valuable fraud-related information.D. Horizontal analysis of balance sheets and income statements is relatively easy, while applying the same procedure to the statement cash flows is complicated.
Horizontal analysis converts balance sheet and income statement to change statements whereas the statementof cash flow is already a change statement.
Explanation:
Horizontal analysis (also referred to as trend analysis) is a form of financial analysis that shows improvements over a period of time in the quantities of associated financial statement products. It is a helpful tool for assessing trends. The declarations are used in horizontal analysis for two or more periods.
The horizontal review of financial statements consists of the comparison over several tax years of a revenue ratio, a benchmark or a line item. Such research can be carried out, for example, on profits, operating expenses, investment, assets, capital, equities and liabilities.
Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market _______.A) must include a written contract between buyers and sellers.B) requires a physical location for buyers and sellers to get together.C) must have many buyers and only one seller, who is willing to sell to all the buyers.D) is only a place to purchase groceries.E) is any arrangement that brings buyers and sellers together.
Answer:
is any arrangement that brings buyers and sellers together.
Explanation:
A market refers to any place where two or more people gather with the intention of conduction economic transactions. It is any place that facilitates the exchange of goods and services between people. A market brings together buyers and sellers of a particular product or various products.
A market can be a physical location where buyers and sellers meet face to face. It can be a virtual place such as through the internet where there is no physical contact. Markets are not restricted to transactions by legal tender. A place where the exchange of goods and services is through barter trade or other media acceptable to the buyer and seller is a market.
Markets can take different forms depending on their specialty. For example, the securities market deals with stocks and securities. A market may also refer to a group of buyers or potential buyers of a particular product.
Partly as a result of this diversification, the economy of the state of Texas has fared better than most during the recent recession. This diversification has been crucial in weathering fluctuations in the energy sector.
Answer:
welcoming high-tech industry.
Over the past year, the current assets account on the common-size balance sheet of a firm has decreased, while the current liabilities account on the common-size balance sheet of the same firm increased. The firm has ________ its liquidity over the past year.
Answer:
Decreased
Explanation:
Liquidity or current ratio = Current Assets / Current liabilities
If the current asset has been decreased and the current liabilities has been increased then the answer would be higher than before.
The current ratio tells the same and the only difference written above and in current ratio is that the above mentioned Answer is conceptual based whereas current ratio uses numerical values of current assets and current liabilities written in the balance sheet.
Current ratio tells us that whether or not the company is able to meet its short term liabilities (Current Liabilities) using its short term asset (Current Assets).
Remember that the current assets are the assets that are convertible to cash within next 12 months. Whereas current liabilities are the liabilities which we have to pay in cash within the next 12 months.
Suppose there is a large increase in the money supply in an economy that previously had low inflation. As a consequence, aggregate output expands in the short run. What does this say about situations in which the classical model of the price level applies?
Answer:
It illustrates that the classical model of the price level best applies to economies with persistently high inflation.
Explanation:
When a very low inflation rate has been constant in an economy, and the money supply increases suddenly, in the short run that change will not immediately increase the inflation rate, but instead it will increase real output.
Classical economists argue that an increase in the money supply will immediately affect the inflation rate, but that theory applies mostly to economies that have a certain level of inflation. For example, for the past 12 years, European nations have been experiencing very low inflation rates, sometimes even negative rates. But during that same period, the European Central Bank has carried on a huge expansionary policy. It favored economic growth, although not as much as expected, but it didn't skyrocket inflation rate as the classical economy model predicted.
Final answer:
An increase in the money supply initially expands output in contradiction to the classical model, but in the long run, the Keynesian model suggests output returns to potential as wages adjust, while the rational expectations theory suggests immediate adjustments keep output constant with only prices rising.
Explanation:
When there is a large increase in the money supply in an economy that had low inflation, it supports a short-term expansion in aggregate output. This scenario suggests a deviation from the classical model of the price level, which posits that changes to the money supply only affect price levels, not real output. In the short run, according to the Keynesian model, an increase in the money supply shifts the aggregate demand curve to the right, leading to increased output and price levels (inflation). However, in the long run, nominal wages adjust, causing the short-run aggregate supply to decrease and thus returning the real GDP to its potential output, without changing the long-run output. The rational expectations theory suggests a different outcome; it proposes that people anticipate the inflation caused by an increased money supply, leading to immediate wage adjustments and thus keeping the real GDP at its potential level without changing output, but with higher prices.
________ allows multiple users to use the same computing devices, but determines the individual's privileges based on previously determined permissions, ultimately limiting what users can access.
Answer: Access control.
Explanation:
Access control are restrictions set beforehand to limit users of a
computer network access to certain websites or files in a computer system. Access control is normally set for the sake of increased security of a computer network users and organizations, it can be in the form of: pins, biometric scans and some other forms of user verification.
Brenda kraft has proven herself to be an able manager. her section has a high project completion rate with the highest-quality product and the lowest defects in her division. in addition, she accomplishes this with fewer full-time people than other managers. co-workers say that the secret of her success is in her ability to determine what needs to be done and by whom, and her understanding of the basic "management processes."
Answer:
D) an effective manager
Performing a large number of projects is making a dream come true. Objective-realization is an indicator of a manager's success. "An efficient manager" is misleading because it says nothing about how good Brenda is when performing tasks. Likewise, "a good spokesperson" and "a good resource allocator" are not right, as there is no evidence of Brenda's ability as a knowledge provider (speaker) or decision-maker (resource allocator) in the article.
Which of the following is considered an extent decision? A business manager is considering________ diversifying into a new line of business.
1. shutting down operations.
2. selling an under-performing line of business.
3. trying to assess how many workers to hire for a new line of business.
Answer:
Trying to assess how many workers to hire for a new line of business.(3)
Explanation:
Extent decision is a type of decision regarding how much or how many of a product to produce or resources required for production.
It has to do with making decision regarding relevant cost and revenue.
the difference between money coming into a country from exports and money leaving a country due to imports, plus money flows from other factors, is known as the:
a. balance of trade
b. balance of payments
c. free trade
d. trade deficit
Answer:
Balance of payments (BOP)
Explanation:
The balance of payments is referred to details of the transaction that held between two entities either in the same country or outside the country of a particular time period.
when the transaction was done for another country, there is a deduction of credit from the balance of payment and when transaction was done for the same country then credit is added to the BOP
Which of the following statements is correct?
a. The balance sheet gives us a picture of the firm's financial position at a point in time.
b. The income statement gives us a picture of the firm's financial position at a point in time.
c. The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and the statement of stockholders' equity.
d. The statement of cash flows tells us how much cash the firm must pay out in interest during the year.
e. The statement of cash needs tells us how much cash the firm will require during some future period, generally a month or a year.
Answer:
a. The balance sheet gives us a picture of the firm's financial position at a point in time.
Explanation:
The assets, liabilities, and stockholder equity are reported in the balance sheet. The accounting equation shown below is used for this purpose.
Total assets = Total liabilities + owners equity
The balance sheet debit and credit side should always be equal.
In addition, it is always prepared on the date defined.
The income statement is prepared for a specified period that records total revenues and total expenditures
The statement of cash flows represents the cash position with respect to cash inflow and the cash outflow of cash
And the four most important financial statements provided in the annual report are the balance sheet, income statement, statement of stockholders' equity, and statement of cash flows.
The accurate statement among the options provided is that the balance sheet gives us details about the firm's financial position at a particular moment in time. It displays what the firm owns, owes, and the investment made by the shareholders.
The accurate statement is option A: The balance sheet gives us a picture of the firm's financial position at a point in time. This financial statement shows the firm's assets, liabilities, and stockholders' equity at a specific date, in essence displaying what the firm owns, owes, and the amount invested by the shareholders. Conversely, the income statement (option B) shows the company's revenue and expenses over a period, not at a point in time. The four main financial statements (option C) are the balance sheet, income statement, statement of cash flows, and statement of stockholders' equity, not cash budget. The statement of cash flows (option D) provides information about the company's cash receipts and payments during a period, not specifically about interest payments. There's no statement of cash needs (option E) as a individual formal financial statement.
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Sheffield borrowed $701000 on October 1, 2017 and is required to pay $721000 on March 1, 2018. What amount is the note payable recorded at on October 1, 2017 and how much interest is recognized from October 1 to December 31, 2017?
Answer:
On October 01, 2017
The amount actually borrowed that is $ 701,000 will be recorded as liability/note payable on october 01, 2017. The following accounting entry will be passed
Debit Cash Asset $ 701,000
Credit Note payable $ 701,000
Interest recognized from October 1 to December 31, 2017
The premium amount paid on redemption will be recorded as interest over the period of time. The interest amount is
Interest = 721,000 -701,000 = $ 20,000
So this above calculated expense will be recognized as an expense over loan period.
Customers arrive at Rent a Wreck and hope to score an inexpensive and unsightly vehicle to use for what typically is a short period of time. About twenty customers show up in any hour of the day and it takes the customer service representative about two minutes to photocopy their driver's license and insurance card and take an impression of a credit card. Assume that the service and arrival rates are governed by the Poisson distribution; how long does it take for the average customer to clear the system?
A) 10 minutes.B) 6 minutes.C) 3.33 minutes.D) 3 minutes.
Answer: B- 6 minutes
Explanation: From the question above, In one hour, about 20 customers shows up at Rent a Wreck.
It takes 2 minutes to photocopy their driver's license and insurance card and take an impression of a credit card
therefore 20/2=10
in one hour which is 60 min = 60/10
=6 minutes
Suppose that Costa Rica is able to produce 50,000 pounds of coffee or 10,000 medical devices per day; Vietnam is able to produce 40,000 pounds of coffee or 5,000 medical devices per day. Which statement is TRUE?
A. Costa Rica has an absolute advantage in medical device production, while Vietnam has an absolute advantage in coffee production.
B. Costa Rica has a comparative advantage in the production of both coffee and medical devices.
C. Costa Rica has a comparative advantage in coffee production, while Vietnam has a comparative advantage in the production of medical devices.
D. Costa Rica has a comparative advantage in the production of medical devices, while Vietnam has a comparative advantage in coffee production.
Answer:
D) Costa Rica has a comparative advantage in the production of medical devices, while Vietnam has a comparative advantage in coffee production.
Explanation:
A comparative advantage means producing more goods using the same amount of resources, or producing the same amount of goods using less resources.
In this case, Costa Rica produces 1 medical device for every 5 pounds of coffee. While Vietnam produces 1 medical device for every 8 pounds of coffee. Therefore, Costa Rica has a comparative advantage in the production of medical devices versus pounds of coffee.
On the other hand, Vietnam produces 1 pound of coffee for every 1/8 (12.5%) of a medical device. While Costa Rica produces 1 pound of coffee for every 1/5 (20%) of a medical device. therefore, Vietnam has a comparative advantage in the production of coffee versus medical devices.
Final answer:
The true statement is C. Costa Rica has a comparative advantage in the production of medical devices, while Vietnam has a comparative advantage in the production of coffee
Explanation:
The student's question involves understanding the concepts of absolute advantage and comparative advantage in economics. To determine the absolute advantage, we look at which country can produce more of a given product with the same resources. Costa Rica can produce more of both coffee (50,000 pounds vs. 40,000 pounds) and medical devices (10,000 vs. 5,000) per day than Vietnam, indicating that Costa Rica has an absolute advantage in both products.
To determine the comparative advantage, we compare the opportunity cost of producing one good over the other in each country. For Costa Rica, the opportunity cost of producing one medical device is forgoing the production of 5 pounds of coffee (50,000 pounds / 10,000 devices), while for Vietnam, it's forgoing the production of 8 pounds of coffee (40,000 pounds / 5,000 devices).
Since Costa Rica's opportunity cost is lower for medical devices, it has a comparative advantage in medical devices. Conversely, for coffee, Vietnam's opportunity cost of producing coffee is the loss of 1/8 of a medical device (5,000 devices / 40,000 pounds of coffee), and for Costa Rica, it's the loss of 1/5 of a medical device (10,000 devices / 50,000 pounds of coffee). Thus, Vietnam has a lower opportunity cost in coffee production, granting it a comparative advantage in coffee.
Who was your most difficult customer?
• Give me an example of a time when you did not meet a client's expectation. What happened, and how did you attempt to rectify the situation?
• When you're working with a large number of customers, it's tricky to deliver excellent service to them all. How do you go about prioritizing your customers' needs?
• Tell the story of the last time you had to apologize to someone.
Answer: when I was working at AXA as a Financial Advisor, my most difficult clients or customers are the SKEPTICAL CUSTOMERS ( their ask much questions and always doubt everything you say).
one of the days I never meet a clients need, was the day a client wants to liquidate his money market investment ( it's a fixed account where clients deposit money and expect good returns or interest when ever they want to cash out the money). The clients wants his money immediately, but at that moment we had some Network issue, and claims has to be posted before liquidation can be done. I called the head office to inform them the issue on ground, as they work to rectify it, I took the client to our lounge room, I bought him ice cream and cake, we ate together and I cracked some jokes, we laughed together as we wait for the Network issue to be resolved,
Customers satisfaction is actually difficult when it comes to large number, I always have a note book, to write down appointment and discussions with customers, so it will be easy for me to satisfy everyone according to what we have discussed earlier. When I have much work to do per hour, I have to inform them on how each issue will be treated accordingly, as their patiently wait.
The last time I apologized to someone was few hours ago, I mistakenly stepped on someone's foot in a public transport, I just have to apologize immediately.
Explanation:
The customer is the client of the company and needs to be kept satisfied in order to have profit.
Customer's satisfaction matters for the growth and the development of the company and many matters are related to large organizations. The organizations such as MNC have a large client base and need to meet each and every client expectation. The need to build a goodwill and a mutual understanding.Learn more about the most difficult customer.
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