James Krieg has finished law school but has unsuccessfully taken the bar exam twice. Krieg is running low on patience and cash. He has begun writing wills to see him through this time of crisis and is charging $200 per will. Some of his will clients have refused to pay Krieg, and he wishes to take them to a small claims court. Which of the following statements is true?
a. Krieg could recover the fees since the licensing after the bar exam is simply to raise funds.
b. Krieg's agreements are void.c. Krieg could recover the fees on a quasi-contract theory.
d. Krieg's agreements are voidable.

Answer:

A) Flattened management hierarchies

Explanation:

Organizations are usually shaped like pyramids, with the vast majority of the employees being at the bottom of the pyramid, and the number of supervisors and managers shrinking as you go up. Traditional organizations tend to have a lot of management levels and are very tall, while more modern organizations have much fewer management levels and are much shorter and flatter.

In this case, since two management levels have been eliminated, the organizational pyramid is shorter and flatter.

A bond will sell at premium when its coupon interest rate exceeds the market interest rate on similar bonds.

Explanation:

Premium bonds are the bonds that are trading above par in the market. Further on the bond would trade on premium only when it offers a coupon rate exceeding the market rate that is being offered on similar bonds.

In simple lay man's language, the term premium and discount can be understood to carry a crude definition of high and low demand. When the demand would be high, the bonds would fetch a higher value and vice-versa.

Thus Bonds would highly be valued when it is paying interest that is greater than the interest prevailing in the market contemporarily.

Answer:

A. Structurally Unemployed

Explanation:

Structural unemployment is unemployment resulting from changes in the pattern of demand for goods and services or changes in technology like in this case. These changes may in turn alter the structure of the total demand for labour rendering some particular skill less in demand or may become obsolete. The demand for other skill however may expand. Unemployment in this case is the result of the composition of the labour force which does not respond quickly to new structures of job opportunities. In this case, there's a decline for workers demand in aircraft industry, as a result, the laid of workers skills are not matched with the probable current jobs available.

Answer:

Provide support and discuss performance regularly.

Explanation:

In this case, we can say that Austin would tell supervisors that they should provide support and discuss performance on a regular basis, as a company with well-designed performance management is premised on performance analysis and management.

This could be implemented in the company with supervisors focused on coordinating and controlling their subordinates in order to analyze and provide support and provide subsidies that assist in continuous improvement, motivation and increased work performance.

Answer:

A warranty of no liens

Explanation:

HearIT has violated the warranty of no liens

Warranty: This can be defined as the assurance usually given by the seller of the existence of a fact on which the buyer can rely. Giving warranty is the duty of the seller, so buyers can sue the sellers in case of any breach in the agreement. instance, we have express warranty, warranty of title, implied warranty.

1) Warranty of Title

a) No Liens: Sellers usually give assurance to the customers that they are selling goods free from debt.

As in the case of HearIT, he has violated this contract by selling goods to Judy that are later repossesed by the manufacturer because the goods were bought on credit and HearIT failed to pay the manufacturer.

b) Good Title:This is the assurance given by the seller that the goods are not stolen goods.

2) No Infringements: It us a warranty given by the sellers to the buyers that their commodities are free from all kinds of infringement like patent right, copyright.

Except where disclaimed, a seller warrants that the goods delivered are free from any copyright, trademark, or patent claims by a third party.

Except where disclaimed, sellers warrant that they have good and valid title to the goods being sold and that they have the power to rightfully transfer title to the buyer. In other words, the goods aren’t stolen.

Except disclaimed, sellers warrant that the goods they are selling are free of any liens -- that is, any encumbrance on the goods or other property to satisfy a debt or protect a claim for payment of a debt (e.g., a security interest on personal property or a mortgage on real property).

2) Express warranty

3) Implied warranty

Answer:

The price elasticity of demand is 1.25

Explanation:

The price Elasticity of Demand (PED) ia used to show the responsiveness of the demand of a good or service to a change in price. The PED can be either elastic (when the % change in demand is more than % change in price), or inelastic (when the % change in demand is less than the % change in price).

mathematically, it is represented as;

PED = (% change in demand) ÷ (% change in price)

Let us calculate the percentage changes.

% change in demand = (change in demand)/original demand × 100

= (160 - 80)/160 × 100 = 80/160 ×100 = 50%

% change in price = (change in price)/original price × 100

= (2.80 - 2.0)/2.0 × 100 = 0.8/2.0 × 100 = 40%

∴ PED = 50 ÷ 40 = 1.25 (elastic)

The Statements-In a job-costing system, individual jobs use different quantities of production resources,  In a process-costing system each unit uses approximately the same amount of resources.-Both the statement are True

(D) Both (a) and (b) are true.

Explanation:

A job costing system is a system in which the cost associated with a particular job is calculated.This information is important in order to submit the cost information to the customer under a contract

For example:Job costing is required for deriving the cost of construction of a building,for designing a software

Process costing is a term that is used  in cost accounting.

It is used  to calculate the manufacturing cost of a Product.

A processing cost system is used during the mass production of the  identical units .

Answer: individual marketing

Explanation:

Individual marketing can also be called personalized marketing or one-to-one marketing is a marketing technique which tailors products and marketing programs to the needs and preferences of individual customers.

Individual marketing technique is applied directly to a specific consumer. It is aimed at satisfying customers wants individually.

Answer:

D. Individual marketing

Explanation:

Individual marketing also known as personalized or one on one marketing is a promotional or marketing tool used for separate entities. It involves the used of marketing strategy to personalize products to the needs and preferences of individual customers. It is also sometimes referred to as customized marketing. Major focus are placed on linking products with each individual and not the general market.

In individual marketing, the specific needs of the customer are met. With the aid of technology, it's become easier for companies to deliver individualized and customized products and services.

Answer:

Explanation:

S/N   Age range       Adult Population       Population Internet Users

A       18   -    29                 478                                 454

B       30   -    49                833                                 741

C       50 and above         1644                                1058

             Total                     2955                               2253

a) Let E = Estimate proportion and A = Internet users

Hence, n(E) = 478 and n(A) = 454

∴ Probability of Internet users (18 - 29), P(A) = n(A)/n(E) = 454/478 = 0.9498 (94.98%)

b) n(E) = 833 and n(B) = 741

∴ Probability of Internet users (30 - 49), P(B) = n(A)/n(E) = 741/833 = 0.8896 (88.96%)

c) n(E) = 1644 and n(C) = 1058

∴ Probability of Internet users (50 and above), P(C) = n(C)/n(E) = 1058/1644 = 0.6436 (64.36%)

d) Let Et = Total estimate proportion

Hence, n(Et) = 2955 and n(A) = 454

∴ Probability of 18 - 29 age range using Internet overall Pt(A) = n(A)/n(Et) = 454/2955 = 0.1536 (15.36%)

The point estimates for the proportion of adults using the Internet are 0.9498 for ages 18-29, 0.8894 for ages 30-49, 0.6438 for ages 50 and over, and combining the data for all age groups yields an overall estimate of 0.7386.

The Pew Internet & American Life Project aims to measure the proportion of adults in various age groups using the Internet. To find the point estimates for each group, we simply divide the number of respondents who answered 'Yes' by the total number of respondents in that age group.

Proportion Estimates for Internet Usage

a. Proportion of adults aged 18
dash 29 who use the Internet:

Point Estimate = Number of 'Yes' responses / Total number of respondents

Point Estimate = 454/478 = 0.9498 (rounded to four decimal places)

b. Proportion of adults aged 30
dash 49 who use the Internet:

Point Estimate = 741/833 = 0.8894 (rounded to four decimal places)

c. Proportion of adults aged 50 and over who use the Internet:

Point Estimate = 1058/1644 = 0.6438 (rounded to four decimal places)

d. Overall proportion of all adults using the Internet:

To estimate this, we need to combine the 'Yes' responses and the total respondents from all age groups. Add the number of 'Yes' responses together and divide by the total number of respondents.

Overall Point Estimate = (454+741+1058) / (478+833+1644) = 0.7386 (rounded to four decimal places)

Answer:

The correct option is C,both A and B

Explanation:

A closed economy is not opened to the idea of international trade, where its surplus commodities can be traded with other nations of the world in order to earn foreign exchange while at the same procuring from trading partners products required by its nationals not available at all in the economy or the ones that are not available in the required quantity.

A closed economy also  assumes itself to be sufficient in the area of fiscal policy management by not engaging in international borrowing or lending arrangements.

Answer:

Victor Vroom

Explanation:

Vroom believed that an individual’s motivation was a combination of these three forces V,I and E. For an individual to be motivated they needed to believe that firstly, they could achieve a particular outcome (expectancy), and secondly, that by achieving the outcome (instrumentality) it would result in a positive valency (and not too many negative valencies).

An example of this might be the student who thinks that getting a good job is important (positively valent) and that working hard to pass their exams will help them to get a good job (instrumentality) and that they also believe that with hard work they are capable of achieving good grades (expectancy).

The economic situation in Glasvania, where high unemployment has led to decreased demand and sellers reducing prices, is known as deflation.

This scenario exemplifies deflation, a term in economics. When an economy experiences deflation, the general price level in an economy is reducing over time. It's often caused by a decrease in the supply of money or credit, but can also occur due to decreases in demand or supply of goods and services. This situation can appear during periods of economic crisis, such as the one Glasvania is experiencing, where high unemployment leads to less consumer spending and hence, lower demand. This lowered demand can cause sellers to reduce their prices, as they're doing in Glasvania.

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Answer: B and A

Explanation: Economic growth is the increase in the productive capacity of the economy. There will be a decrease in economic growth if more capital per hour is used as a result of the diminishing returns to capital.

Some economies maintain high growth rates despite diminishing returns to capital through the use of enhanced or better technology, coupled with accumulating​ capital. There are growth in such economies because unlike capital,​ technology is subject to increasing returns.

Answer:

1. D. not be sustained if developing countries stop accumulating capital because of diminishing returns to capital.

2. A. better or enhanced​ technology, along with accumulating​ capital; these economies are growing because​ technology, unlike​ capital, is subject to increasing returns.

Explanation:

Economic growth will not be sustained if developing countries stop accumulating capital because of diminishing returns to capital.

Capital formation and accumulation increases investment which effects economic development or growth in two ways. Firstly, it increases the per capita income and enhances the purchasing power which, in turn, creates more effective demand. Secondly, investment leads to an increase in production.

Some economies are able to maintain high growth rates despite diminishing returns to capital by using A. better or enhanced​ technology, along with accumulating​ capital; these economies are growing because​ technology, unlike​ capital, is subject to increasing returns.

Technological development is an important factor that increases the growth rate of economy at the macro level and profits of the firms at micro level.

Answer:

d. the price level will fall, and real GDP might rise, fall, or stay the same.

Explanation:

Suppose that the economy is at long-run equilibrium. If there is a sharp decline in the stock market combined with a significant increase in immigration of skilled workers, then in the short runa the price level will fall, and real GDP might rise, fall, or stay the same.

The certainty is that as immigration increases price level falls as a result of 2 things:

1. Immigration affects the prices of the inputs that are used to produce goods and services. Those inputs for which immigrant labor substitutes will suffer as the prices of their services fall. Therefore, an increase in the number of immigrants will generally decrease the wages of domestic unskilled workers.

2. Immigration affects the prices of the outputs of production process because as the number of workers increase, production ability and supply of goods and services increase and increased supply will definitely result in lower prices.

Answer:

Mass marketing

Explanation:

Mass marketing -

It refers to as the marketing strategy , where the focus is on the complete market rather than some specific group , is referred to as mass marketing .

It is the reverse of niche marketing .

Mass marketing requires advertising method like , television , radio , newspaper , magazine etc.

As they tries to capture large area of consumers .

Hence , from the given information of the question ,

The correct answer is mass marketing .

Answer:

b.michael included depreciation in his estimate, which would make cash disbursements too high.

Explanation:

Cash disbursement is defined as outflow of cash that is paid in the process of obtaining goods and services. Cash disbursement can also be in the form of refunds to a customer or dividend payments.

Items we can include in cash disbursement include: inventory, labor, overhead, selling expenses, administrative expenses, dividends, and income taxes.

Depreciation is not part of cash disbursement as it does not involve outlay of cash, but rather reduction in value if assets.

Answer:

The correct option is (C). Michael failed to include financing in his estimate, which would make cash disbursements too low.

Explanation:

Financing is a big source of cash disursement since projects and programmes must be funded to get completed. Therefore, it will certainly make cash disbursement too low because a big spending source was ommitted as a mistake.

Answer:

The correct answer is a. data steward.

Explanation:

Database administrators manage and maintain computerized databases. They make sure they are safe and up to date. These professionals work on ways to reorganize databases to make them faster or easier to use. They create backup systems so that data is not lost if problems arise in the database.

Database administrators are responsible for the computerized databases of companies. Companies use databases to maintain and update large amounts of information in a structured way to be able to use it more efficiently. They ensure that the database is secure and is used effectively. The use and security of the information contained in databases are regulated by a strict data protection law.

It is the responsibility of the database administrator to ensure that only authorized persons can see very personal details, for example, medical information. In addition, citizens have the right of access to information that appears on them in databases; administrators may have to negotiate this access.

Database administrators work closely with database users, finding out if there is a problem and assessing the system's ability to meet the demand.

They also provide assistance to users, for example by showing them how to search the database for specific information. They can launch database reports (or reports) for users to execute. Database reports select, group and print certain data in several ways, for example, a monthly sales report. Some database administrators write user manuals and provide training for new staff.

Final answer:

Kyle manages critical data elements within his company and is thus best described as a data steward, whose primary role is to ensure the quality and appropriateness of data use.

Explanation:

Kyle is responsible for managing critical data elements such as identifying and acquiring new data sources, creating consistent reference data, and analyzing data for quality assurance. Considering these roles, Kyle is a data steward. A data steward typically oversees the life cycle of data, ensuring its appropriateness for use, its quality, and availability to meet business needs. The role is distinct from that of a database administrator who focuses on the technical management and maintenance of the database systems, or a data administrator whose role is more about systems and the environment surrounding the data. Effective data stewardship is essential for quality information management, and it includes tasks like maintaining the integrity, accessibility, and security of important data within an organization.

Answer:

D. Social Context

Explanation:

Social context generally refers to the immediate social setting in which people live and go about their daily activities. Social context or rather social environment in the workplace has a relatively strong connection to job satisfaction. Here, Ramiro is said to work with a nice crew which obviously makes doing the work a whole lot better, also plays softball on the weekends and volunteer in the same group with his coworkers. These social context he has going with his coworkers makes the job satisfactory for him. He's very active with his coworkers both on the job and off the job. If the reverse were to be the case, say, maybe he doesn't get along with his coworkers, the work becomes very unsatisfactory.

Pay cannot be the reason for his satisfaction because the pay is relatively low. Also, the fact he's been doing the same thing for 6 years shows promotion has nothing to do with his satisfaction. Neither does the work stress or the work itself.

Ramiro's high job satisfaction is most likely due to the social context of his job, emphasizing the role of coworker relationships and team activities in fostering a sense of belonging and satisfaction.

The most probable cause of Ramiro's high job satisfaction is the social context at work. Research indicates that factors like friendships at work, social relationships, and engaging in activities like volunteering with coworkers can significantly contribute to job satisfaction.

Ramiro's high job satisfaction likely stems from the social context of his job rather than his pay, promotion opportunities, stress levels, or the work itself. Although pay and the nature of the work can influence job satisfaction, research suggests that the social aspects of work, such as the quality of relationships with coworkers and involvement in team activities, play a significant role. Ramiro enjoys playing softball with coworkers, volunteering at the local food bank, and socializing at summer picnics, highlighting the importance of camaraderie and shared values in fostering job satisfaction. The presence of close friendships at work and a sense of belonging can increase an employee's satisfaction and commitment to their job, making the social context a pivotal factor in job satisfaction.

Answer: $86.00

Explanation: A department factory overhead rate is calculated as budgeted department factory overhead divided by budgeted department allocation base. The overhead rate is then multiplied by the dhls for each product individually

Fabrication dlh (4,000 treadmills × 3 dlh) + (4,000 weight machines × 2 dlh) = 20,000dlh

$460,000 / 20,000 dlh = $23 per dlh

Assembly dhl (4,000 treadmills × 1 dlh) + (4,000 weight machines × 5 dlh) = 24,000 dlh

$192,000 / 24,000 dlh = $8 per dlh

Weight Machine:

Fabrication: 2 dlh × $23 per dlh = $46

Assembly: 5 dlh × $8 per dlh = 40

Therefore: Allocation per unit $86.00

Answer:

C. Cash 10,000 Building 20.000 Common Stock 30,000

Explanation:

To record the journal entry for investing cash in a business in exchange for common stock and a building to start the business,

Debit                  Cash                     $10,000

Debit                  Building                $20,000

Credit                 Common Stock    $30,000

Therefore, Gi Grs Dance Studio, Inc. invested cash in exchange for common stock as well as donated a building for business. In that case, two asset accounts increases, and an equity account establishes.

Answer:

B. Both I and II are true.

Explanation:

It is true that the average total cost of a given level of output is the slope of the line from the origin to the total cost curve at that level of output.

Average Total Cost tends to fall as output increases, and then rise as output continues to increase.  

It is also true that the marginal cost of a given level of output is the slope of the line that is tangent to the total cost curve at that level of output.

The slope of the total variable cost curve is marginal cost. The relation between total cost and marginal cost is but another in the long line of applications of the total-marginal relation. The slope of the total cost curve (and total variable cost curve) is marginal cost.

Marginal cost (MC) is calculated by taking the change in total cost between two levels of output and dividing by the change in output. The marginal cost curve is upward-sloping.

Answer:

According to a recent report by the Society for Human Resource Management, It is the duty of HR professionals to help create an ethical climate in their organization.

Explanation:

Human resource management has become more specialized to meet the ever changing multi-dimensional workforce and organizational requirements.

one of the main issue in the workplace among workers in the distinction between Ethics and Corporate Culture.

management tends to less Ethical and focuses more on the profession itself but this reports adly on the organization due to workers resentment towards bosses

For that reason,

Based on this premise, it is the duty of HR professionals to help create an ethical climate in their organization.

Answer:

degree of operating leverage= 4

Explanation:

Giving the following information:

Sales in North Corporation increased from $60,000 per year to $63,000 per year while net operating income increased from $10,000 to $12,000.

The degree of operating leverage is the %change in the operating income, divided by the change in sales. It measures how much of the operating income varies with changes in sales.

degree of operating leverage= % change on income/ % change on sales

degree of operating leverage= [(12,000 - 10,000)/10,000] / [(63,000 - 60,000)/60,000]

degree of operating leverage= 0.2 / 0.05= 4

Final answer:

The degree of operating leverage for North Corporation is 4, calculated by dividing the 20% increase in net operating income by the 5% increase in sales.

Explanation:

The degree of operating leverage which is a financial concept used to describe the relationship between a company's fixed and variable costs, and its effect on the company's net operating income when sales change. In the given scenario, North Corporation's sales increased from $60,000 to $63,000, which is a 5% increase. Its net operating income increased from $10,000 to $12,000 which is a 20% increase. The degree of operating leverage can be calculated at any point by taking the percentage change in operating income and dividing it by the percentage change in sales. Therefore, the degree of operating leverage for North Corporation would be 20% / 5% = 4.

Answer: c. marginal revenue is higher than it was previously.

Explanation:

Marginal revenue is higher than it was previously.

Marginal Revenue is the additional revenue that is generated by selling one more unit, In a Competitive market Firms are price takers meaning the can only adjust quantity and not the price.

The marginal Revenue equals to the price of a good or service. When Price increases from $20 to $25 ,the Marginal Revenue will be $25 which is higher than it was previously

Answer:

The price of miller's bond today  $1,162.89

The price of Modgliani's bond today  $854.66

Explanation:

The approach taken to arrive at the prices was that of discounting the future cash flows in terms of  semi-annual coupon interest  payment and repayment of principal of the two bonds to today's terms.

In discounting the cash flows I used the pv formula in excel, pv(rate,nper,pmt,-fv)

rate is the semi-annual yield to maturity of 4.5% for Miller and 5.5% for Modgliani

The nper is 15*2( 15 for years, 2 for semi-annual interest payment)

pmt is the semi-annual coupon payable by the bonds,$55 for Miller and $45 for Modliani

The future value is $1000 and it is same for both bonds

Find the calculation in the attached

You shouldn't add the stock to your portfolio.

This statement is true.

Explanation:

An undervalued stock is characterised as an asset that sells significantly below the supposed intrinsic value at a profit.

For Example, if the stock sells for $50, but on the premise that future cash flows are expected, it is an undervalued stock.

If you pay excessively, you will lose part or all of your earnings. The same happens when you purchase a stock below its current market value. Purchasing an inflated stock ensures you that the chances of losing money even though it is not profitable for the company.

Answer:

The correct answer is equity markets.

Explanation:

The equity markets are quite dynamic in terms of processing trades and incorporating information in prices and thus are considered very efficient markets.

The efficient market hypothesis (EMH) is a theory in finance and economics which suggests that the stock market or equity market is all knowing and therefore, the price is always right. Equity markets are considered as the meeting points for buyers and issuers of stocks. Equity markets use most effective trade instruments and thus are considered very efficient markets. Market efficiency refers to the degree of transparency of all available and relevant information in a stock market.

Answer:

$ 300

Explanation:

GDP per capita is an economic measure of a country's output. It is an economic measurement parameter that takes into consideration the number of people. It is obtained by dividing the country's GDP by the total population of people in that country. As such, it a precise measure of a country's standard of living. It also serves as an indication of a country's wealth from the perspective of the people. It represents somewhat the purchasing power of the average citizen of a country

Mathematically represented thus:

GDP per capita = GDP / Population

At the start of the 2000s, the average citizen of these countries had a purchasing power of less than $ 300

In the early 2000s, certain African countries such as Niger, Tanzania, Nigeria, and Sudan had a GDP per capita of less than $300, indicating significant economic disparity compared to other regions like Russia, Argentina, and Mexico.

In certain African countries such as Niger, Tanzania, Nigeria, and Sudan, despite the economic growth waves other countries have experienced, the GDP per capita at the start of the 2000s was still less than $300. For comparison, countries like Russia, Argentina, and Mexico had a mid-tier per capita GDP of about $6,000-10,000 in the same timeframe. The figure of $300 for these African countries is a striking indication of socio-economic disparity, despite progress in other parts of the world, such as the growth observed in China (population: 1.4 billion) and India (population: 1.3 billion).

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Answer:

D. Avoidance learning

Explanation:

Based on the information provided within the question it can be said that this is an example of avoidance learning. This term refers to a when an individual removes themselves from a situation in order to avoid a stressful or unpleasant situation. Which is exactly what Rob is doing by not nagging Jeff on his good days in order to avoid Jeff acting immature later.