Answer:
a. A reference, often a date, should be written along with the journal entry.
b. Amounts written in the debit and credit columns represent dollar amounts.
c. The account to be credited is listed below and indented to the right of the debited account.
d. The account to be debited is listed first starting with the debited account name followed by the amount being debited.
Explanation:
An accounting journal serves as a books of original entries that is utilized as the initial recording book before being posted to the general ledger.
A typical accounting journal has a date by the side., it has a space for narration or description, the dollar amount are in the debit and credit column, The account to be credited is listed below and indented to the right of the debited account.
Final answer:
In the general journal, entries must include a reference or date, and amounts in the debit and credit columns represent dollar amounts. The account to be credited is indented below the account to be debited, which is listed first with the amount.
Explanation:
When writing a journal entry in the general journal, the following statements are true:
a. A reference, often a date, should be written along with the journal entry.b. Amounts written in the debit and credit columns represent dollar amounts.c. The account to be credited is listed below and indented to the right of the debited account.d. The account to be debited is listed first starting with the debited account name followed by the amount being debited.Each of these components helps to ensure that a journal entry is clear, precise, and follows the standard format for double-entry accounting. This system ensures that for every financial transaction, effects are recorded in at least two accounts, following the principle that every debit transaction must have a corresponding credit transaction. The structured format of journal entries is crucial for the accurate bookkeeping and preparation of financial statements.
Trey owns 250 shares of common stock in a toy-store company, which means he owns a percentage of the company. With this ownership, he also acquires the right to ___________
Answer:
See answers below
Explanation:
Common stock ownership grants its holders the right to the following.
right to receive a dividend when declared by the company. A dividend is a part of the profit for a given year that the management of a company has deemed fit for payment to the shareholders of the companyright to attend and vote in a meeting of the stockholders/shareholdersright of first refusal when the company wishes to raise additional capital. This means shareholders must be offered the option of providing the additional capital needed by the company first, before the option to raise outside capital can be taken.Andrew and Eunice are married filing jointly with AGI of $48,000. They contributed $1,800 to a qualified retirement plan. How much is their retirement savings contributions credit?
Answer:
retirement savings contributions credit = $180
Explanation:
given data
AGI = $48,000
contributed amount = $1,800
solution
we know Married taxpayer will file separate returns and they still qualify for the credit
so here retirement savings contributions credit will be 10 % of contributed amount so it will be
retirement savings contributions credit = 10% of $1,800
retirement savings contributions credit = 0.10 × $1,800
retirement savings contributions credit = $180
Under the utilitarian model of ethics, the following is true: a. Ethical decisions involve producing the best outcome for managers. b. The use of a cost-benefit analysis for alternative actions is undertaken. c. Corporate decisions must create the greatest amount of good for the least numbers.
Answer:
The answer is b) The use of a cost benefit analysis for alternative actions is undertaken.
Explanation:
The concept or idea behind the utilitarian model of ethics is that what is right should be separated from what is wrong by using the outcome of action as basis of judgement. The aim of the act should be the greatest good for the greatest number of people. In options A and C, the outcome benefits only a specified or particular group of people whereas option B, the use of cost-benefit analysis, which is one of the main areas that applies utilitarianism is businesses, best suits this ideology.
Answer:
Ethical decisions involve producing the best outcome for managers.
Explanation:
Under the utilitarian model of ethics, ethical decisions involve producing the best outcome for managers because because the concept of Utilitarianism holds that what is ethical is determined by focusing on outcomes. Hence it looks at consequences and believes that the most ethical choice is that which brings forth the greatest good for the greatest number.
In the light of the above meaning of utilitarianism, it is clear that it is not a cost-benefit analysis (which is the given option b) neither does it hold that what is ethical creates the greatest amount of good for the least numbers (option c) but for the greatest number.
What lays emphasis on designing, optimizing, and streamlining business processes across the organization, while also considering the human element?
Answer:
Business process management
Explanation:
Business process management is an efficient process which helps to maintain the business by designing every phase of business activity. Streamlining business activity is important to run the organisation in the most efficient way possible. Business process management consists of different phases which include, modelling, measuring, improving and analysing various business activities. Any process which is used to recreate the process of an organisation is known as business process management.
Which of the following is NOT an example of a public that is part of a company's marketing environment?
A) financial
B) media
C) government
D) citizen-action
E) marketing department
Marketing department is not an example of the public which forms part of the marketing environment because it is an internal affairs of the organization.
Marketing environment refers to those environment which constitute the internal and external factors that influence an marketing activities of an organization.
The Internal factors which forms marketing environment includes factors like Marketing department, Company Culture, Company image, Goodwill, Marketing Strategy etc
The External factors which forms marketing environment includes factors like customer action, technological advancements, social force, economic force, competitive forces.
Therefore, the Option E. is not an example of the public which forms part of the marketing environment because it is an internal affairs of the organization.
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Final answer:
The E. marketing department is not an example of a public that is part of a company's marketing environment, unlike financial, media, government, and citizen-action groups.
Explanation:
The correct answer to the question of which of the following is NOT an example of a public that is part of a company's marketing environment is the marketing department. The marketing department is an internal part of a company, whereas the other entities listed - financial, media, government, and citizen-action groups - represent external groups that a company interacts with in its external marketing environment.
The marketing department is an internal part of a company, not an external public like financial, media, government, or citizen-action groups. These external groups can influence or be influenced by a company's marketing strategies.
Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price:___________
Answer: Price skimming.
Explanation:
Price skimming is a product price setting method in which, a new product's market entry price is set to be very high, and then gradually reduced with time to gain more price sensitive consumers in the market. The price skimming effectively works for a product that doesn't have much competition in the market.
The term for charging a high price for new and innovative products to consumers who are most willing and able to pay the high price is referred to as price skimming. This tactic is commonly used in industries like music and electronics, where high demand can justify initial high costs. However, price skimming grows less effective as competition increases and market demand levels out.
Explanation:Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is referred to as price skimming. Examples of such strategies can be seen in the music industry, where some bands with huge fan bases can set sky-high prices for their concert tickets. Similarly, innovative business leaders like Samsung's CEO believe in continuously creating innovative products that consumers want, and their new offerings may initially have high prices due to this added value proposition. However, the effectiveness of price skimming usually reduces in time as competitors catch up with similar offerings and market saturation begins to limit demand.
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Larimer Corporation prepares its financial statements in accordance with IFRS. Larimer acquired equipment by issuing 5,000 shares of its common stock. How should this transaction be reported on the statement of cash flows?
Answer:
It should be reported in the notes to the financial statements as a noncash transaction
Explanation:
Kara was out jogging and, despite being tired, decided too run one more mile. Based on her actions, economists would conclude that Kara decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. must be an avid runner. was not very tired, so the marginal cost of the extra mile was very low.
Answer:
decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile.
Explanation:
Kara's marginal cost of running that extra mile was probably being extremely tired, with some muscle pain, etc., while the marginal benefits of running that extra mile probably included losing some extra weight, improve cardiovascular fitness, strengthen her muscles, etc.
When she decided to keep on running despite being already tired, she probably believed that the marginal benefits generated by running that extra mile outweigh the marginal costs of doing so.
The same happens to any company that decides to sell their products only if the price (benefit) is higher than their costs.
Answer:
The marginal benefit of running one more mile would outweigh the cost of the additional mile
Explanation:
Marginal Cost and Marginal Benefit
Marginal cost and marginal benefit represent the way the value or the cost of an action, a service or product changes. Marginal cost and marginal benefit in production is such that a consumer considers the marginal benefit of a product to him while a manufacturer considers the marginal cost.
This then determines the actions or decisions of the consumer to buy the product, take the action or patronise the service, and it also determines the pricing and marketing decision of a manufacturer
Marginal benefit which can also be called maximum benefit has the tendency to however decrease as consumption or action decreases until it comes to a point where the consumer sees that the cost of the action outweighs the benefit and then stops the action.
The more marginal benefit one considers is derivable from a thing, the more action the individual is willing to take to acquire that thing. The more marginal benefit which also mean the maximum benefit a person seems to derive from an action, the more of that action the individual is willing to take.
In the case of Kara, she decides to run one more mile despite the tiredness because of the realisation that there is still a maximum benefit that outweighs the tiredness she is feeling.
3. Nghiep gave his mother half of his weekly earnings, and then spent half of what was left on a new shirt. He then had $32. What were his weekly earnings?
Answer:
$128
Explanation:
Given: Nghiep gave half of his weekly salary to his mother.
Spent remaining half on a new shirt.
Finally he is left with $32
Lets assume Nghiep´s weekly earning be "x".
As given, Nghiep gave his mother half of weekly earning.
∴ Remaining earning= [tex]x- \frac{x}{2}[/tex]
Taking LCD as 2
⇒ Remaining earning= [tex]\frac{2x-x}{2} = \frac{x}{2}[/tex]
Hence, remaining salary giving half earning to his mother is [tex]\frac{x}{2}[/tex]
Now, as given Nghiep spent half of what was left on a new shirt.
∴ Amount spent on shirt= [tex]\frac{x}{2} \times \frac{1}{2} = \frac{x}{4}[/tex]
Next, finding the amount left with Nghiep after spending on shirt.
⇒ Amount left after spending on shirt= [tex]\frac{x}{2} - \frac{x}{4}[/tex]
taking LCD as 4
⇒ Amount left after spending on shirt= [tex]\frac{2x-x}{4} = \frac{x}{4}[/tex]
As given, Nghiep left with $32 after spending on shirt.
∴ We can form an equation for amount left with Nghiep after spending on shirt.
⇒[tex]\frac{x}{4} = 32[/tex]
Now, solving it to find the weekly earning of Nghiep.
⇒ [tex]\frac{x}{4} = 32[/tex]
Multiplying both side by 4.
⇒[tex]x= 32\times 4[/tex]
∴ [tex]x= \$ 128[/tex]
Hence, Nghiep´s weekly earning is $128.
During the month of June, Carney & Whitley Inc. had cost of goods manufactured of $123,200, direct materials cost of $57,200, direct labor cost of $40,700, and manufacturing overhead cost of $28,600. The work in process balance on June 30 was equal to $11,000. What was the work in process balance on June 1?a.$13,000b.$7,700c.$115,000d.$10,000
Answer:
b) $ 7.700
Explanation:
The total inputs during the month were:
Direct materials $ 57,200
Direct Labor $ 40,700
Manufacturing Overhead $ 28,600
Total input for June $ 126,500
of which WIP Closing June 30 $( 11,000)
Cost of Goods manufactured ----------------
from June input $ 115,500 (1)
Since the total Cost of Goods
manufactured is $ 123,200 (2)
so the opening Work in
process is (2)-(1) $ 7,700
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be_______. Moreover, you know that at a price of $10 per CD, the quantity supplied_______ is five million CDs.
Answer:
The answers are S1 where S1 is supply curve that has the potential to move to S2 and Quantity Supplied
Explanation:
Referring to the diagram below, an increase in supply occurs when the supply curve shifts to the right as shown in diagram below. The original demand and supply curves equal D1 and S1, respectively. Thus, the original equilibrium equals E1, with a price and quantity equal to P1 and Q1 respectively. However, when the supply increases to S2, the market moves to a new equilibrium, E2, with equilibrium price decreasing to P2 while equilibrium quantity increases to Q2.
What is equilibrium: In economics as the may be, equilibrium is the circumstance in which market forces such as demand and supply are balanced. That is, there is an absence of external influences on the values of economic variables therefore making the process unchanged.
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be upward-sloping. Moreover, you know that at a price of $10 per CD, the quantity supplied is five million CDs.
Based on the law of supply, which states that as the price of a good increases, the quantity supplied also increases, the correct graphical representation of the supply for CDs would be an upward-sloping curve.
Graphical Representation of Supply for CDs: The supply curve for CDs will slope upward from left to right. This indicates that as the price of CDs increases, suppliers are willing to supply more CDs to the market.
Quantity Supplied at $10 per CD: If the price of a CD is $10, and the quantity supplied is five million CDs, we represent this point as follows:
[tex]\[ \text{Price per CD} = $10 \][/tex]
[tex]\[ \text{Quantity Supplied} = 5 \text{ million CDs} \][/tex]
This point [tex](Price = $10, Quantity = 5 million CDs)[/tex] would be plotted on the supply curve. It indicates that at a price of $10 per CD, suppliers are willing to supply five million CDs to the market.
The complete question is:
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be_______. Moreover, you know that at a price of $10 per CD, the quantity supplied_______ .
A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a credit to Cash for $8,000. Which explains this entry?
Answer: The entry is a reflection cash payment of $8000 which is a reduction of liabilites of $3000 on salaries payable and an expense of $5000 incurred on salaries.
Explanation: The transaction coud be a typical scenario of a payment for salaries previously due provided for while also paying for the presently incurred salaries expense.
During the current year, Blossom Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less accumulated depreciation $68,000) for a new crane from Blue Manufacturing Co.
Answer:
The journal entry would be
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 190,400 Cr
As the price of the new equipment is not given the profit or loss cannot be estimated. the whole amount less depreciation is transferred to new equipment account. if depreciation is treated separately and not set off against the equipment the entry would be under the accrual basis of accounting
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 122,400 Cr
Accumulated Depreciation $ 68,000 Cr
If a video game manufacturer required its resellers to stock a line of games based on the financially-disappointing movie War of the Worlds in order to carry games based on the popular TV show Survivor, it would be an example of_______
Answer:
bundling a slow mover with a fast moving product.
Explanation:
One of the most effective ways in which a manufacturer or a retail store can get rid of slow movers (products with low sales level) is by bundling them with some fast moving product (products with high sales level). Usually slow movers are added as a promotion with a steep discount, but it is better to recoup some money than nothing.
When manufacturers bundle slow movers with a fast moving product they do this because the retailers need the fast moving product (high demand) or their sales will decrease. Video game retailers really want the games about the Survivor show and they will probably be willing to buy a small amount of no good War of the Worlds game in order to get them. They might also use the same sales strategy and bundle the War of the Worlds game with some other slow mover game and make a 2 for 1 sale.
Naomi and Matt received the following amounts from a tenant who is renting their condominium during the current year (rent is $1500 per month): 2 months rent 2200 Deposit 1600 Rent for two months would normally have been $3000, but the tenant paid $800 for plumbing repair. The repair would normally have been paid by Naomi and Matt but the problem occurred while they were out of the town. How much should Naomi and Matt report as rental income for the current tax year? C
A. $2200
B. $2400
C. $3000
D. $4600
Answer:
$3000
Explanation:
If a tenant pays an expense usually paid by the taxpayer in place of rent, that expense is considered as part of rental income to the taxpayer.
The income to be included will be: $ 2200 paid as deposit, Plus $ 800 paid for plumbing repairs.
= $2200+$800
=$3000
In 2011, the value of the GDP deflator is 113. (Enter your response rounded to the nearest whole number.) In 2012, the value of the GDP deflator is 119. (Enter your response rounded to the nearest whole number.)
Answer:
2011 = 113
2012 = 119
Explanation:
The computation is shown below:
GDP deflator = (Nominal GDP) ÷ (Real GDP) × 100
For 2011, it would be
= ($13,495 billion) ÷ ($11,919 billion) × 100
= 113
For 2012, it would be
= ($14,241 billion) ÷ ($12,007 billion) × 100
= 119
In order to find out the GDP deflator, we divided the Nominal GDP by the Real GDP
The GDP deflator is a price index that measures inflation or deflation in an economy by comparing Nominal GDP and Real GDP. It is calculated by dividing Nominal GDP by Real GDP and multiplying by 100.
Explanation:The GDP deflator is a price index that measures inflation or deflation in an economy. It is calculated by dividing Nominal GDP by Real GDP and then multiplying by 100. For example, if the Nominal GDP is $100,000 and the Real GDP is $45,000, then the GDP deflator will be 222. This means that prices have increased by 122% since the base year.
Before a customer's agent delivers his policy, the insurer makes a last-minute change to the policy. The agent inform the customer of this change, and he accepts it. What must the agent do now?
A) If the change would affect the premium, the agent must have the customer sign a statement acknowledging the change
B) The agent should ask the customer to sign a statement acknowledging that he is aware of the change
C) Nothing. After the explanation, the agent is not legally bound to do anything else
D) The agent must notify the beneficiary of the change in policy
Answer:
B, The agent should ask the customer to sign a statement acknowledging that he is aware of the change.
Explanation:
Just like in any contract, when there is a change in the details of the contract, it is mandatory that both parties are notified and that there is a document and signature confirming the acknowledgement of the changes.
So also in the case of this policy, the agent has to notify the customer of changes made to his policy and ensure the customer signs an acknowledgement of the change to avoid a breach of contract. When a customer is ignorant of a change to his policy, he can file a lawsuit against his agent and insurer depending on who is at fault.
Cheers.
Suppose nominal GDP in 2006 was $14460 billion. If the current year price index is 127. What was the real GDP for 2006 (in billion of dollars)? (Round your answer to the nearest whole number.)
Answer:
$113.86 billion
Explanation:
Real GDP = nominal GDP/ price index
Real GDP = $14460 billion / 127 = $113.86 billion
I hope my answer helps you
A firm determines that it can hire one more worker at a wage of $80 per day, and its MRP would increase by $100 for the day. The firm also determines that it can rent one more piece of capital equipment at a cost of $200 per day, and its MRP would increase by $250 for the day. In order to maximize profit, the firm should
a. hire one more worker but not rent a piece of equipment
b. hire one more worker and also rent a piece of equipment
c. reduce the number of workers and rent more equipment
d. rent one piece of equipment but not hire a worker
e. reduce the amount of equipment and hire more workers
Answer:
d. rent one piece of equipment but not hire a worker.
Explanation:
when firm rents the equipment then the MRP is "250" which is higher than hiring one more worker, Therefore, the firm only rent one equipment will not hire any worker.
______ is an increase in the price level, while ______ is an increase in the price of one good in comparison to other goods and services.
Answer:
Inflation and Relative Price Increase
Explanation:
Inflation represents an increase in all prices or wages which results in a drop or reduction in money's purchasing power. Of course, the drop in the purchasing power of money is as a result of the inability to use the same amount of money used in a previous period to purchase the same quantity of goods in the current period as a result of a general shift in prices.
A Relative Price Increase on the other hand, unlike inflation is not a general price increase as a result in change of monetary policies, it represents changes in the price of individual goods as response to the flows of demand and supply of different goods in teh economy. An increase in the relative price of goods for instance could be as a result of demand greater than supply while a decrease is the vice versa of teh phenomenon.
Inflation is a monetary policy effect, while relative price increase is a market (demand and supply) caused effect on goods and services.
As director of human resources, Leah is responsible for creating a formal system of task and reporting relationships to enable employees to meet organizational goals. Leah is demonstrating the _______ function of management.
Answer:
Organising
Explanation:
Remember, there are typically four functions of management which includes:
planning,
organizing,
leading,
controlling.
In this scenario, Leah is demonstrating the organising function of management since she is creating a formal system of task and reporting relationships to enable employees to meet organizational goals.
The type of management function which Leah is performing is:
OrganizationalBased on the given question, we can see that Leah is performing a certain function of management as she is in charge of organizing and linking up information with other members of the group.
With this in mind, we can see that Leah is performing the organizational function of management.
Therefore, the correct answer is organizational
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Economic theory is: A. the specification of a set of assumptions. B. a prediction about cause and effect. C. the development and use of a model to test hypotheses. D. None of the above.
Economic theory involves the development of models to test hypotheses about the economy. Option C correctly describes this as the use of a model to test these economic hypotheses.
Economic theory can be understood as a well-developed set of ideas that propose an explanation for observed economic phenomena and can be used to make predictions about future economic observations. When economists engage in the development and use of a model to test hypotheses within the framework of the scientific method, they create a series of simplifying assumptions to manage the complexity of real-world data.
Thus, for the given case option C, which states that economic theory is 'the development and use of a model to test hypotheses,' accurately reflects the process by which economic theories are formulated and validated.
Marci Luner is going over the finances of her clothing boutique firm. If her firm has a net income of $131,000 and net sales of $586,000, its profit margin is _______ percent.
Answer: The profit margin is 22.35 %
Explanation: The formula for profit margin is net profit/ income ÷ net sales.
As such, the profit margin is (131000 ÷ 586000) x 100 = 0.2235 * 100 = 22.35 %
One measure of the importance of a publicly traded asset class in the U.S. economy can be calculated by multiplying the number of publicly traded shares by the current market price of the stock. The result of this calculation is more commonly referred to as:________.
Answer:
Market Capitalization
Explanation:
One measure of the importance of a publicly traded asset class in the U.S. economy can be calculated by multiplying the number of publicly traded shares by the current market price of the stock. The result of this calculation is more commonly referred to as market capitalization.
Market capitalization refers to the total market value of a firms shares. it is the cumulative value of the outstanding shares a publicly quoted company (a company that trades its shares in the stock exchange).
Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.
True
False
Answer:
The statement is TRUE
In 1980 the Depository Institutions Deregulation and Monetary Control Act loosened many government controls, including the elimination of interest-rate _________ on savings and time deposits.
Answer: Ceiling
Explanation:
The interest rate ceiling is one of the type of contractual provision that helps in outline the all the transaction related to the interest rate.
The interest rate ceiling is basically refers to the maximum rate of the interest that are permitted on the specific transaction that helps in providing all the contractual loan terms.
According to the given question, the Monetary control act including the eliminating of the interest rate ceiling for the time deposits and on savings.
Therefore, Ceiling is the correct answer.
One important point to remember is that just because a difference between two treatment groups is found to be statistically significant, it does not mean that the difference has practical significance. To help, researchers use a finding's _____ to measure magnitude and reliability.
Answer:
Researchers use a finding's Effect size to measure magnitude and reliability.
Explanation:
Effect size is statistical method used by researchers to compare between variables that are statistically significant. It is used to determine the magnitude of the parameters and reliability of the treatment group.
At December 31, 2014, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $2,800. It was determined that $1,200 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance for the year would be:
$1,600. ( T/F)
Answer:
The adjusted balance of prepaid insurance is $ 1,600 and the statement is true.
Explanation:
A prepayment refers to payments made for which the benefit is to be received in the future. Common examples of prepayments are prepaid rent and prepaid insurance.
An adjustment is made at the end of an accounting period to reduce the prepaid balance to reflect the unused portion of benefit.
In the given question, $ 1,200 value of prepaid insurance had expired hence it is reduced from the pre adjusted balance of prepaid insurance.
A financial analyst reports that for people who work in the finance industry, the probability that a randomly selected person will have a tattoo is 0.20.Which of the following is the best interpretation of the probability 0.20?
A) For all workers in the United States, 20% will work in finance.
B) For all finance workers, 20% will have a tattoo.
C) For all people with tattoos, 20% will work in finance.
D) For a specific group of 5 finance workers, 1 will have a tattoo.
E) For a specific group of 5 people with a tattoo, 1 will work in finance.
Answer:
B) For all finance workers, 20% will have a tattoo.
Explanation:
Since the analyst reports that for people who work in the financial sector, the probability of having a tattoo in the people's body will be chosen from the only finance department; therefore, option A is incorrect as it shows the whole work in the United States.
All people do not have tattoos, so option C is wrong. Among the five finance people, one will have a tattoo, and option D is an incorrect statement.
Therefore, option B is correct as, among finance workers, 20% will have tattoos.
Answer:
B) For all finance workers, 20% will have a tattoo.
Explanation:
I did it on college board
Under market organization, individuals can communicate their preferences to other decision makers directly, through communication, but not indirectly, through their choice of whom to transact with.
1. True
2. False
Under market organization, individuals can communicate their preferences indirectly through their choice of whom to transact with.
Explanation:False
Under market organization, individuals can communicate their preferences indirectly through their choice of whom to transact with. In a market economy, individuals have the freedom to choose with whom they want to engage in transactions, whether buying or selling goods or services. This choice reflects their preferences and can influence the decisions of other market participants.
For example, if consumers prefer eco-friendly products, they may choose to buy from businesses that prioritize environmental sustainability. This choice sends a signal to other businesses, encouraging them to adopt more sustainable practices to attract customers.
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