Answer:
A. Be sure that all possible alternatives and states of nature (beginning on the right and moving left) are included in the tree.
Explanation:
Decision tree is a simple data mining approach used to establish the hidden knowledge in the data to enable classification and prediction.
Decision tree is a tree structure, where internal nodes denote a test on an attribute, each branch represents the outcomes of the test and the leaf node represents the class labels.
Decision Trees are excellent tools for helping management to choose between several courses of action and simplify management decision making.
If the above is true then we must be sure that possible alternatives are included in the tree.
Final answer:
True, the 'doing nothing' alternative is included in a decision tree for product design, serving as a baseline for comparing all other potential product design alternatives.
Explanation:
When constructing a decision tree for product design, it is TRUE that the possible alternatives include an alternative of 'doing nothing'. This option must be considered because it represents the choice to maintain the status quo without pursuing any new product designs or changes. Including 'doing nothing' as an option ensures a comprehensive evaluation of all possible decisions. The construction of a decision tree generally involves detailing alternatives and potential outcomes, including the states of nature, payoffs, and the calculation of expected values. It's important to ensure that all potential outcomes and alternatives are reflected in the decision tree to facilitate effective decision-making.
The process of evaluating alternatives often includes a cost/benefit analysis, where you weigh the marginal costs against marginal benefits. The same logic applies to decision trees, where the benefits and costs of each path are considered to optimize the decision based on expected outcomes.
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
Answer:
Target Marketing
Explanation:
Candy's Clothes is engaging in target marketing because it is tailoring its marketing strategy (and its products) to a specific, narrowly-defined group of people, which can be thought of as the firm's niche.
This strategy is useful when companies have a clear idea of what demographic group they want to sell. Other firms have products with a broader appeal, and therefore, are better off using other marketing strategies that can reach a larger group of people.
Finding the required interest rate: Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds? excel formula
Answer:
i= 8% annual compunded
Explanation:
Giving the following information:
Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement.
We need to calculate the interest rate required to reach the $1 million goal in 18 years without any additional deposit.
FV= PV*(1+i)^n
Isolating i:
i= [(FV/PV)^(1/n)] - 1
i= [(1,00,000/250,000)^(1/18)] - 1= 0.08
i= 8% annual compunded
The parents need to use the Excel RATE function to determine the annual interest rate needed to grow their current savings to their retirement goal in 18 years. The formula is =RATE(18,0,-250000,1000000,1), and the output should be converted to a percentage by multiplying by 100.
Explanation:In order to determine the interest rate that your parents need to achieve their retirement goal, you can use Excel's RATE function. The RATE function calculates the interest rate required to turn a present amount into a future amount within a specific period of time.
In this case, the present value (PV) is $250,000, the future value (FV) is $1,000,000, and the time period (Nper) is 18 years. The formula in excel would be: =RATE(18,0,-250000,1000000,1). This will give the annual interest rate your parents need to meet their goal, assuming no additional savings. Just remember to convert the output to a percentage rate by multiplying by 100.
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Why is price directly related to quantity supplied? As price rises, suppliers rearrange their activities to supply more of a substitute good in order to take advantage of the higher price. As price rises, suppliers rearrange their activities to supply more of that good in order to take advantage of the higher price. As price rises, consumers substitute other goods whose price has not risen. As price falls, suppliers rearrange their activities to supply more of that good in order to take advantage of the lower price.
Answer:
Based on the law of supply in Microeconomics,as the price of any good or service increases,the suppliers or sellers will also increase the supply of that particular good or service.Hence,the correct answer is the second option given in the answer choices.Explanation:
Law of supply states that quantity supplied of any commodity or service has a direct or positive relationship with the price of that particular commodity or service.It basically implies that both commodity or service price and its market supply move in the same direction.Therefore,as the market price of any product or service increases,it s supply level in the market also rises as the sellers or suppliers will rearrange their production activities to increase supply attracted by the prospect of higher potential sales revenue due to higher price.Hence,possibilities to earn higher revenue from each unit of output sold due to price hike of any particular product or service,the sellers or suppliers will increase the supply of that product/service in the market.
Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as:____________.
a. an indicator of the variety.
b. an indicator of quality.
c. a measure of scarcity.
d. a reflection of status quo pricing. e. a measure of the income effect.
Answer:
The correct option is B, an indicator of quality
Explanation:
Premium brands are highly priced goods that command leadership status in their market segments because they are perceived to offer basic brand's benefits as well as additional benefits to consumers.
In identifying these type of brands, their prices could be a signal to their high-end status.
Option A is wrong because high price tells nothing about the variety of a brand.
Option C, a measure of scarcity , is also a deviation from the point,as price does not give any information concerning scarcity of an item,especially when item is a luxury brand and not a basic necessity.
Helen, a high school teacher, wants her students to actively participate more in class. She has decided to use reinforcement theory to get the required results. Which of the following methods is she most likely to use?
Answer:
She would an extra mark each time to contribute to a topic
Explanation:
Giving extra marks each time students contribute to a topic will increase the participation rate in class as more students will want to make contributions so as to get the extra marks.
Burger King licenses its brand name to foreign firms as long as they agree to run their restaurants on exactly the same lines as Burger King restaurants elsewhere in the world. In return, the foreign firms have to pay Burger King a percentage of their profits. This is an example of:______.a. exporting.b. entering a strategic alliance.c. franchising.d. undertaking a greenfield investment.e. offshoring.
Answer:
franchising
Explanation:
As Burger King will provide their brand and know-how to the franchisee This is a franchising business. The restaurant will operate in a certain way and offering the same products and even, using the same suppliers as the oher Burger King restaurant their degree of liberty will be low but, they will only pay a fixed or percentage of the gains the remainder will be for the owners of the franchise.
Jon is planning to invest $15,000 at a 6% interest rate. He needs $25,000 in total for a purchase he plans to make. With his original investment and interest rate, it will take _____ years to accumulate the desired amount.
Answer:
It will take 8 years and 281 days.
Explanation:
Giving the following information:
Jon is planning to invest $15,000 at a 6% interest rate. He needs $25,000 in total for a purchase he plans to make.
To calculate the time required to reach the goal, we need to isolate the number of years from the final value formula:
FV= PV*(1+i)^n
Isolating n:
n=[ln(FV/PV)]/ln(1+r)
n= [ln(25,000/15,000) / ln(1+0.06)
n= 8.77 years
To bo more accurate:
0.77*365= 281
It will take 8 years and 281 days.
Consumer demand for personal computers or smart devices ultimately determines the demand for the parts and materials involved in the manufacture of each product. This is an example of _________.a. Channel management
b. Price elasticity of demand
c. Derived demand
d. B2B demand
e. None of the above
Answer:
The correct answer is c. Derived demand .
Explanation:
Derived demand is the demand for goods and services that is generated as a result of the demand for other goods and services. This type of demand usually corresponds to the demand for factors or products, since the demand for a good or service may be related to the process necessary to produce another good or service, although it can affect both producers and consumers.
Derived demand can sometimes lead to an increase in the price of a marginal product, since the demand for the resources needed to produce a physical product also increases.
A spherical container has a radius of 9 centimeters. It is filled with a solution that costs $2.10 per cubic centimeters.What is the total value of the solution in the container?Use 3.14 for π .Enter your answer in the box to the nearest cent.
Answer:
$6,409.37
Explanation:
If a spherical container has a radius of 9 centimeters and It is filled with a solution that costs $2.10 per cubic centimeters.
The total value of the solution in the container will be derived by finding the volume of the spherical container
Formula for volume of a sphere V=4 /3 x π x r^3 = 4/3 x 3.14 x 9^3 = 3052 cm3
If It is filled with a solution that costs $2.10 per cubic centimeters then the total value of the solution in the container will be: 3052cm3 x $2.1 = $6,409.37
Steve was wrongfully terminated by Sam, his former boss at Big Flop, Inc., falsely stating that Steve embezzled money. When Steve was asked why he was no longer employed at Big Flop, Steve had to tell his new prospective employer. Under this scenario, regarding a possible claim of defamation, in a state that recognizes compelled self-publication, Sam and Big Flop:__________
(A) are not liable since they are protected under the law.
(B) are not liable even though they lied because it was their opinion.
(c) are not liable because Steve did not have any injury to his reputation.
(D) are likely liable under the theory of compelled self-publication.
Answer:
D. Are likely liable under the theory of compelled self-publication
Explanation:
Considering that Steve was terminated in a state that recognizes compelled self-publication, a defamatory claim will be premised on the assumption that Big Flop, Inc. are liable for the actions of their representative, Sam, who terminated Steve on the basis of unfounded allegations of embezzlement, which Steve was forced to reveal when it became a sticking point liable to derail his next job offer.
When consumers consider all types of household cleaners, they are considering the _____ of household cleaners. When consumers limit their choice of household cleaner to only those that come in spray bottles. they are considering a __________ of household cleaners.a. product class; product brandb. product group; product brandc. product class; product formd. product line; product mixe. product mix; product line
Answer:
c. product class; product form
Explanation:
Since in the question it is talking about the types of householder cleaners that reflect the product class or we can say types of product or product category
and if the consumers want to limit their choices so it is to be come under the product form that reflects the different forms of product
Like the vegetables is a product class and its form can be in terms of fresh, frozen, etc
Workhorse Air Crane Corporation employs aircraft mechanics, computer programmers, outside salespersons, and professionals, including pilots. Employees exempt from the Fair Labor Standards Act's overtime provisions include all of the following except
A) aircraft mechanics
B) computerprogrammers.
C) outside salespersons.
D) professionals.
Workhorse Air Crane Corporation employs aircraft mechanics, computer programmers, outside salespersons, and professionals, including pilots. Employees exempt from the Fair Labor Standards Act's overtime provisions include all of the following except (A) aircraft mechanics
Explanation:
Section 13(a)(1) of the Fair Labor Standards Act's-FLSA provides an exemption from both minimum wage and overtime pay for employees who are employed as bonafide executive, administrative, professional and outside sales employees.
Section 13(a)(1) and Section 13(a)(17) of Fair Labor Standards Act's also exempt certain computer employees.
To qualify for exemption under the Fair Labor Standards Act , employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684* per week.
Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However, before a competitive advantage can be translated into specific customer benefits, the firm's __________ must recognize that its competencies give it an advantage over the competition.
a. management
b. target markets
c. shareholders
d. employees
e. strategic partners
Answer: B- target market
The firm'sTarget market_ must recognize that its competencies give it an advantage over the competition.
Explanation:Target Market:This Is a group of customers that the business directs it's production and marketing efforts on.
it is necessary for establishments to know the consumers purchasing from the company and how to continually cater for thier needs because Companies and manufacturers have competitors who can compete with them with thier target market
A company must be willing and able to have an edge over it's competitors by improving the benefits they provide to their target market , This is by knowing who buys from the company, thier wants and needs and prospective/intending consumers by implementing strategies essential for the business to thrive or have a competitive advantage over it's competitors.
Answer:
B) target markets
Explanation:
I'm not sure if you remember the Pepsi challenge where allegedly "ordinary" people were blindfolded and they were given both Pepsi and Coke and they had to choose their favorite. That challenge started in 1975, and the results were supposedly favorable towards Pepsi. Theoretically way over 50% of the people liked Pepsi more than Coke. But if this is true why do Coke sales keep increasing while Pepsi sales keep diving?
At the beginning, the challenge had a significant impact in increasing Pepsi sales, but after a short time things were back as usual. For example, the latest update on Coke v. Pepsi sales are Coke sales increasing world wide from 17.3% to 17.8% of the total soda world market, while Pepsi's market share continues to fall from 10.3% to 8.4%. This represents 2018 sales, there are no new updates yet for 2019.
Back to the question. If better flavor was Pepsi's core competency over Coke, why aren't they number 1? Pepsi is always a few cents cheaper than Coke, so the price is not an issue for them. The answer is simple, either customers refused to agree with their core competency or the core competency never existed. Anyway, at least in western countries, the market is king, and a tyrant also. A company cannot impose a core competency, the market decides who has it or not. Pepsi is not even number 2 in the US, Diet Coke is number 2 (Coke is number 1).
The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called _________. storage inventory products stored components holdings
The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called Inventory.
Explanation:The amount of goods that are held by an organisation for the purpose of sale to the customers in near future refers to Inventory. The things that are included in inventory are raw materials, work in progress and finished goods of an organisation. Merchandise is the name that is used by the retailers for the purpose of mentioning inventories.
Inventories plays a major role in an organisation as it determines the amount of goods that are sold and the amount that is in hand. It is very essential for any company to have inventory accounting for the purpose of planning its purchases.
Explanation:
"Goods in stock" is called inventoryIt can also be termed as the amount of goods "stored for the purpose of business".The materials are on hold either for sale or for re-saleIt can contain even "raw materials" and also parts to assemble productsIt is a process of listing or accounting the number of items and the name of the item available readilyThere is a "difference between inventory and stock"At year-end, harris co. had shipped $12,500 of merchandise fob destination to harlow co. which company should include the $12,500 of merchandise in transit as part of its year-end inventory?
Answer:
The answer is Harris Co, who should include the $12,500 of the merchandise in transit as part of its year-end inventory.
Explanation:
For this question, we must first need to understand the FOB destination.
FOB destination:
Selling term under which the ownership of goods sold and shipped remain with the seller - Harris Co.This is until the goods arrive at the buyer's destinationOnce the goods reached at buyer's receiving dock, the ownership is transferred to the buyer from the seller - In this case, buyer is Harlow CoFurther explanation:
In this case, Harris Co shipped $12,500 of merchandise FOB destination to Harlow Co. The ownership will remain with the company Harris Co (seller) that shipped the goods to Harlow Co (buyer), until they arrive at the buyer company Harlow Co's receiving dock.
Folger Company recognizes an unrealized holding gain for debt investments that are classified as AFS. If the company had classified the investments as trading securities, its total shareholders' equity would be
Answer: Share holders Equity = equity stock + Fair Value of Trading securities
Explanation:
Trading Securities are securities purchased by a business with the sole purpose of gaining profits,Trading Securities are purchased when the company speculates short term profits.
Trading Securities are recognized as current Assets in the statement of financial position. They are recognised at their Fair Value and they will be offset in the Shareholders equity as Proceeds from sale of short term investments.
Shareholders Equity will include the Fair Value (Balances) of Trading Assets. When Fair Value changes, The change in the Fair Value will be recognised in the income statement as Unrealized Gains on short term investments.
5. For a diversified firm, a corporate-level strategy is concerned with: a) operating each individual business under the corporate umbrella. b) determining how each functional department of the firm will operate. c) determining the businesses in which the company intends to compete as well as how to manage its different businesses. d) coordinating the vision and mission of each subsidiary firm.
Answer:
c) determining the businesses in which the company intends to compete as well as how to manage its different businesses.
Explanation:
For a diversified form, the corporates level strategy is when a business has to make a decision that impacts the whole company finance and management and human resource was the product is sold. This strategy is of the three types as the cost-cutting and the selling assets and also the raising the price of the product and are classified into the four major types stability strategy, the Expansion Strategy, the Retrenchment Strategy, and the Combination Strategy.What will be the value of discountRate after the following statements are executed? double discountRate = 0.0; int purchase = 1250; char cust = 'N'; if (purchase > 1000) if (cust == 'Y') discountRate = 0.05; else discountRate = 0.04; else if (purchase > 750) if (cust == 'Y') discountRate = 0.04; else discountRate = 0.03; else discountRate = 0.0;
Answer:
The question is incomplete, the options include:
a. 0.03
b. 0.05
c. 0.04 is Correct
d. 0.0
Explanation:
Seeing that the Purchase is = 1250,
in other words, purchase > 1000 is valid and therefore the first if block is executed.
And cust = ' N ' and,
if implemented and discountRate fixed to 0.04, cust = = ' Y ' is false, and else within first.
Chief financial officer Barry submits travel and expense reports that are completely genuine and encourages employees in his division to always give accurate and correct information. Barry is using the ethical initiative called:________.a. leading by example. b. open-book management. c. accepting whistleblowers. d. developinf formal mechanism for dealing with ethical problems.
Answer: A) Leading by example
Explanation:
Leading by example means to act in a way that shows others how to act. Barry has led by example by submitting travel and expense reports that are genuine. This will inspire his employees or subodinates to do same.
Leadership is not about talking the talk, this type of leaders also walks the walk. Leaders expect others to do the right thing by leading from example.
Suppose you land a job with Google right out of college. Your economics training is very valuable to them, so you receive a starting annual salary of $65,000. What is the total amount of social insurance taxes for which you will be responsible after your first year of work
Answer:
$4,030
Explanation:
Social Security tax is the tax levied on both employers and employees to fund the Social Security program. The total for the social security tax is 12.4%, so the employees and employers divides it equally among themselves which gives 6.2% each.
So the total amount of tax I will responsible to pay at then end of the first service year will be
= 6.2% * $65000
= $4,030
While the Employer will pay the other part
As the television industry has changed in the last few decades from just three major networks to a multiplicity of networks, one of the major aspects of business strategy for the newer networks is a(n) __________ than the traditional networks.
Answer:
Narrower competitive scope.
Explanation:
Competition is defined as the efforts that is made by different players in a market to secure market share where product offerings are similar to what other competitors are selling.
In a very competitive market, in order to stay relevant it is necessary to adopt a narrow competitive scope. Focusing on a few key features and specialising in them is an effective competitive strategy.
While in a market where competition is less intense it is possible to adopt a broad competitive scope with wide range of competencies and still survive
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy's ownership interest is
Answer:
a life estate
Explanation:
Note the following privileges Patsy possesses;
the right to use the property..., for liferight to lease the land for a period not to exceed her lifeBased of the mentioned privileges Patsy's ownership interest is a life estate which grants ownership of land for the duration of a person's life according to common law and statutory law.
A firm sells some products to a foreign country. The foreign country pays the firm in dollars, but in exchange, the firm agrees to spend some of the proceeds from the sale on textiles produced by the foreign country. In which of the following types of countertrade arrangement are the two parties engaged?
A. Switch trading
B. Buyback
C. Counterpurchase
D. Barter
E. Compensation
Answer:
C. Counterpurchase
Explanation:
Counter purchase is a particular type of countertrade arrangement whereby an exporter of goods agrees to buy a certain number of goods from the country it exports to, in exchange for the product the country would buy from the exporter. This is commonly used in international business arrangements and the goods that are being sold by the two different parties are usually unrelated to each other but could be of equal value.
Answer:
C. Counterpurchase
Which of the following are true about productive efficiency? I. All available resources are employed in production. II. Workers are well-paid. III. Points on the PPF curve are the only ones that achieve "productive efficiency". IV. The mix of goods produced and their distribution to consumers maximizes customer satisfaction.
Answer:
III. Points on the PPF curve are the only ones that achieve "productive efficiency"
Explanation:
What is true about productive efficiency is that Points on the PPF curve are the only ones that achieve "productive efficiency".
Productive efficiency is an economic term that is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.
For it to be said that an economy is productively efficient means the economy must be producing on its production possibility frontier
Hence productive efficiency happens when production is reportedly occurring along a production possibility frontier (PPF).
Please match each term with the correct definition. The difference between the amount the government collects and how much it spends is known as the When the preceding term is combined with all of the privately held savings from across the country, it is known as the If the government spends more money than it takes in through taxes, it will experience a The net amount of funds coming into a country is the Answer Bank badget surplus national savings capital inflow budget deficit bdect balance If the government spends less money than it takes in through taxes, it will experience a The fundamental relationship between savings and investment spending is that O savings will decrease as investment spending increases O savings will increase as investment spending decreases O investment spending promises higher financial returns than O investment spending and savings are always equal.
1)The difference between the amount the government collects and how much it spends is known as the budget balance
Explanation:
1)The difference between the amount the government collects and how much it spends is known as the budget balance
2)When the preceding term is combined with all of the privately held savings from across the country, it is known as the national savings
3) If the government spends more money than it takes in through taxes, it will experience budget surplus
4) The net amount of funds coming into a country is the capital inflow
5) If the government spends less money than it takes in through taxes, it will experience Budget Deficit
6)The fundamental relationship between savings and investment spending is that investment spending and savings are always equal
Martina wants to expand her business. She will need to buy a larger facility and equip it with additional machinery. She should look into the SBA loan program that provides long-term financing for small businesses to acquire real estate or machinery and equipment called the _________.
Answer:
Certified Development Company 504 Loan Program
Explanation:
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which also means real estate, buildings and machinery, at a price below the normal market rate. Its mission involve boosting the development of various businesses. The SBA offers a number of different loan programs linked to a particular capital need of growing businesses. The 504 program works by sharing the loan among three parties. The business owner puts in a minimum of 10%, a conventional lender which is the bank puts up 50%, and Certified Development Company (CDC) puts up the remaining 40%.
What makes the managerial task of executing strategy so challenging and demanding is the trial-and-error experimentation that is required to come up with a workable organizational structure. the demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along. the time and effort it takes to build core competencies. the time, training, and creative effort it takes to empower employees and teach them responsible decision-making. the supervisory requirements associated with getting company personnel to do things the right way.
Answer:
The demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along.
Explanation:
What makes the managerial task of executing strategy so challenging and demanding is the demanding people-management skills required, the resistance to change that has to be overcome, and the perseverance necessary to get a variety of initiatives launched and kept moving along.
Change management s one of the most difficult tasks of strategic management because employees of the organisation and even some of the managers are opposed to change. They themselves become change barriers that stops the organization from advancing.
If an oligopolistic industry organizes itself as a cooperative cartel, it will produce a quantity of output that is ________ the competitive level and ________ the monopoly level.
Answer:
Less than, equal to
Under cooperative cartel, an oligopolistic industry behaves like a monopolist, producing output lower than competitive level and equal to the monopoly level.
Explanation:When an oligopolistic industry organizes itself as a cooperative cartel, it will aim to maximize profits by behaving like a monopolist. This implies that it will produce a quantity of output that is less than the competitive level and equal to the monopoly level.
The cartel limits the total output and each firm is assigned a portion of the total output. This decision leads to a higher market price, hence, their output level is lower than what it would be in a perfectly competitive market.
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Based on scientific theory of social influence, researchers tested the prediction that a threat to self-esteem increases conformity to peer pressure. The prediction that was tested best illustrates :_______________.
Answer:
The answer is Hypothesis.
Explanation:
Scientists when conducting an investigation propose different assumptions to check which are known as hypotheses. Hypotheses are assumptions that are confirmed or discarded during the investigation.
For example, in the case of the scientific theory of social influence, the researchers proposed different hypotheses about the relationship of self-esteem and compliance with group pressure, in which the hypothesis proposed was approved through the study.
I hope this information can help you.
A researcher administers a survey on issues related to the U.S. health care system to a sample consisting of 60% medical doctors, 30% economists, and 10% lawyers. One of those people surveyed was William, who is 50 years old, wears a shirt and tie, and is good with numbers. William is concerned that the expense of our current health care system will ultimately cause it to collapse. Which statement MOST likely describes William's occupation?
A) It is equally likely that William is a doctor or an economist, but unlikely that he is a lawyer.
B) William is probably a doctor.
C) William is probably a lawyer.
D) William is probably an economist.
Answer:
Option B William is probably a doctor
Explanation:
The reason is that he is specifically pointing out the health care system with no specific judgement and hasn't based his views on authentic information neither he has used any numerical values in his statement. The doctors might think that the expenses are high enough but the economist compares the government spending on health care with a number of different countries and considers its value generation on a number of variables. For example, the statistical data that the economist uses are based on the spending of US to recover a unit patient from accidents, etc. So William is most likely a doctor.
Answer:
D) William is probably an economist.
Explanation:
Statistically there is a 60% chance of William being a doctor, 30% of him being an economist and only 10% for him being a lawyer.
Using my own life experience and probably prejudice, I would say that he is not a doctor. My father was a doctor and so are 4 or 5 extended family members, and I never saw them working with a shirt and tie only. Usually doctors either wear an apron or a suit when they are managers. I don't recall ever seeing a doctor dress like that, at least while working.
Many people think that doctors do not like numbers, but it is not true. When talking about health care doctors are extremely specific about budget problems and each one has a solution for it. Some will tell you that lawsuits are too expensive, therefore professional insurance is expensive and that drives costs too high. Others will blame pharmaceutical companies, etc. But they are all very specific, since they live it everyday. So definitely he isn't a doctor.
So that leaves only two options, lawyers and economists. Since there is a 3 to 1 chance of William being an economist I will go for it. Lawyers tend o argue about the good and bad consequences of actions, but not generally their cost.