Answer:
Trade-off is often when one decision results in the loss of an alternative outcome, for each decision made there may be multiple trade-offs. In business ethical standards play a crucial role in the decision-making: Used by individuals to make choices about how to behave. They define acceptable conduct in business.
A decision can be described as or the best course of action that is derived/ selected after through consideration
Answer:
TRUE
Explanation:
The term 'decision' is defined as the process or action of deciding something to arrive at a conclusion. It is a cognitive process where one considers every outcome or consequences of the action to be selected.
It is the course of action of a number of possible options that are available to a person. Thus it is the best course of action selected or derived after through considerations.
hence the answer is True.
Name a form of ownership that is represented by the South African broadcasting corporation (SABC)and outline four characteristics of this form of ownership
EXERCISES
Matching Match each term in Column A with its definition in
Column B.
>
Column A
1. economics
2. goods
3. services
4. producers
5. consumers
6. resources
7. scarcity
8. opportunity cost
Column B
a. go into making goods and services
b. one good or service given up in order to get
another
c. business owners, managers, and workers
d. things of value that cannot be seen or touched
e, the study of the choices people make as
producers and consumers
f. things of value that can be seen and touched
g. those who buy or use goods and services
h. limited supply of goods and services
Answer: See explanation
Explanation:
a. go into making goods and services = Resources
b. one good or service given up in order to get another = Opportunity cost
c. business owners, managers, and workers = Producers
d. things of value that cannot be seen or touched= Service
e, the study of the choices people make as producers and consumers = Economics
f. things of value that can be seen and touched= Good
g. those who buy or use goods and services = Consumers
h. limited supply of goods and services = Scarcity
An automotive company has three divisions. One division manufactures new replacements parts for automobiles, another rebuilds engines, and the third does repair and overhaul work on a line of trucks. All three divisions use the services of a central payroll department. The best method of allocating the cost of the payroll department to the various operating divisions is Select one: a. total labor hours incurred in the divisions b. machine hours used in the divisions c. value of production in the divisions d. direct labor costs incurred in the divisions
Answer: a. total labor hours incurred in the divisions
Explanation:
The best way to allocate payroll costs would be to apportion it by hour. The labor in the various departments should work by the hour and then the total amount of hours worked in the division will then be used as the base for payroll because it would show how much people in that division worked and how much they need to be compensated for doing so.
For instance, assume the total payroll cost is $1,000,000 and Division A worked 2,000 hours, Division B worked 4,000 hours and Division C worked 4,000 hours. The payroll would be apportioned as follows:
Division A = 2,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $200,000
Division B = 4,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $400,000
Division A = 4,000 / (2,000 + 4,000 + 4,000) * 1,000,000 = $400,000
what are the five advantages of brainstorming
Answer:
Explanation:
Brainstorming is simply a creativity technique that is used when people come together and give their ideas and opinions on certain issues or topics and the ideas gotten are then used to derive a conclusion. The advantages of brainstorming include:
1. It improves teamwork.
2. It enhances idea building and creativity.
3. It encourages open and ongoing collaboration which is vital in tackling an issue.
4. It increases harmony.
5. It allows for breaking routine as individuals can get out of their normal routine.
A decrease in the fixed asset turnover ratio from 3.0 to 2.2 indicates a.an unfavorable change in the efficiency of using fixed assets to pay down debt. b.an unfavorable change in the efficiency of using cash to generate sales. c.a favorable change in the efficiency of using fixed assets to generate sales. d.an unfavorable change in the efficiency of using fixed assets to generate sales.
Answer:
d.an unfavorable change in the efficiency of using fixed assets to generate sales.
Explanation:
Since as we can see in the given situation that there is the reduction in the fixed asset turnover ratio i.e. it is reduced from 3 to 2.2 this means that there is a change i.e. unfavorable or non-favorable with respect to the efficiency of applying the fixed asset in order to producing or generating the sales
Therefore the option d is correct
define the term corporate social responsibility and give one practical example
Answer:
Definition: Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.
To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.
Example: Starbucks has long been known for its keen sense of corporate social responsibility and commitment to sustainability and community welfare. According to the company, Starbucks has achieved many of its CSR milestones since it opened its doors. According to its 2019 Global Social Impact Report, these milestones include reaching 99% of ethically sourced coffee, creating a global network of farmers, pioneering green building throughout its stores, contributing millions of hours of community service, and creating a groundbreaking college program for its partner/employees.
Starbucks' goals for 2020 and beyond include hiring 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership. Today there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry's ice cream and Everlane, a clothing retailer.
Explanation:
A FEATURE FILM PROMOTING ENTREPRENEURSHIP SOLD ALMOST HALF OF THE TOTAL TICKETS. TICKETS WERE PRICED AT PHP 75 FOR STUDENTS. IF THE AMOUNT COLLECTED FROM THE TICKETS WAS PHP 11,250,HOW MANY TICKETS OF STUDENTS WERE SOLD?
Answer:
150 tickets
Explanation:
Writing out needed parameters :
Price per student ticket (price of one student ticket) = PHP 75
The total revenue made from ticket sales ; (Total amount earned from the sale of student tickets) = PHP 11,250
The number of student tickets sold will be:
Total amout earned from sale / cost per ticket
PHP 11250 / PHP 75
= 150 tickets
The first step of a competitive strength assessment is to Multiple choice question. determine the company's overall net competitive advantage or disadvantage. conduct a SWOT analysis of the company. make a list of all competing firms in the industry. determine all of the industry factors that contribute to a firm's competitive strength or weakness.
Answer:
determine all of the industry factors that contribute to a firm's competitive strength or weakness.
Explanation:
A competitive strength assessment represent the assestment related to the strength & weakness of an individual or the company with the present and the rivalry. This knowledge could be used for the efforts made in order to improving out the weakness of an individual
So as per the given situation, the last option should be correct
In the early 1980s, a new technology was introduced to banks where customers could withdraw their money without having to enter the bank or keep baking hours. As the first ATMs began to be introduced to more and more banks, it began to have an effect on bank personnel. Thinking about the bank environment, identify who would most likely be impacted by this technology change and suffer long term structural unemployment
Answer: A bank teller with 4 years of relevant work experience and a high school diploma
Explanation:
Structural unemployment refers to an unemployment that is caused as a result of the mismatch between the skills that an individual has and the skills that an employer wants from his or her employees.
With the introduction of the automated teller machine, the person that will be affected is the bank teller with 4 years of relevant work experience and a high school diploma because the person helps in handling cash and giving out funds to the customers inside the bank but the ATM can solve this.
who approves the federal budget
congress
presdient
house
President and congress
Answer:
congress
Explanation:
i think
correct me if I'm wrong
CARRY ON LEARNING
Answer:
president
Explanation:
I think because he rules the country
Identify the outcomes when a manager views supply chain operations as a collection of processes rather than a collection of departments or functions. (Check all that apply.) Multiple select question. Operational performance is impeded by breaking down organizational barriers. Managers and workers can view operational activities from a customer's perspective. Operation managers can better ensure that the operational capabilities they create are consistent with the firm's strategy. Operations can be improved by first focusing on customer feedback.
Answer: Managers and workers can view operational activities from a customer's perspective
Operation Managers can better ensure that the operational capabilities they create are consistent with the firm's strategy
Explanation:
Supply chain operations refers to the structures, systems, and processes that are put in place for the execution of the flow of goods and services from the supplier to the customer.
The outcomes when a manager views supply chain operations as a collection of processes rather than a collection of departments or functions include:
• Managers and workers can view operational activities from a customer's perspective.
• Operation Managers can better ensure that the operational capabilities they create are consistent with the firm's strategy.
Veronica owns a pottery business and is insured under a commercial property policy. She was in the process of building an extra structure for the sole purpose of kiln firing her pottery when a massive storm came through and blew down all the scaffolding, which added additional cost to the construction project. Which coverage extension of the Builder’s Risk Coverage Form would cover the scaffolding?
Answer: Scaffolding, construction forms, and temporary structures
Explanation:
The builders risk coverage form simply refers to the insurance policy which covers both the residential structures and the commercial structures when such structures are being constructerd or renovated.
Based on the information given, the coverage extension of the Builder’s Risk Coverage Form that would cover the scaffolding will be scaffolding, construction forms, and temporary structures.
On consumer protection matters such as regulating the food processing industry, Roosevelt ________; in conservation he ________.
A. refused to support legislative action; sought protection for natural resources
B. came slowly to support moderate regulatory reform; showed aggressive leadership
C. proposed creation of a federal regulatory agency; opposed any action that would lock up the nation's resources
D. asserted presidential power; deferred to congressional action
Answer:
B. came slowly to support moderate regulatory reform; showed aggressive leadership
Explanation:
The essential rights of consumers in relationship with businesses includes
1. The right to be informed
2. The right to safety
3. The right to choose
4. The right to be heard
5. The right to privacy
Ways of protecting consumer rights
1. Consumerism
2. Government regulation
3. Law/courts
4. Industry self-regulation
Consumer protection laws
This law protects as it shows the goals of government policymakers and regulators in the context of the rrights of consumers. It ensured that consumers are treated fairly, receive adequate information etc.
Theodore Roosevelt' "Square Deal" put together the three Cs which are control of the corporations, consumer protection, and the conservation of the United States' natural resources.
Although a consumer may be happy with your company’s product/service, they will not hesitate to switch if another company provides additional value. This is why you should strive to ________ your customers
Answer:
delight
Explanation:
Consumer satisfaction refers to the level of happiness that a customer derives from the consumption or use of any product or service. The information related to the customer satisfaction is derived from the surveys and ratings. These information helps in the betterment and improvement of the product and services.
Delighting the customer is a very important part of marketing. This helps in maintaining the customer relation.
which of the following question types of specific values to determine the importance of a particular item?
force choice
open ended
rank order
rating scale
Answer:
I think Its C: Rank order
Explanation:
can someone who owns a successful business give me inspiration on achieving to be a successful business owner
Answer: Have a sellable plan, be innovative & consistent
Explanation:
There are some things to consider that would guide you on a successful part in any venture you going into.
1) Have a plan, a sellable one; people would only buy what they need, so going into business, are you selling what they need or what you feel like doing?
2) Be innovative; innovation is one item that keeps you in market above others for a long time, if you can't be innovative, you'll leave the market earlier than you would ever imagined.
3) Be consistent; doing business is really hard, especially when you intend succeeding. You have to be consistent both in good and bad days, the result of these speaks over time.
Assuming there are no leakages out of the banking system, a money multiplier equal to 5 means that: ANSWER Unselected each additional dollar of reserves creates $5 of deposits. Unselected each additional dollar of deposits creates $5 of reserves. Unselected an additional $5 of reserves creates one dollar of deposits. Unselected I DON'T KNOW YET
Answer:
each additional dollar of reserves creates $5 of deposits.
Explanation:
Money multiplier = amount deposited / reserve requirement
Increase in the total value of checkable deposit is determined by the money multiplier
You are the manager of a clothing store. You must decide how many of your employees to put on the sales floor, and how many to put on the register. Because employees on the sales floor cause customers to buy more products, if you do not have at least 2 employees on the register for every 5 employees working on the sales floor, your registers will get very clogged and you will lose business. You have a total of 84 employees, and you wish to have as many on the sales floor as possible. How should you divide your employees
Answer:
c. 60 on the sales floor, 24 on the register.
Explanation:
Given that
The total number of employees to manage is 84
and w assume that the no of employees on the sales floor after having division be x
also the given condition is that there should be minimum of 2 employees for every 5 employees that worked on the sales floor
So that means
x ÷84 = 5 ÷ (5 + 2)
after solving this x = 60
So the no of employees on register is
= 84 - 60
= 24
This is a receipt for a purchase made at a restaurant in Sacramento, California. The total cost of the food and drinks before taxes was . The buyer paid in sales tax. Based on the receipt, Sacramento has a sales tax rate of .
Answer:
Total bill = $10.00Sales tax = $0.85Sales tax rate = 8.5%Explanation:
According to the receipt in question, the buyer paid a total bill of $10.00.
Buyer also paid a sales tax of $0.85.
The total cost of the food was $10.00 and a sales tax of $0.85 was paid.
The sales tax is based on the amount paid so the sales tax rate is the percentage of $10 that $0.85 is.
= Sales Tax / Total bill * 100%
= 0.85 / 10 * 100%
= 0.085 * 100%
= 8.5%
Answer:
1- B) $10.00
2- A) $0.85
3- B) 8.5%
Explanation:
I did it on edge and got it right
The CEO/chairman of PharmaPacifica was recently killed in an airplane crash. This tragedy has thrown PharmaPacifica into turmoil as there is no one in the organization qualified to step into the former CEO's shoes. This is an example of: a. the risk inherent in CEO duality. b. excessive reliance on the internal managerial labor market. c. managerial hubris. d. a failure of succession management.
Answer:
d. a failure of succession management.
Explanation:
Since in the given situation it is given that the CEO of the company killed in the airplane crash and other than him there was no one who is well qualified for the post of the CEO or chairman so this situation represent that there is the failure of the management when some higher authority is not there to direct them or seeing their performance aslo it is now very difficult to attain the company goals and objective
Therefore the option d is correct
1. Most single-car crashes involve drivers under the age of 21. True False 2. Most fatalities occur in head-on collisions in which the driver hits the steering wheel. True False 3. Death rates in crashes involving large cars are higher than those involving the smallest cars. TrueFalse 4. The more cylinders in the engine, the less fuel is needed. TrueFalse 5. A car with a manual transmission uses less fuel when driven correctly than a car with an automatic transmission. TrueFalse 6. Power steering leads to lower fuel use due to increased efficiency. TrueFalse 7. A burnt smell on the transmission dipstick may indicate that the car has been driven too fast. TrueFalse 8. Insurance companies will pay for damages to a car based on what the owner proves it is worth. TrueFalse
Answer:
1. Most single-car crashes involve drivers under the age of 21. TRUE.
2. Most fatalities occur in head-on collisions in which the driver hits the steering wheel. TRUE.
3. Death rates in crashes involving large cars are higher than those involving the smallest cars. FALSE.
4. The more cylinders in the engine, the less fuel is needed. FALSE.
5. A car with a manual transmission uses less fuel when driven correctly than a car with an automatic transmission. TRUE.
6. Power steering leads to lower fuel use due to increased efficiency. FALSE.
7. A burnt smell on the transmission dipstick may indicate that the car has been driven too fast. FALSE.
8. Insurance companies will pay for damages to a car based on what the owner proves it is worth. FALSE.
The following information pertains to Crane Video Company.
1. Cash balance per bank, July 31, $7,863.
2. July bank service charge not recorded by the depositor $34.
3. Cash balance per books, July 31, $7,884.
4. Deposits in transit, July 31, $1,800.
5. Bank collected $1,200 note for Crane in July, plus interest $42, less fee $26. The collection has not been recorded by Crane, and no interest has been accrued.
6. Outstanding checks, July 31, $597.
The following information pertains to Crane Video
The following information pertains to Crane Video
Prepare a bank reconciliation at July 31. (List items that increase cash balance first.)
CRANE VIDEO COMPANY
Bank Reconciliation
July 31
Bank service chargeOutstanding checksCollection of note receivableDeposits in transitAdjusted cash balance per bankCash balance per bank statement
$
LessAdd: Cash balance per bank statementAdjusted cash balance per bankOutstanding checksCollection of note receivableBank service chargeDeposits in transit
LessAdd: Adjusted cash balance per bankCollection of note receivableCash balance per bank statementBank service chargeDeposits in transitOutstanding checks
Collection of note receivableBank service chargeAdjusted cash balance per bankDeposits in transitOutstanding checksCash balance per bank statement
$
Bank service chargeCash balance per booksOutstanding checksAdjusted cash balance per booksDeposits in transitCollection of note receivable
$
LessAdd: Bank service chargeCash balance per booksCollection of note receivableAdjusted cash balance per booksDeposits in transitOutstanding checks
AddLess: Bank service chargeCash balance per booksOutstanding checksAdjusted cash balance per booksCollection of note receivableDeposits in transit
Bank service chargeDeposits in transitCash balance per booksAdjusted cash balance per booksOutstanding checksCollection of note receivable
$
SHOW LIST OF ACCOUNTS
The following information pertains to Crane Video
The following information pertains to Crane Video
Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
July 31
(To record the collection of the note)
July 31
(To record the bank service charge)
SHOW LIST OF ACCOUNTS
The following information pertains to Crane Video
The following information pertains to Crane Video
Question Attempts: 0 of 2 used
SAVE FOR LATER
SUBMIT ANSWER
The following information pertains to Crane Video
Answer:
A. Cash balance per bank $ 9,066
Cash balance per books $9,066
B.Jul'31
Dr Cash $1,216
Dr Expenses for collection $ 26
Cr Note receivables $ 1,200
Cr Interest revenue $ 42
Jul'31
Dr Miscellaneous Expenses $ 34
Cr Cash $ 34
Explanation:
A. Preparation of Bank Reconciliation at July 31
BANK RECONCILIATION
Cash balance per bank, July 31, $7,863
Add Deposit in transit $ 1,800
Less Outstanding checks ($597)
Adjusted cash balance $ 9,066
Cash balance per books, July 31 $7,884
Collection of note receivable $1,216
($1200+$42-$26)
Less Bank service charge ($34)
Adjusted cash balance $ 9,066
B. Preparation of the adjusting journal entries at July 31 on the books of Crane Video Company
JOURNAL ENTRIES
Jul'31
Dr Cash $1,216
Dr Expenses for collection $ 26
Cr Note receivables $ 1,200
Cr Interest revenue $ 42
(To record note collection by bank)
Jul'31
Dr Miscellaneous Expenses $ 34
Cr Cash $ 34
(To record bank service charges)
Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2021, Roberto had the following transactions relating to stockholders' equity: Issued 10,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8). What is the balance in the Treasury Stock account at the end of 2021
Answer:
"$30,000" is the appropriate solution.
Explanation:
Given:
Paid dividends,
= $50,000
Purchased shares of treasury stock,
= 3,000 (at $10)
Now,
At the end of 2021,
The balance in treasury stock account will be:
= [tex]Purchased \ shares \ of \ treasury \ account\times 10[/tex]
= [tex]3000\times 10[/tex]
= [tex]30,000[/tex] ($)
A third-grade bilingual teacher, Mr. Rivas, reads aloud a procedure for a student science investigation. After reading aloud the procedure, he notices that the students are confused about how to begin their investigation. Mr. Rivas then decides to repeat the procedure step-by-step, modifying the language used in the written instructions so that it is more comprehensible to the students. Which of the following does Mr. Rivas best demonstrate by modifying the lesson?
A. Scaffolding instructional technique
B. Reciprocal teaching instructional technique
C. Sheltered English instructional strategy
D. Concept attainment instructional strategy
Answer:
Sheltered English instructional strategy
Explanation:
Sheltered Instruction
This is simply defined as a devised method to teaching English language learners which uses second language
acquisition strategies along with content area instruction. It is a known way for making grade-level content more available for ELLs while improving English language development.
It uses;
1. Second language acquisition strategies when teaching content area instruction
2. It is Content-based
3. It makes content to be easily understood for EL while developing English proficiency.
4. It does integrate language and content while inputting also socio-cultural awareness.
Sheltered English instructional strategy simply enhance or modifying english and simplify it thereby making the students to understand it.
An investor entered into a contract with a winery. The contract provided that the investor would invest $1 million in the winery and, in return, the winery would produce and market at least 500,000 bottles of wine each year for five years under a specified label. The contract included a provision that, if feasible, the wine would be distributed by the winery only through a certain wholesale distributor of fine wines. Neither the investor nor the winery had previously dealt with the distributor. The distributor learned of the contract two days later from reading a trade newspaper. In reliance thereon, he immediately hired an additional sales executive and contracted for enlargement of his wine storage and display facility. If the winery refuses to distribute the wine through the distributor and the distributor then sues the winery for breach of contract, is it likely that the distributor will prevail
Answer:
It is NOT likely that the distributor will prevail.
Explanation:
There was no contract between the distributor and the winery. The intended distributor was not clearly stated in the trade newspaper that the distributor read and relied on to expand his salesforce and storage and display facilities. The distributed voluntarily acted on its own whims and caprices. A contract cannot be imagined. There must be an offer and acceptance, establishing the full consent of the parties to enter into a contract. The intention to contract is also lacking.
Sally has a pizza restaurant and sells 30 pizzas for $5 each. Jim has a pizza restaurant around the corner from Sally, and he sells 30 pizzas for $5 each. If Sally and Jim both lower their price to $3, Sally’s customers will buy 60 pizzas, and Jim’s customers will buy 40 pizzas. The demand for Sally’s pizzas is more __________ than the demand for Jim’s pizzas.
Answer:
ELASTIC
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Sally
percentage change in quantity demanded : (60/30) - 1 = 1
percentage change in price : (3/5) - 1 = -0.4
Price elasticity = 1 / -0.4 = 2.5
Jim
percentage change in quantity demanded : (40/30) - 1 = 0.33
percentage change in price : (3/5) - 1 = -0.4
Price elasticity = 0.33 / -0.4 = 0.83
Sally's demand is elastic while Jims' is inelastic
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
1.Is the demand for Good X Elastic or Inelastic between $9 and $10? Use the above demand schedule to answer this. explain(3 marks)
2.What happens to the Demand Curve of a Good X if the price of Good Y (a
substitute good) increases?Explain why the demand curve for Good X changed?(3 marks)
3.What type of demand would there be for a good that had NO substitutes? explain(2 marks)
4.There is an expectation that the
price of the product will soon
fall, what happens to demand(2 marks)
class 10 icse economics applications- chapter- demand pls help me i need urgent answer i will be very grateful pls help me
Answer:
1. Demand for good X is Elastic
2. The demand curve for good X shifts outward or rightward.
If the price of good Y increases, good Y becomes more expensive. Thus, the quantity demand of good y decreases. Consumers shift to the consumption of good X. As a result, there would be an increase in the demand for good X. The demand curve for good X shifts outward or rightward.
3. Demand would be inelastic if there were no substitutes.
If there is an increase in the price of the good, consumers cannot not shift to the consumption of a cheaper substitute. As a result, quantity demand would be less sensitive to changes in price.
4. If there is an expectation of a future reduction in price, there would be a fall in demand now. the demand curve would shift inward or leftward.
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
Elasticity of demand for good X = percentage change in quantity demanded / percentage change in price
percentage change in quantity demanded = (150 / 110) - 1 = 0.364 = 36.4%
percentage change in price = (9/10) - 1 = 0.1 = -10%
Elasticity = 36.4 / -10 = -3.64 = 3.64
the coefficient of elasticity is greater than one, so demand is elastic
2. Substitute goods are goods that can be used in place of another good.
If the price of good Y increases, good Y becomes more expensive. Thus, the quantity demand of good y decreases. Consumers shift to the consumption of good X. As a result, there would be an increase in the demand for good X. The demand curve for good X shifts outward or rightward.
3. Demand would be inelastic if there were no substitutes.
If there is an increase in the price of the good, consumers cannot not shift to the consumption of a cheaper substitute. As a result, quantity demand would be less sensitive to changes in price.
4. If there is an expectation of a future reduction in price, there would be a fall in demand now. the demand curve would shift inward or leftward.
Question 3: Answer the following questions
3.1)
Calculate 250% of 100.
(2)
3.2)
Calculate 100% of 250
(2)
2
3)
What do you notice about your answers to question 3.1) and 3.2)? Explain your answer.
Answer:
[tex] \frac{250}{100} \times 100 \\ = 250 \\ \\ \frac{100}{100} \times 250 = 250 \\ the \: answers \: are \: identical[/tex]
If a good is imported into (large) country H from country F, then the imposition of a tariff in country H does which of the following compared to the free trade situation.
A. raises the price of the good in both countries.
B. raises the price in country H and cannot affect its price in country F.
C. lowers the price of the good in both countries.
D. lowers the price of the good in H and could raise it in F.
E. raises the price of the good in H and lowers it in F.
Answer:
E. raises the price of the good in H and lowers it in F.
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Economic integration can be defined as a strategic trade arrangement between countries to eliminate or mitigate trade barriers, as well as coordinate fiscal and monetary policy among its members.
There are different types of market or trade bloc used in economic integration and these includes;
I. Customs union.
II. Free trade area.
III. Common market.
IV. Political union.
VI. Economic union.
Tariffs can be defined as government imposed levies, fees or duties on goods that are imported into or exported out of a country.
Generally, tariffs can reduce both the volume of exports and imports in a country. In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.
Hence, importing a good from country F into (large) country H with an imposition of a tariff in country H would raise the price of the good in H (import) and lowers it in F (export), when compared to a free trade situation.
A free trade area (zone) can be defined as an economic area wherein goods are exported or imported from one country to another without being subjected to normal trade laws such as quotas, bureaucratic requirements and tariffs of the country. Thus, a free trade area (zone) stimulates or enhances foreign trade, investment and globalization.
Answer:
E. raises the price of the good in H and lowers it in F.
Explanation:
Free trade focuses on the reduction of barriers and policies that favor certain countries or industries. Fair trade, however, favors the rights of workers, improved working conditions and seeks to eliminate pay discrepancies from country to country.