FILL IN THE BLANK. The idea that each country should be allowed to choose its own inflation rate is called the _____ agreement.

The type of adjustment that occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period is known as a deferral adjustment. This means that the cash transaction has been deferred to a later reporting period when the related income or expense will be recognized.

Examples of deferral adjustments include prepaid expenses, unearned revenues, and accrued expenses.
which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period?

The type of adjustment you are referring to is called a "Deferred" or "Unearned" adjustment. This occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period. Deferred adjustments are made to account for revenues or expenses that will be recognized in future periods.

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Changing consumption patterns and changing societal goals can play a critical role in solving resource problems. As consumption patterns change, individuals become more aware of their resource consumption and how it affects the environment. This awareness can lead to a reduction in resource consumption, as individuals make more conscious decisions about what they purchase and consume.

Changing societal goals also contribute to solving resource problems. If society values sustainability and the preservation of natural resources, there will be a greater push toward finding alternative resources and reducing the amount of waste produced. This shift in societal values can drive innovation towards renewable energy sources, more efficient manufacturing processes, and reducing our overall carbon footprint.

Additionally, by changing consumption patterns and societal goals, we can reduce our dependence on non-renewable resources, which are finite and becoming increasingly scarce. Ultimately, these changes can help preserve natural resources and reduce the negative impact of human activity on the environment.

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The correct answer is C. The federal budget deficit grew much larger (more negative), and the national debt also grew much larger.

The federal budget deficit grew much larger (more negative), and the national debt also grew much larger. This is because the government authorized trillions of dollars in new spending to provide pandemic relief, which caused the federal budget deficit to increase significantly. This deficit is the difference between the government's spending and its tax revenue.

When the deficit increases, the government has to borrow more money to make up the difference, which adds to the national debt. The national debt is the total amount of money that the government owes to its creditors.

Therefore, the pandemic had a significant impact on the federal budget deficit and the national debt, causing both to grow much larger in 2020.

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The Control Procurements process is a part of the Project Procurement Management knowledge area and focuses on monitoring and controlling procurement activities to ensure that they are executed in accordance with the procurement plan.

The primary output of the Control Procurements process is "Work Performance Information," which includes correspondence, payment schedules and requests, and seller performance evaluation documentation.

Correspondence documents all communication related to procurement activities, such as requests for proposals (RFPs), bid submissions, and contract negotiation. Payment schedules and requests outline the payment terms and timing agreed upon with the seller, while seller performance evaluation documentation assesses the seller's performance against established criteria. These outputs provide valuable information on the status and performance of the procurement activities, which can be used to inform decision-making and make necessary adjustments to the procurement plan.

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When a guest calls in with a complaint and requests to speak to the office instead of you, it's important to handle the situation professionally and courteously.

Here are the steps to take in this situation:

1. Apologize: Begin by apologizing for any inconvenience the guest might be experiencing, and let them know you understand their desire to speak to the office.

2. Gather Information: Politely ask for the guest's name and contact information, as well as a brief description of the issue they're experiencing. This will help the office personnel address the concern more effectively.

3. Assure Action: Assure the guest that you will pass on their information and complaint to the office immediately, and that someone will get in touch with them as soon as possible.

4. Transfer or Escalate: If possible, transfer the call to the appropriate office personnel or department. If you cannot transfer the call, take a message and notify the office promptly.

5. Follow Up: After the office has addressed the guest's complaint, follow up with the guest to ensure their concerns have been resolved and they are satisfied with the outcome.

By following these steps, you demonstrate professionalism, empathy, and a commitment to providing excellent customer service.

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Changes in the labor force and employment levels can greatly impact the labor force participation rate and unemployment rate.

It is important for policymakers to understand these relationships in order to create policies that promote job growth and increase workforce participation.

a. The labor force participation rate is calculated by dividing the labor force (160 million) by the non-institutional population (200 million), which equals 0.8 or 80%.

The unemployment rate is calculated by subtracting the number of employed individuals (140 million) from the labor force (160 million) and dividing by the labor force, which equals 12.5%.
b. After the creation of 10 million new jobs and attracting 20 million people into the labor force, the labor force would increase to 180 million.

The new labor force participation rate would be calculated by dividing the labor force (180 million) by the non-institutional population (200 million), which equals 0.9 or 90%.

The new unemployment rate would be calculated by subtracting the number of employed individuals (150 million) from the labor force (180 million) and dividing by the labor force, which equals 16.7%.
c. If 10 million unemployed individuals became discouraged and stopped looking for work, the labor force would decrease to 150 million.

The new labor force participation rate would be calculated by dividing the labor force (150 million) by the non-institutional population (200 million), which equals 0.75 or 75%.

The new unemployment rate would be calculated by subtracting the number of employed individuals (140 million) from the labor force (150 million) and dividing by the labor force, which equals 6.7%.
d. If 10 million current workers retired but their jobs were filled by others still in the labor force, the labor force would remain at 160 million.

The new labor force participation rate would still be 80%.

The new unemployment rate would be calculated by subtracting the number of employed individuals (140 million) from the labor force (160 million) and dividing by the labor force, which equals 12.5%.
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Since 1969, the main goal of the European Economic Community (EEC) in pursuing the Economic and Monetary Union (EMU) has been to limit exchange rate volatility, make exporting easier for countries in the EEC, and increase Foreign Direct Investment (FDI) in the EEC.

The European Economic Community (EEC) had the main goal of achieving economic and monetary union (EMU) since 1969. The purpose of EMU was to increase economic integration among the EEC member countries, which would lead to several benefits, including an increase in GDP, limiting exchange rate volatility, making exporting easier for countries within the EEC, and increasing foreign direct investment (FDI) in the EEC. By establishing a single currency and a common monetary policy, the EEC hoped to create a more stable economic environment for member countries and attract more foreign investment to the region.
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A. the discount rate. A. The price level and B. the decline in aggregate demand are both results of contractionary monetary policy. A budget surplus happens when the federal government's expenses are lower than its tax collections.

In order to resist inflationary pressures, central banks may employ contractionary monetary policy, which involves reducing the money supply and slowing economic development. This is often accomplished by raising interest rates, which raise the cost for people and businesses to borrow money. As a result, spending declines and the economy contracts. The raising of a central bank's benchmark interest rate is one instance of contractionary monetary policy. Because of the higher borrowing costs for banks and individuals, there may be less demand for products and services as a result of businesses and consumers cutting back on their spending. This may aid in easing economic inflationary pressures.

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A government institution that covers bank accounts against bank failure is FDIC. So, the correct answer is A.

The FDIC (Federal Deposit Insurance Corporation) is a government institution that provides protection for bank accounts against bank failure.

Established in 1933, the FDIC ensures the stability and public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions up to a specific limit.

In case a bank fails, the FDIC steps in to reimburse the insured depositors. This institution helps maintain trust in the banking system and promotes economic growth.

Other government agencies like the FAA, FDA, and SEC have different roles unrelated to insuring bank accounts. The FAA regulates civil aviation, the FDA ensures the safety of food and drugs, and the SEC enforces securities laws and protects investors.

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When marginal product is greater than average product, it means that each additional unit of input is producing more output than the average unit.

This indicates that the average product will increase. However, it does not necessarily mean that the marginal product will always increase. The marginal product may eventually decrease due to diminishing returns. Additionally, this scenario does not have a direct impact on the average variable cost or the marginal cost. Hence, when marginal product is greater than average product, then average product is increasing. This is because the additional output generated by the marginal unit of labor is higher than the current average output, which leads to an increase in the overall average output per worker.

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The model of adaptive leadership addresses situational challenges that involve ambitious, complexity, and uncertainty. These challenges are often characterized by the absence of clear solutions or established frameworks, and require leaders to engage in a process of discovery and experimentation in order to find a path forward.

Adaptive leadership is particularly relevant in contexts where change is constant, and where traditional approaches to leadership may not be effective. By encouraging leaders to be flexible, open-minded, and creative in their approach, the model of adaptive leadership helps organizations to navigate complex and unpredictable environments.

It also encourages leaders to engage with stakeholders at all levels of the organization, in order to build consensus and ensure that everyone is working towards a common goal.

Ultimately, adaptive leadership provides a framework for responding to the complex challenges of the modern world, and helps organizations to stay agile and responsive in the face of change.

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Fluid pressure is directly proportional to fluid velocity. This is due to the fact that when a fluid is moving faster, the kinetic energy of the particles increases.

This increased kinetic energy is then transferred through the fluid and is converted into pressure. This is known as the Bernoulli Principle, which states that pressure is dependent on the speed of the fluid. As the speed of the fluid increases, the pressure also increases. This effect is also seen in other fluids such as air, where faster moving air will have greater pressure than slower moving air.

This is why wind turbines are able to generate so much power. By having the air move faster, the pressure is increased, allowing for more energy to be generated. This is the same principle that applies to all fluids.

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a) The natural rate of unemployment for this economy is un = ut = 5% (given by the Phillips curve equation). b) The growth rate of output is 7.5%.

(a) To find the natural rate of unemployment for this economy, we can use Okun's law equation:

ut - ut-1 = -0.4(gyt - 3%)

At the natural rate of unemployment, ut = un, where un is the natural rate of unemployment. Therefore, we can rewrite the equation as:

un - un-1 = -0.4(gyt - 3%)

At the natural rate of unemployment, un-1 = un, so we can simplify further:

0 = -0.4(gyt - 3%)

gyt = 3% / 0.4 = 7.5%

Therefore, the natural rate of unemployment for this economy is un = ut = 5% (given by the Phillips curve equation).

(b) If the unemployment rate is equal to the natural rate (i.e., ut = un = 5%), and the inflation rate is 8%, we can use the aggregate demand equation to find the growth rate of output:

gyt = gmt - πt

At ut = un = 5%, we know that ut - 5% = 0, so we can rewrite the Phillips curve equation as:

πt - πt-1 = -0.4(gyt - 2%)

Substituting the values given (πt = 8%, ut = un = 5%) into the equation, we get:

8% - πt-1 = -0.4(gyt - 2%)

8% - πt-1 = -0.4(gyt - 2%)

8% - 0% = -0.4(gyt - 2%)

gyt = 7.5%

Therefore, the growth rate of output is 7.5%.

To find the growth rate of the money supply, we would need more information on the economy's monetary policy and the behavior of the central bank. Without this information, we cannot accurately determine the growth rate of the money supply.

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The period of time during the business cycle when production and employment increase is called an expansion.

The business cycle refers to the natural fluctuation of economic activity between periods of expansion and contraction. During an expansion phase, the economy is growing, and businesses are generally doing well. This is characterized by increased production, rising employment, and higher consumer spending.

In contrast, during a contraction phase, the economy is shrinking, and businesses may struggle to stay afloat. This is characterized by decreased production, falling employment, and lower consumer spending.

The expansion phase is a business time for businesses as they have the opportunity to grow and expand their operations. However, businesses must also be prepared for the eventual contraction phase, as economic downturns can have a significant impact on their operations.

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The fixed effect model with panel data is preferable to the simple difference-in-difference estimator in cases where there is potential unobserved heterogeneity across the units in the sample. The fixed effect model controls for this unobserved heterogeneity by including a unit-specific intercept in the regression equation. This intercept captures all the time-invariant differences between the units that may affect the outcome variable, and removes them from the error term. This improves the efficiency of the estimator and reduces the potential for bias.

Furthermore, the fixed effect model can estimate the average treatment effect (ATE) as well as the average treatment effect on the treated (ATT), whereas the difference-in-difference estimator can only estimate the ATT. This means that the fixed effect model provides more information about the treatment effect, and can be more useful for policy evaluation purposes.

In summary, the fixed effect model with panel data is preferable when there is unobserved heterogeneity across the units in the sample, and when both the ATE and ATT need to be estimated.

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5. If the government was to eliminate illegal goods, the outcome in terms of externalities would likely be positive.

The production and consumption of illegal goods often leads to negative externalities such as increased crime rates, harm to public health, and environmental damage.

By eliminating illegal goods, the government can reduce these negative externalities and promote a safer and healthier society.

6. One option to correct the externalities of illegal goods consumption is through modeling taxes. Modeling taxes aim to internalize the external costs associated with illegal goods by imposing a tax on the consumption or production of these goods. The tax can be set at a level that reflects the social cost of the externalities, which incentivizes individuals and firms to reduce their consumption and production of illegal goods. This can lead to a reduction in the negative externalities associated with illegal goods and promote a more socially optimal outcome. Other options include regulation, public education campaigns, and enforcement of existing laws.

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The term that fits in the blank is "appointed." Before a licensed agent can transact insurance, they must first be appointed by an admitted insurer or a licensed agency that has a marketing agreement with one or more insurers.

The appointment process involves a background check and verification of the agent's qualifications and compliance with state and federal insurance laws and regulations. Once appointed, the agent can represent the insurer in selling and servicing insurance products to clients.

The appointment is typically renewed periodically and may be terminated by the insurer or agency for cause or for other reasons, such as the agent's retirement or change of employment. The appointment process helps ensure that licensed agents are qualified and authorized to sell insurance products and maintain ethical and professional standards.

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This decision would help Ike's Bikes minimize their production costs while meeting the demand for bikes, which may increase as a result of the government raising the gasoline tax to reduce air pollution and traffic congestion.

Ike's Bikes is currently producing 600 bikes per month in its only factory. The short-run average total cost for producing 600 bikes with 1 factory is $800 per bike. If Ike's Bikes expects to produce 600 bikes per month for several years, in the long run, it would be more cost-effective to produce bikes using 2 factories. With 2 factories, the average total cost for producing 600 bikes is $620 per bike, which is lower than the cost when using only 1 factory

Suppose Ike's Bikes is currently producing 600 bikes per month in its only factory. Its short-run average total cost is $800 per bike. If the government raises the gasoline tax as a way to reduce air pollution and traffic congestion, it would likely lead to an increase in the cost of production for Ike's Bikes. This could result in a higher short-run average total cost per bike.

In the long run, Ike's Bikes would choose to produce bikes using the most cost-effective method. This could mean either investing in more efficient production methods, such as new technology or machinery, or potentially even relocating to an area with lower production costs. Alternatively, Ike's Bikes may choose to reduce its production levels in order to reduce costs and maintain profitability.

The decision ultimately depends on a variety of factors, including market demand, competition, and production costs.

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South Korea is a semi-peripheral nation that is considered highly developed.

Semi-peripheral nations are countries that are in the middle of the global economic hierarchy, with both core and peripheral characteristics. They are typically industrializing and have some economic and political power, but are not as dominant as core nations. South Korea is an example of a semi-peripheral nation that has experienced rapid economic growth and development over the past few decades. It has a highly developed economy, with industries in technology, automotive, and manufacturing, and is considered one of the Four Asian Tigers, along with Hong Kong, Singapore, and Taiwan. South Korea has a high standard of living, with a well-developed healthcare and education system, and is often cited as an example of successful economic development in a semi-peripheral nation.

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A differentiation strategy adds value to a product by finding ways to make it better than a competitor's product.

This may involve improving the product's features, quality, design, or brand image. The goal is to create a unique and desirable product that customers are willing to pay a premium for.

This strategy is typically pursued by companies that target high-end markets or niche segments. It is often contrasted with a low-cost strategy, which aims to offer a product at a lower price point than competitors by reducing costs throughout the value chain.

Product development is the process of creating new products or improving existing ones, and it is an important aspect of a differentiation strategy.

The functional level of a company refers to the various departments and functions that contribute to the overall success of the business.

These departments may include marketing, finance, operations, and human resources, among others. The value chain is the sequence of activities that a company goes through to create and deliver a product or service to customers.

By optimizing each stage of the value chain, companies can reduce costs, improve quality, and enhance customer satisfaction.

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The given statement "Protectionism protects domestic industries from the competitive forces exerted by foreign firms" is true as emerging sectors in countries benefit from it.

Protectionism is the practise of defending domestic industries against foreign competition by the imposition of tariffs, subsidies, import quotas, and other barriers to their products. Even though almost all mainstream economists concur that free trade generally benefits the global economy, many nations have implemented protectionist policies.

The main protectionist measures are imposed by the government through tariffs. They increase the cost of imported goods, pushing them above comparable domestic goods in price. It can also be used to encourage defence industry self-sufficiency.

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Option A, where Vijay must decide between Joe's soy ketchup vs. HJ Heinz tomato ketchup, is an example of a consumer-facing switching cost. Switching costs refer to the cost that a consumer incurs when switching from one product to another.

In this case, Vijay must choose between two different types of ketchup, which are likely to have different tastes, textures, and ingredients.

If Vijay has been using one type of ketchup for a long time, it may be difficult for him to switch to a different brand, especially if it means that he will have to give up the taste and quality that he is used to. This creates a switching cost for Vijay, as he must weigh the benefits of trying a new product against the potential cost of losing the taste and quality that he is accustomed to.

Overall, the decision between Joe's soy ketchup and HJ Heinz tomato ketchup represents an example of a consumer-facing switching cost because it requires Vijay to consider the costs and benefits of switching to a different product.

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In using variance reports, management looks for significant variances in various areas such as total assets invested, competitors' costs in comparison to the company's costs, and more efficient ways of valuing inventories.

By analyzing these variances, management can identify areas where the company is performing well and areas where improvement is needed. This information can then be used to make strategic decisions that will benefit the company in the long term. Additionally, variance reports are an essential tool for assessing the financial performance of a company and ensuring that it is meeting its financial goals. Overall, variance reports are an essential component of effective management and are critical to the success of any business.

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When price control is imposed on a market with elastic demand, it tends to result in a significant decrease in supply, leading to a shortage of the goods or services. This shortage will cause consumers to be unable to purchase the product at the controlled price, and instead, they will have to resort to purchasing it on the black market or finding substitutes.

On the other hand, when price control is imposed on a market with inelastic demand, it tends to result in a minimal decrease in supply, leading to a surplus of the good or service. This surplus will cause producers to be unable to sell the product at the controlled price, and instead, they will have to reduce production or find alternative markets to sell their goods.

In both cases, there is a deadweight loss resulting from the price controls. Inelastic demand leads to a reduction in consumer surplus and producer surplus, whereas elastic demand leads to a reduction in consumer surplus, producer surplus, and a loss of welfare for both producers and consumers.

In conclusion, price controls have adverse effects on both the consumer and producer in both elastic and inelastic markets. The imposition of price controls may not achieve the intended outcome and may result in unintended consequences such as shortages or surpluses, leading to deadweight losses.

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The required rate of return for the risky asset is 11.7 percent.

To calculate the required rate of return for a risky asset, we need to add the risk premium to the risk-free rate.

In this case, the risk-free rate is 4.0 percent and the average risk premium is 7.7 percent.

To get the required rate of return, we add these two numbers together.

Required rate of return = Risk-free rate + Average risk premium

Required rate of return = 4.0% + 7.7%

Required rate of return = 11.7%

Hence, he required rate of return = 11.7 percent.

This means that the investor needs to earn at least 11.7 percent on their investment to compensate for the additional risk they are taking on compared to a risk-free investment.

It is important to note that this is an estimate and actual returns may vary based on market conditions and individual investment choices.

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Negative externality and information failure are both examples of market failures.

A negative externality occurs when the production or consumption of a good or service imposes costs on third parties who are not compensated for those costs. Information failure occurs when one party in a transaction has access to more or better information than the other, leading to an inefficient allocation of resources. Both of these market failures can lead to a suboptimal outcome and a need for government intervention.

Failure can be thought of as the opposite of achievement since it is the state or circumstance of failing to achieve a desired or intended goal. The standards for success vary on the situation and could be relative to a certain viewer or belief system. When people make potentially "wrong" decisions based on insufficient, erroneous, ambiguous, or misunderstood information, this is known as information failure.

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Scotty would receive up to $250,000 in total from the FDIC if the bank were to go bankrupt tomorrow. This is because the FDIC insures up to $250,000 per depositor, per account category, at each FDIC-insured bank.

The FDIC (Federal Deposit Insurance Corporation) is a U.S. government agency that provides insurance coverage to protect depositors in case their bank fails. The FDIC insures up to $250,000 per depositor, per account category, at each FDIC-insured bank.

In Scotty's case, he has four separate accounts at the same bank, but they fall into only two account categories: savings and CD (certificate of deposit). Therefore, the FDIC would insure up to $250,000 for each account category, and Scotty would be fully covered for all four accounts since his total deposits in each category are below the insurance limit.

If the bank were to go bankrupt tomorrow, Scotty would receive up to $250,000 in total from the FDIC, regardless of the total balance in his accounts.

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Based on the provided table, Oliver's total utility from consuming three Reese's Peanut Butter Cups can be calculated by summing the marginal utilities of the first three peanut butter cups.

Total utility = 22 (1st cup) + 18 (2nd cup) + 14 (3rd cup) = 54

So, if Oliver consumes three peanut butter cups, his total utility will be 54.

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Its True because  your savings will grow faster with monthly interest compounding than with quarterly interest compounding for a given nominal interest rate.

This is because monthly compounding results in interest being calculated and added to your savings more frequently, leading to a higher overall return. On the other hand, with quarterly compounding, the interest earned in each quarter is added to the principal, and the subsequent interest is then calculated based on the increased principal amount. This means that the interest earned in each subsequent quarter will be calculated on a higher principal amount, but less frequently compared to monthly compounding, resulting in slower growth of savings.

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The gain if the stock is sold at the current closing price is option c) $139.00.

Stock refers to a share in the ownership of a company. When a company goes public, it may issue shares of stock for sale to the public in order to raise capital. By purchasing stock, investors become partial owners of the company and may have certain rights, such as voting rights and the right to receive a portion of the company's profits through dividends. The value of a stock is determined by supply and demand in the stock market, and can be influenced by a variety of factors such as the company's financial performance, industry trends, and global economic conditions. Investors may buy and sell stocks through stock exchanges or other platforms, and may use a variety of strategies to try to profit from changes in stock prices.

Gain or loss = (selling price - purchase price) * number of shares

Gain or loss = ($34.95 - $29.39) * 25

Gain or loss = $139.00

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Answer:

I can confirm the correct answer is C) The gain is $139.00.

Explanation:

I got it right on the practice exam.