Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
Absolute advantage refers to an individual's capacity to efficiently carry out a task when compared to other individuals or groups.
In economics, this broadly refers to the ability and capacity to produce and conduct an economic good or a particular service in a more efficient manner than the competitors. In this case Jethro has an absolute advantage in all aspects of camping. Within the constraints of the economic activity, production is more efficient and higher. Fewer resources are required to produce a particular commodity and/or service that needs higher resources for the competitors. With fewer inputs, the outputs stand maximized in the context of absolute advantage.Therefore, Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
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After the first two entries in the closing process have been recorded and posted, the debits and credits to Income Summary are $90,000 and $80,000, respectively. What is the amount of net income or net loss for the period
The answer is $10,000 net loss.
Given,
The debits and credits to Income Summary are $90,000 and $80,000, respectively.
An income summary is also known as an Income statement.
The debit side of this statement contains the expense for the period.
And the credit side of this statement contains the income for the period.
Therefore, according to the given information expenses are $90,000 and income is $80,000.
Since expenses incurred are greater than the income generated. There is a net loss for the current period.
The amount of the net loss will be calculated as follows:
Net loss = Amount of expenses - Amount of income
= 90000 - 80000
= $10,000
Hence, the amount of net loss for the period is $10,000.
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Consider a family who borrows $250,000 to purchase a new home at a fixed interest rate of 8.5%. If inflation increases from 4% to 5.5%, how will this impact the real interest rate the family will be paying?
The home loan must be repaid at a real interest rate of 3%; (8.5%-5.5%=3%).
Real interest rateA real interest rate is adjusted to remove the effects of inflation and gives the real rate of a bond or loan. A nominal interest rate refers to the interest rate before taking inflation into account.
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Leslie is a newly graduated certified public accountant with a specialty in corporate tax. She wishes to join an organization (NOT an accounting firm) that will allow her to concentrate on corporate tax and become deeply proficient in this area. Leslie should look for a position in a firm with a __________ structure.
Leslie should look for a position in a firm with a (D) functional structure.
What is a multidivisional structure?A multidivisional organization has one parent firm that is made up of several discrete divisions that run separate companies. Although the parent business legally owns all of the divisions, the parent firm grants the divisions great autonomy, allowing them to act freely.What is a simple structure?A simple structure is the most fundamental operating system that a company can utilize to consolidate its operations. The simple organizational structure, often known as the flat structure, lacks several layers of management and established divisions.What is a network structure?The phrase network structure refers to the technique through which data on a network is arranged and examined.What is a functional structure?A functional structure is a business structure that divides a corporation into departments depending on their areas of expertise. These departments work as functional units, with functional managers or department heads in charge.As stated in the definition of the functional structure that a functional structure is a business structure that divides a corporation into departments depending on their areas of expertise.
Therefore, Leslie should look for a position in a firm with a (D) functional structure.
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Correct question:
Leslie is a newly graduated certified public accountant with a specialty in corporate tax. She wishes to join an organization (NOT an accounting firm) that will allow her to concentrate on corporate tax and become deeply proficient in this area. Leslie should look for a position in a firm with a __________ structure.
a. multidivisional
b. simple
c. network
d. functional
Leslie should look for a position in a firm with a FUNCTIONAL STRUCTURE
There are 4 type of Organizational structures.1) Functional Structure
2) Simple Structure
3) Multidivisional Structure
4) Network Structure
A Functional structure is a type of organizational structure where departments are separated into groups according to their areas of specialization.
These departments operate as functional groups under the direction of functional managers or department heads.
A multidivisional structure comprises one parent company and a number of distinct divisions that each conduct their own independent business.
Although all of the divisions are technically owned by the parent company, the parent company gives the divisions a lot of autonomy so they may operate independently.
A The most basic operating system that a business may use to streamline its operations is simple structure.
The flat organizational structure, which is also known as the basic organizational structure, is devoid of defined divisions and several management tiers.
The method used to organize and analyze data on a network is referred to as a network structure.
Solution - A functional structure is a company structure that separates a firm into departments according to their areas of competence, as indicated in the description of the functional structure.
Therefore, Leslie ought to hunt for employment with a functional structure.
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Mr. Gonzalez, the sales manager, told his sales team that he wanted them to write down their work goals for the year. To help his team achieve their stated goals, the next thing that he should ask for are each team member’s:.
To help his team achieve their stated goals, the next thing that he should ask for are each team member’s: Action plan.
Who are team member?
Team member are the people who have the same set goals and are expected to work in unity so as to accomplish or achieve their set goals.
Hence, in order for the team member to achieve their goals, the next step of action is for him to asked each team member’s their action plan.
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Suppose that the economy is in a long-run equilibrium at a price level of 100 and full-employment real GDP of $500 billion. An expansion occurs resulting from a $100 billion increase in aggregate demand. In order to restore the economy to full employment given a MPC of 0.80, government purchases would need to: Multiple choice question.
Government purchases would need to: decrease by $20 billion.
What is Marginal Propensity to Consume ?Marginal Propensity to Consume (MPC) measures the proportionate rise in the consumption with increase in income or we can say it measures the proportion of extra pay that is spent on consumption of goods and services rather than saving it.
Marginal Propensity to Consume or MPC is dependent on the income level. It may vary with the income levels and it can be seen that the MPC is lower at higher income levels. MPC can be calculated by determining the change in consumption divided by the change in income.
MPC is represented by the consumption line, which is a sloped line that is formed when change in consumption is plotted on the vertical y-axis with change in income on the horizontal x-axis.
This can be illustrated from the following formula.
k = 1/ 1- MPC
Where k = Multiplier effect
MPC = Marginal Propensity to Consume
Types of MPC
MPC can be classified into three types, which are
1. MPC more/greater than 1.
2. MPC equal to 1.
3. MPC less than 1.
Thus , we conclude that the amount of government purchases would have to be decreased by $20 billion.
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A strategic challenge facing Boeing includes driving __________ into their culture to help accelerate performance for the future.
A strategic challenge facing Boeing includes driving more diverse technical skill into their culture to help accelerate performance for the future.
What is technical skill?Technical skills can be regarded as specialized knowledge as well as expertise that is needed to a job.
Therefore, strategic challenge facing Boeing includes driving more diverse technical skill into their culture to help accelerate performance for the future.
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________ are the most important monetary policy tool because they are the primary determinant of changes in the ________, the main source of fluctuati
The open market operation base is the most important monetary policy tool because they are the primary determinant of changes in the monetary base and the main source of fluctuations in the money supply.
What is an Open market operation base?The Federal Reserve's practice of purchasing and selling U.S. Treasury securities, as well as other securities, on the open market in order to control the amount of money held in reserve by U.S. banks is known as open market operations (OMO). To raise the amount of money in circulation and to lower long-term interest rates, the Fed buys Treasury securities and sells them.OMOs aim to influence short-term interest rates and other interest rates by adjusting the level of reserve balances. By purchasing or offering to sell government bonds to or from commercial banks, the Federal Reserve conducts open market operations to reach the desired target federal funds rate.To learn more about the Open market operation base refer to:
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Naomi manages the selling organization for Navitol, a national distributor for industrial building supplies and roofing materials. Naomi instructs her sales representatives that their goal is to generate at least a 45 percent margin on all of the industrial building supplies and roofing materials they sell in order for her to achieve a 20% return on controllable investment (primarily inventory). Naomi is using a ________ pricing strategy.
Naomi is to generate at least 45% margin on all of the industrial building supplies and roofing materials they sell in order for her to achieve a 20% return on controllable investment (primarily inventory). Naomi is using a "target return pricing" strategy.
What is target return pricing?A pricing technique that involves using a formula to determine the price that must be set for a product in order to provide the desired profit or rate of return on investment, presuming that a specific quantity of the product is sold.
The advantages of target return pricing are-
It is a dynamic form of pricing that considers and reacts to supply and demand elements in the market when calculating the selling price. By lowering expenses due to the predetermined selling price, it increases corporate profitability.Calculate the target cost of a new product using following methods-
Examine the market environment.Establish the desired pricing for the product.Decide on your desired profit margin.Determine the desired price.To know more about return on investment (ROI),
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_____ means that each department involved with new products has excellent linkage with relevant sectors in the external environment.
Boundary spanning means that each department involved with new products has excellent linkage with relevant sectors in the external environment.
What is Boundary Spanning?Boundary spanning is a phrase used in organizational psychology and social science research to describe people who play a role in connecting an organization's internal networks with outside information sources.Boundary spanning is a process for achieving company goals by establishing external interactions across boundaries. It describes a circumstance in which a person or an organization transgresses a social group's boundaries.Boundary spanners change unequal power relations that impede learning and knowledge-sharing in organizations while using power bases to spur creativity and empower others to maintain cross-cultural collaboration.Planning informal conversations and written communication meets with other departments constitute boundary-spanning engagement.To learn more about Boundary Spanning refer to:
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China, india, and indonesia are expected to be among the world’s seven largest economies by 2050. Economic development in a country can be measured using.
China, India, and Indonesia are expected to be among the world’s seven largest economies by 2050. Economic development in a country can be measured using gross national income.
Gross countrywide profits (GNI) is defined as gross home product, plus net receipts from overseas of reimbursement of employees, assets income, and internet taxes much fewer subsidies on production.
GDP looks at the production degree of a financial system or the entire annual value of what's produced within the kingdom; it measures an economy's size and increases the fee. GNI is the total dollar cost of the whole thing made with the aid of a rustic and the income its residents receive—whether or not it is earned domestically or overseas.
For instance, the cost of watermelon from the farm can be $1, then $five at the grocery save. In this situation, the watermelon's “final desirable” fee is $five, and so the total price of the good could matter in the country's earnings as $5
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In real estate markets, a transaction occurs only when the investment value of the buyer exceeds the investment value of the seller. The seller's investment value is the ________ that he or she would be willing to pay for a particular property, while the buyer's investment value is the _______ that he or she would be willing to accept
The seller's investment value is the maximum that he or she would be willing to pay for a particular property, while the buyer's investment value is the minimum that he or she would be willing to accept.
How Is Market Value Determined in the Real Estate Market?The fair market value (FMV) of a property is the amount it would fetch in a typical market. So, both individuals who own a property and those who are responsible for paying its taxes should consider its FMV.
Every good in a market economy has a value determined by the process of price discovery. The goal of producers and resellers is to locate buyers who have values that are close to their proposed fictitious values. Consumers, on the other hand, bid up or bid down prices based on their shifting perceptions of the worth of commodities. This procedure is flawed and dynamic.
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Your family business uses a secret recipe to produce salsa and distributes it through both smaller specialty stores and chain supermarkets. The chain supermarkets have been demanding sizable discounts, but you do not want to drop your prices to the specialty stores. True or False: The Robinson-Patman Act limits your ability to offer discounts to the chain supermarkets while leaving the price high for the smaller stores. True Fals
If the chain supermarkets have been demanding sizable discounts, but you do not want to drop your prices to the specialty stores then ;Yes, the "Robinson-Patman Act" limits your ability to offer discounts to the chain supermarkets while leaving the price high for the smaller stores.
What is Robinson-Patman Act?The Robinson-Patman Act, officially known as the Anti-Price Discrimination Act of 1936 and passed in the United States in 1936, forbids large franchised corporations from discriminating against small businesses in their pricing, promotional benefits, and advertising.
The purpose of the Robinson-Patman Act are-
The Clayton Act, which forbids price discrimination that could significantly diminish competition or has the potential to create a monopoly, was amended by the Robinson-Patman Act. This exception enables a seller acting in good faith to match a competitor's equally low price, service, or facility.Therefore, according to the Robinson-Patman Act, it is forbidden for a buyer to profit from genuine price discrimination.
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Business communicators are encouraged to profile or visualize the audience for their messages. How is this possible if you don't really know the people who will receive a sales letter or who will hear your business presentation
In Business communications senders can learn as much as possible about receivers by asking questions, doing research, and putting themselves in the shoes of the members of the audience.
How to do Business Communications?Business messages frequently have recipients who are unknown to the sender. Rarely are the recipients of business letters or presenters known in advance. But by asking questions, doing research, and putting themselves in the audience members' place, senders can find out as much as they can about receivers. You should make an effort to determine what stake they have in the idea you are presenting and what might inspire them, particularly if you are trying to persuade someone to take action or change their beliefs. Depending on the reader's educational background, you may be able to determine what level of language to employ. How much information or jargon to include depends on the receiver's professional background.To learn more about Business Communications refer to:
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An organization is considering the adoption of flexible budgeting. What advantage will this type of budgeting provide to the organization
The advantage that will be provided to the organization is flexible budgeting allows for adjustments throughout the year based on volume. Flexible budgets do not necessarily involve longer budget cycles or more participation by staff. Flexible budgeting has no effect on reimbursement policies.
A flexible budget is a budget that adapts to the activity and quantity of a company. Unlike static budgets, which do not change from the amount set when the budget was created, flexible budgets continue to be "flexible" as a company's costs fluctuate.
No matter what happens to the business environment, the numbers do not change throughout the year. Flexible budgets, on the other hand, are a set of budgets created for different levels of activity, income, and expenses.
A flexible budget is adjusted based on changes in actual income and other activities. The result is a budget that is fairly closely matched to the actual result. This approach differs from the more general static budget, which includes only fixed spending that does not change with actual income.
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Which of the following statements is NOT true of economic order quantity (EOQ)? Group of answer choices The optimal order size is determined by the EOQ model. The EOQ is directly proportional to the sales per period. The EOQ ignores inventory reorder costs and inventory carrying costs. The economic order quantity (EOQ) mathematically determines the minimum total inventory cost.
The option that isn't true of economic order quantity is C. The EOQ ignores inventory reorder costs and inventory carrying costs.
What is economic order quantity?It should be noted that economic order quantity means an inventory technique that is used to make effective and efficient decisions.
In this case, the option that isn't true of economic order quantity is that the EOQ ignores inventory reorder costs and inventory carrying costs.
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Where trade was concerned, why was it difficult for the United States to be neutral? Group of answer choices The United States purchased raw materials from both British and German firms. The United States exported the things that both sides needed and would pay for. all of the above The United States purchased manufactured goods from both British and German firms.
It difficult for the United States to be neutral be because The United States exported the things that both sides needed and would pay for.
Due to Germany's persistent violations of human rights, it was challenging. Once we learned about the Zimmerman note, we declared war on Germany and supported the triple Entente.
Which nation did the United States favor in terms of trade?United Kingdom In actuality, when it came to trade, the United States was in favor of . the aforementioned. Why was it so difficult for the United States to be impartial in matters of trade? believed that America ought to remain neutral in the fight.
What did the US undertake to signal its neutrality in World War One?On August 4, 1914, President Woodrow Wilson officially proclaimed the United States' neutrality, a stance that was supported by the vast majority of Americans as World War I broke out in Europe.Germany's attempt to quarantine the British Isles quickly undermined Wilson's early optimism that America might be "impartial in mind as well as in action." One of America's most important commercial partners was Britain, and tensions between the two countries increased after numerous American ships headed to Britain were damaged or sunk by German mines.learn more about United states neutrality at :
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You are launching a new line of camping tents and are running ads across mobile web and in-app inventory. If your objective is to see purchases across both platforms, which report should you run?
The cross conversion report is run to see purchases across both platforms.
Cross-environment conversion statistics show how the advertising campaign performed across all platforms, including tablet, smartphone, and desktop; app, and internet, regardless of device or environment in which a person converted.
Cross-environment reporting identifies a person across many contexts by using cookies, resettable device IDs, and aggregated sign in data. This enables search engine to follow the user's journey from first seeing an ad until conversion. There is no trace of the single user.
As a result, run the Cross-device conversions report.
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An experienced accountant can balance the books twice as fast as a new accountant. Working together it takes the accountants 10 hours. How long would it take the experienced accountant working alone
15 hr time for an experienced accountant to do the job and 30 hr time for the new accountant to do the job.
Exp accountant DATA:
Time = x hr/job ; Rate = 1/x job/hr
New accountant DATA:
Time = 2x hr/job ; Rate = 1/2x job/hr.
Together DATA:
time = 10 hr/job ; Rate = 1/10 job/hr.
EQUATION:
rate + rate = rate together
1/x + 1/2x = 1/10
3x/2x^2 = 1/10
30x=2x^2
x=15 hr (time for an experienced accountant to do the job)
2x=30 hr (time for the new accountant to do the job)
15 hr time for an experienced accountant to do the job and 30 hr time for the new accountant to do the job.
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Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission (SEC) will pay _____ percent of the amount the government recovers from financial fraud if the whistleblower provides original information leading to a recovery of more than a million dollars. Group of answer choices
The Securities and Exchange Commission (SEC) will pay 5 to 8 percent of the amount.
What is Dodd-Frank Wall Street Reform and Consumer Protection Act ?In reaction to the financial crisis of 2007–2008, the Dodd–Frank Wall Street Reform and Consumer Protection Act was developed. The legislation, which is named for its supporters Sen. Christopher J. Dodd (D-Conn.) and Rep. Barney Frank (D-Mass. ), contains a number of provisions that are detailed throughout 848 pages and were intended to be implemented over a number of years. A significant piece of financial reform legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010 by the Obama administration. The Dodd-Frank Wall Street Reform and Consumer Protection Act, more often known as the "Dodd-Frank Act," created a number of new government organizations tasked with monitoring the law's many provisions and, consequently, various facets of the financial system.Know more about Dodd-Frank Wall Street Reform and Consumer Protection Act with the help of the given link:
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Which individual is responsible for ordering, preparing, and reviewing closing-related documents, such as the title policy and settlement statement
The closing agent is responsible for ordering, preparing, and reviewing closing-related documents.
Who is a Closing agent?This is a professional who deals in real estate transactions and acts a middle man between the buyer and the seller.
He ensures the transfer of the legal title is appropriately done by preparing and reviewing closing-related documents, such as the title policy and settlement statement.
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If you were to own a stock that offers voting rights and may pay dividends, you would most likely own ________ stock. Question 51 options: preferred common mutual fund bond-value None of these
If you were to own a stock that offers voting rights and may pay dividends, you would most likely own common stock.
The answer is option B.
Common stock is the most common sort of stock that is issued via companies. It entitles shareholders to share the employer's income through dividends and/or capital appreciation. Common stockholders are typically given vote casting rights, with the number of votes without delay associated with the number of shares owned.
Preferred stock is normally considered much less risky than common stock however commonly has much less capability for profit. Favored stockholders commonly do now not have voting rights, as commonplace stockholders do, but they have an extra claim to the company's belongings.
The principle difference between preferred and common inventory is that desired stock offers no voting rights to shareholders even as not unusual inventory does. preferred shareholders have precedence over an employer's profits, which means they're paid dividends before commonplace shareholders.
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Nissan sets the suggested price of an automobile at $19,999, rather than $20,000. This type of pricing is extremely common for consumer goods. This is an example of _______. a. psychological pricing or odd-even pricing b. one-part pricing c. price lining d. price skimming
A) Psychological pricing.
How does psychological pricing work?The technique of putting prices just below a whole number is known as psychological pricing. The theory behind this approach is that since customers don't round up these prices, they will perceive them as being lower than they actually are. Customers typically ignore the last few digits of a price because they process prices from the leftmost to the right. When the fractional portion of a price is displayed in a smaller font than the rest of the price, this impact seems to be amplified. Setting the price of an automobile at $19,999 rather than $20,000 is an example of psychological pricing. Pricing of this kind is very typical for consumer goods.
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On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $19,000 on the purchase date and the balance in five annual installments of $7,000 on each June 30 beginning June 30, 2022. Assuming that an interest rate of 12% properly reflects the time value of money in this situation, at what amount should Johnstone value the equipment
Johnstone should value the equipment at $125,096.
What are installments?Simply put, an installment payment is a quantity of money that is paid over a specific period of time in smaller installments. A recurring payment called an installment payment plan enables clients to make larger purchases without having to pay the full amount up front.What is the interest rate?The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.Solution -PV = $28,000 + $5,000 (3.79079) = $125,096
Equipment Present value of an ordinary = $125,096
Therefore, Johnstone should value the equipment at $125,096.
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LG Electronics sells several different product lines around the world through home appliance and electronics stores. LG appliances and electronics have been historically made in Korea, where the company is headquartered. Recently, LG has been investigating the possibility of buying land and building a production plant in Texas, in the United States. LG is now operating as a(an) ______; however, if the plant is built in Texas, it will be operating as a(an) ______.
LG currently operates as an exporter; but, if the plant is established in Texas, it will operate as a multinational enterprise.
What do you mean by exporter?one who specifically exports: a wholesaler who sells to retailers or industrial customers abroad.
Who is regarded as the exporter?The exporter is the individual or business that has been given permission by customs and government officials to send goods into another nation. The exporter may or may not be the company working on behalf of the actual seller of the products.
What constitutes a multinational company?Any company with operations in two or more nations is referred to as a multinational corporation (MNC). These businesses frequently have their native nation as their central management location and maintain offices there as well. A corporation does not automatically become a multinational only by exporting products to be sold abroad.
What is an illustration of a multinational company?Multinational companies like Apple, Amazon, Microsoft, McDonald's, and Volkswagen are examples. In order to grow their businesses and reach more clients, these corporations have their headquarters in one country but have divisions operating in numerous other nations.
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Given an anticipated inflation premium of 1. 35% and a nominal rate of interest of 5. 40%, what is the real interest rate? round your answer to 4 decimal places.
Answer:
6.9
Explanation:
you will mutiple the inflation by the interest rate
A company is actively working at reducing employee turnover. According to research, employees are more likely to continue working hard for a company that:
Employees are more likely to continue working hard for a company that provides continuous training of the necessary skills employees needs to perform their job.
What is employee turnover?Employee turnover can be defined as the number of workers who leave an organization and are being replaced by new employees.
Causes of employee turnover are:
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While in the short run an economic profit is more likely in an unregulated monopoly, ___________ may group competing resources and create a new power base to challenge the existing monopoly.
While in the short run an economic profit is more likely in an unregulated monopoly, any of the above may group competing resources and create a new power base to challenge the existing monopoly.
Unregulated monopolies have market power and can affect prices. Examples: Microsoft and Windows, DeBeers and Diamonds, and local natural gas companies. Individual restaurants and other products that enjoy "brand loyalty" in a highly competitive market choose prices and production in the same way as monopolies.
Unregulated monopoly: Standard calculations show that an unregulated monopoly produces y = 80 and the price is p = 60. AR (y) = (200y) / 2. y = 150 or 10. Therefore, there are two outputs, AC = AR: 10 and 150.
An unregulated monopoly provider is probably inefficient when it comes to allocations, as the price of a monopoly is higher than the MC. In a highly competitive market, prices will be lower and more consumers will benefit from purchasing goods. Monopoly leads to a loss of surplus welfare for consumers and producers.
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_______________operate as for-profit or not-for-profit organizations that facilitate, promote, or encourage B2B relationships between marketing organizations.
Promoters help in operating the Profit and Non-profit organizations that facilitate, promote, or encourage B2-B relationships between marketing organizations.
Who is the Promoter?A promoter is often regarded as someone who supports or incites a particular action. A promoter is a person who takes the initiative to start or organize a business by corporate law. A promoter is the originator or organizer of a corporation or business endeavor.
Thus, the promoter is a person who takes the initiative to start or organize a business by corporate law. Promoters operate as a for-profit or not-for-profit organizations that facilitate, promote, or encourage B2B relationships between marketing organizations.
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Following the passage of the _____________ Act in 1930 over 60 nations trading with America quickly matched higher tariffs resulting in a fall in a drastic fall in global trade. Following the passage of the _____________ Act in 1930 over 60 nations trading with America quickly matched higher tariffs resulting in a fall in a drastic fall in global trade.
After the Smoot-Hawley Act was passed in 1930, more than 60 countries that traded with America swiftly matched higher duties, causing a sharp decline in world trade.
Smoot-Hawley ActHawley, on June 17, 1930, President Herbert Hoover signed it. The law increased US duties on more than 20,000 imports. A bill to raise money, control trade with other nations, support domestic industries, safeguard American workers, and further many objectives.
How did the Hawley Smoot Tariff backfire?The Hawley Smoot Tariff had a disastrous effect on commerce as enraged European nations levied a charge on American goods that made them prohibitively expensive to purchase in Europe. This restriction on trade also exacerbated the Great Depression's economic crisis.
What effect did the Smoot-Hawley tariff have?It made it more difficult for American farms and businesses to sell abroad by increasing tariffs and inciting other nations to do the same.
The Smoot-Hawley Tariff failed, why?According to the experts, the tariff rises would increase the cost of living, reduce our exports as other nations reacted, harm U.S. investors since it would be more difficult for foreign debtors to repay their loans due to the high tariffs, and harm our ties with other countries. Sadly, this is what took place.
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Which of the following statements is true? Group of answer choices Economic profits include opportunity costs. Economic profits ignore opportunity costs. Accounting profits include all of the opportunity costs. Economists consider sunk costs in their decision making
The true statement among the given option is option a)Economic profit include opportunity costs.
Opportunity costs are revealed through implicit costs. Only explicit costs are included in accounting profit. However, economic profit includes both implicit and explicit costs. Opportunity cost is included on economic profit because economic profit includes implicit costs, and implicit costs display opportunity costs.
The key benefits of opportunity costs include: Awareness of Lost Opportunity: Opportunity costs make you think about the fact that, when choosing between possibilities, you lose up something in the one that is not chosen.
Therefore the correct option is a)Economic profits include opportunity costs.
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