When a firm produces a specific output level at a higher cost than the necessary cost for that level of output, it is called: x-inefficiency.
What is x-inefficiency?X-inefficiency can be defined as the process in which a company or an organization cost of production is higher.
A company or an organization can be classified as x Inefficiency when their cost of production or average cost of production is on the high side and this may occur due to lack of competitors or lack of competition.
Therefore when a firm produces a specific output level at a higher cost than the necessary cost for that level of output, it is called x-inefficiency.
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A key idea in process costing that refers to the number of units that could have been started and completed given the costs incurred during the period is known as?
The number of units that could have been started and completed given the costs incurred during the period is known as Equivalent units of production.
Equivalent units are calculated on the basis of percentage cost incurred on completing the products. A Debit to Raw Materials Inventory technique costing is a way of costing used specially in production wherein devices are constantly through one or extra techniques. Examples of this include the manufacture of erasers, chemicals or processed food.
The three categories of expenses incurred in producing an item are direct fabric, direct exertions, and manufacturing overhead. manner costing is the device of collecting expenses within every branch for large-volume,units.
Procedure costing is a costing method or an operational form of costing in which a producer tracks the fee of manufacturing of a sequence of non-stop or repetitive tactics required to provide a product.
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In alan blinder's major study of business practices, what proportion of companies reported economies of scale (falling unit costs)?
41% of companies reported economies of scale (falling unit costs).
Economies is an international, scholarly, peer-reviewed, open-get entry to the journal of improvement economics and macroeconomics, posted monthly online by means of MDPI. Open get right of entry to lose for readers, with article processing costs (APC) paid by authors or their establishments.
An economic system is an area of manufacturing, distribution, and trade, in addition to the intake of products and offerings. In popular, it's miles described as a social area that emphasize the practices, discourses, and cloth expressions associated with the manufacturing, use, and control of scarce assets.
Economies of scale discuss the decreasing of per unit costs as a company grows larger. Examples of economies of scale include improved shopping energy, network economies, technical, monetary, and infrastructural. whilst a company grows too massive, it could be afflicted by the other – diseconomies of scale.
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What level of measurement is the cost (amount) of an admission ticket to a movie theater?
Ordinal level of Measurement for define the categories such as costly, less profitable, more difficult etc
What is Ordinal level ?The second of the four measurement scales is ordinal level measurement. "Ordinal" means "in order." Ordinal data is quantitative data that has naturally occurring orders with no discernible distinction. It can be named, categorized, and ranked.
The ordinal scale is a statistical data type in which variables are ordered or ranked but there is no degree of difference between groups. The ordinal scale incorporates qualitative data; the term "ordinal" means "order." It ranks variables and only allows you to quantify their value as higher or lower on a scale.
Cases in the same class are regarded as equal. Movie ratings, political allegiance, military rank, and other variables that use ordinal scales are examples.
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The maximum amount of money that a single commercial bank can lend is equal to its ______
The maximum amount of money that a single commercial bank can lend is equal to its excess reserves.
If a bank lends out all of its excess reserves, it can be expected that those excess reserves will soon be lost to other banks. this illustrates why banks cannot safely lend beyond their excess reserves.
The amount that a commercial bank can lend is determined by its: excess reserves. a commercial bank can expand its excess reserves by demanding and receiving payment on an overdue loan.
A money multiplier determines the limit to which a single bank can increase the money supply. across the banking system, you can add up to 10x the original currency multiplier.
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The term _____ refers to a relationship in which experienced managers in a company aid individuals in the earlier stages of their careers.
Management mentoring refers to a relationship in which experienced managers in a company aid individuals in the earlier stages of their careers.
Mentoring is a relationship among people with the purpose of expert and personal development. The "mentor" is commonly a skilled person who shares information, enjoyment, and advice with a much less skilled person, or "mentee." Mentoring means advising, counseling, and guiding an employee toward long-term professional dreams. Coaching means educating, instructing, and schooling subordinates in appearing short-term job-related skills.
The employee life cycle version (ELC) is an organizational method used to visualize how an employee engages with the enterprise they're a part of. There are six levels concerned in this model: attraction, Recruitment, Onboarding, improvement, Retention, and Seperation.
Withdrawal has been defined as "actions supposed to region bodily or psychological distance among employees and their working environments." Poor attendance and voluntary turnover are two activity withdrawal examples.
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What two activities are included in the approach stage of the personal selling process?
Gathering info about potential customers and Deciding on the best method for an initial meeting are included in the approach stage of the personal selling process.
Prospecting, pre-approach, approach, presentation, handling objections, closing the sale, and follow-up are the seven steps in the personal selling process. It is a method of face-to-face selling where a salesman uses their interpersonal abilities to convince a consumer to purchase a specific product.
When a salesperson meets with a potential customer to close a deal, this is known as personal selling. A sequential sales process with typically nine steps is used by many salespeople. For all or a portion of the sales process, some sales professionals write scripts.
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The balance of opinion suggests that the contributors to leadership effectiveness are:________
The balance of opinion suggests that the contributors to leadership effectiveness are a combination of nature and nurture.
Effective leadership: what is it?
Effective leaders can use their leadership abilities to inspire all of their coworkers to follow their example, resulting in increased morale and better results for their organization, rather than having to hold management positions. These abilities can make you a better worker, teammate, and member of your company.
Whatever your position in the organization, having the right leadership qualities can advance you into a better position. Effective leadership abilities can change your entire organization because a manager and a leader are not always the same thing.
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________ means that you accept the potential costs and obligations for the decisions you make.
Responsibility means that you accept the potential costs and obligations for the decisions you make. The term "responsibility" describes the duty to carry out specific tasks in order to get specific results. Only humans can be given responsibility by an organization; non-living things like machines, equipment, etc. cannot be given accountability.
It results from a relationship of authority and subordination. A senior has the responsibility to order his subordinates to complete the necessary work. He therefore gives obligations to subordinates for this reason. The management may limit it to the execution of a particular task or may make it a continuing duty.
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What is the direct labor efficiency/quantity variance for november? group of answer choices $1,800 $1,900 $2,000 $2,090 $2,200
The direct labor efficiency/quantity variance for November of $1,800.
The labor efficiency variance focuses on the number of labor hours used in production. It is defined as the difference between the actual number of direct labor hours worked and budgeted direct labor hours that should have been worked based on the standards.
Labor efficiency variance equals the number of direct labor hours you budget for a period minus the actual hours your employees worked, times the standard hourly labor rate.
For example, assume your small business budgets 410 labor hours for a month and that your employees work 400 actual labor hours.
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An accountant who managed a company's finances stole money from the company to benefit herself. what type of crime is this an example of?
Yes, embezzlement is illegal since it involves a systematic, protracted theft of funds from the employer. It constitutes willful misbehavior.
The act of withholding assets from one or more people to whom the assets were committed in order to convert those funds, either to be held or to be utilized for certain objectives, is known as embezzlement. One sort of financial fraud is embezzlement.
The term "embezzlement" describes the covert removal of monies by a person in charge of managing and using those assets for corporate operations. An embezzler purposely mishandles business finances and assets for personal benefit by abusing the employers' trust.
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What is the likely reason for the persistence of so many myths about the use of public welfare programs like tanf and snap?
The welfare programs seem to provide benefits to individuals who have not earned them, whereas others who are working struggle financially and do not receive benefits.
Social welfare programs inside the u.s. are packages designed to make certain that the simple wishes of the yank population are met. Federal and nation social applications encompass cash help, health insurance, food help, housing subsidies, strength and utility subsidies, and schooling and childcare assistance.
There are seven foremost welfare programs in US, they consist of Medicaid, Supplemental Security earnings (SSI), Supplemental vitamins help software (SNAP), toddler's health insurance program (CHIP), transient help to Needy households (TANF), housing assistance, and the Earned Income Tax credit (EITC).
Some of the major federal, country, and nearby social welfare applications are: Supplemental protection profits (SSI) Supplemental nutrients help application (SNAP) unique Supplemental nutrition program for women, infants, and kids (WIC).
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Why do some critics view the united nations as an ineffectual intergovernmental organization?
The international system's power centres are not adequately represented by the Security Council. The phrase international system might mean: international relations and politics It is the world's collection of nations. The phrase is frequently used to describe twentieth-century international systems, although it can also be used to describe pre-industrial international state systems.
In the international number system, commas serve as separators and are positioned in accordance with their periods to allow for precise reading of the number. For instance, the number 456456 can be written as 456,456 or spoken as 4556,000, 4556,000.These are the four most popular forms of number systems: Decimal Number System. Binomial Number System.
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The economic stimulus act of 2008 and the american recovery and reinvestment act of 2009 are both examples of ________ policy.
The Economic Stimulus Act of 2008 and the American recovery and reinvestment act of 2009 are both examples of expansionary fiscal policy.
The Economic Stimulus Act of 2008 contained multiple provisions in order to boost the economy in the wake of the Great Recession. This Act mostly focused on taxes.
The American Recovery and Reinvestment Act of 2009 was signed by President Obama. It was an unprecedented action to stimulate the economy. It also included measures to modernize America's energy and communication infrastructure.
Expansionary fiscal policy is when the government in the economy increases the money supply using budgetary instruments to either raise spending or cut taxes.
Hence, these two Acts are examples of expansionary fiscal policy.
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________ are usually purchased more frequently than other categories of consumer goods. this type of products is also widely available and consumers usually do not engage in much brand comparison.
Convenience goods are usually purchased more frequently than other categories of consumer goods. This type of product is also widely available and consumers usually do not engage in much brand comparison.
The objects that are offered frequently, without delay, and with minimal buying efforts are convenience items. These include sweet, ice cream, bloodless drinks, cigarettes, magazines, drug treatments, and so forth. The shops that keep the convenience goods are referred to as comfort stores. Frequently convenience goods are nondurable.
Comfort items are often purchased via habit or impulse and are fantastically less expensive. Pricing is important for comfort goods to ensure that call for them among consumers does now not wane with the ebbs and flows of mainstream markets.
Convenience goods are the ones that can be regularly consumed and are quite simply available for buy. Those goods are normally offered by means of wholesalers and retailers and consist of objects consisting of milk and tobacco merchandise.
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Jenson rents equipment by signing a contract to pay $1,000 per month at the beginning of each month. The first payment is due upon signing the contract. the lease is a(n)?
Jenson rents equipment by signing a contract to pay $1,000 per month at the beginning of each month. The first payment is due upon signing the contract. The lease is a(n) annuity due.
Annuity due is an annuity whose charge is due right away at the start of every duration. Annuity due may be contrasted with a normal annuity in which payments are made on top of each period. A commonplace instance of an annuity due charge is rent paid at the start of each month.
Solving for the range of periods may be carried out via dividing FV/P, the destiny fee divided by using the charge. This end result may be located inside the "center segment" of the desk matched with the charge to find the wide variety of periods, n.
Examples of annuity due payments encompass leases, leases, and insurance payments, which are made to cowl offerings supplied in the period following the charge. the first payment is obtained at the start of the first period, and thereafter, at the start of every subsequent duration.
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What are the two key factors to consider when choosing the best method for producing a product?
The two factors to consider while choosing the best method for producing a product is the production cost of a particular method of a particular product and the efficiency and effectiveness used in terms of reliability and speed.
Best method for producing a product can considered to know the neccessity of the product in the market, shipment and lightweight friendly items, items of single function that does not need any further process of a product, product that produce less problems, availability of investments.
Hence, the producer must be aware while producing goods.
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Commonly used in accounting analysis, a ____ shows a relationship between two elements of a firm's financial statements
Commonly used in accounting analysis, a Financial Ratio shows a relationship between two elements of a firm's financial statements
A financial ratio is a measure of the relationship between two or more components of a company's financial statements. These metrics provide a quick and easy way to track performance, benchmark against industry peers, identify problems, and proactively implement solutions.
They are primarily used by outside analysts to determine various aspects of the company, such as B. Profitability, liquidity, and solvency.
a financial ratio is divided into five types: liquidity metrics, leveraged financial metrics, efficiency metrics, profitability metrics, and market valuation metrics.
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What is the term of shipping directly from the supplier to the end consumer rather than from the seller, saving both time and reshipping costs?.
Drop shipping is the word of shipping straight from the supplier to the end consumer rather than from the seller.
Drop-shippingDrop-shipping is where a vendor sets up a website and sells products that the merchant does not keep in stock. When an order is placed, the dealer sends it to a third party — the manufacturer, other retailer, or a wholesaler — who ships the goods directly to the buyer.
By eradicating the requirement to maintain physical inventory, dropshipping lessen the management overhead traders that face. They do not require to spend time tracking inventory, operating the infrastructure that houses it, or managing shipping, which is outsourced to suppliers.
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If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue?.
If demand for a good is extremely elastic, raising the price of that good typically has what effect on total revenue--- decreases
If demand is elastic at a given price level, then should a company cut its price, the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue. However, if demand is inelastic at the original quantity level, then should the company raise its prices, the percentage increase in price will result in a smaller percentage decrease in the quantity sold—and total revenue will rise.
Demand elasticity :
Demand elasticity is the change in quantity demanded per change in a demand determinant. Although there are several demand determinants, such as consumer preferences, the main determinant with which demand elasticity is measured is the change in price. Businesses are particularly interested in price elasticity, since it measures by how much total revenue changes with the price.
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If the exchange rate rises, then the quantity of dollars demanded ________ because with the higher u. S. Exchange rate, u. S. Exports ________.
If the exchange rate rises, then the quantity of dollars demanded decrease. because with the higher U.S. Exchange rate, U.S. Exports decrease.
What is the Exchange rate?The rate at which one currency will be exchanged for another is known as the exchange rate in the world of finance.Most often, currencies are national ones, but they can also be supra-national ones like the euro or sub-national ones like Hong Kong.The value of one country's currency in respect to another currency is also thought of as the exchange rate.An interbank exchange rate of 114 Japanese yen to the US dollar, for instance, indicates that 114 will be converted into $1 or that $1 will be converted into 114. In this instance, it is said that the cost of a dollar in terms of the yen is 114, or, translated into dollars, that the cost of a yen in terms of the yen is $1/114.What is an export?When it comes to international trade, export is a good made in one nation and sold in another, or a service rendered in one nation to a national or resident of another nation.The person who provides these goods or services is an exporter; the overseas customer is an importer.Financial, accounting, and other professional services, tourism, education, and intellectual property rights are all examples of services that are involved in international trade.Learn more about the Exchange rate here:
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The relationship between the percentage change in the spot exchange rate over time and the differential between comparable interest rates in different national capital markets is known as?
The relationship between the percentage change in the spot exchange rate over time and the differential between comparable interest rates in different national capital markets is known as the international Fisher Effect.
The Fisher effect is an important relationship in macroeconomics. It shows the causal relationship between nominal interest rates and inflation. Higher nominal interest rates lead to lower inflation.
IFE Limits IFE theory is based on the Fisher effect and PPP Fisher effect limits: the difference between nominal interest rates and real inflation rates does not match.
In the short term, the IFE is generally unreliable due to the many short-term factors that affect forecasts of exchange rates, nominal interest rates, and inflation. The long-term international Fisher effect has been shown to be slightly better, but not by much.
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An advantage of the use of computers to maintain and compile accounting information is ______. multiple choice question. speed automatic decision making no training required ease of programming
An advantage of the use of computers to maintain and compile accounting information is speed.
The answer is option A.
Society has come to rely heavily on computers. Computers affect nearly every aspect of our lives. Although there are disadvantages to using a computer, we believe the advantages greatly outweigh them. Parents, if you're on the fence about the decision on whether or not to buy your child a computer, perhaps these advantages can help convince you.
Computers increase your productivity and, with a good understanding of the software running on them, you become more productive at everything you do. For example, once you have a basic understanding of using a word processor, you can create, store, edit, share, and print documents and letters. Each of these tasks was either impossible or slower with all pre-existing technologies.
Connecting a computer to the Internet unlocks its full potential. Once connected, your choices and available options, as far as information goes, are almost limitless. Many of the benefits listed on this page pertain to a computer connected to the Internet.
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When the firm's budget is limited, then the firm should select the project with the:________
When the firm's budget is limited , then the firm should select the project with the highest PI ratio.
Highest PI ratio ---
The profitability index measures the ratio between the present value of future cash flows and the initial investment. the index is a useful tool for ranking investment projects and showing the value created per unit of investment.
The Profitability Index is also known as the Profit Investment Ratio or the value investment ratio.
The Profitability Index measures the ratio between the present value of future cash flows and initial investment . The index is a useful tool for ranking investment projects and showing the value created per unit of investment.
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Jack is a board member of firm a but is not an employee of firm a; jack is a senior executive from firm b. jack can best be described as a(n)?
Jack can best be described as an outside director. Jack is a board member of firm a but is not an employee of firm.
What is an external director?Corresponds to a professional who performs the role of a member of the board of directors, but who is not an employee or shareholder of the organization. Hiring external directors is a legal requirement for public organizations.
It is a legal rule that public companies have an external director, in order to reduce unilateral decision-making and fraud, since, as they are not an employee of the organization, the external director is more likely to make impartial decisions.
Therefore, in addition to impartiality, the external director can assist the organization with a different vision and experience, in order to contribute to the organizational positioning and strategy.
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If an organization allows byod, how can employees make sure that their device is secured?.
Virtual Private Network (VPN) and antivirus solutions in order to reduce the chances of exposing corporate data.
What is VPN?Users can send and receive data across shared or public networks as if their computing equipment were directly linked to the private network thanks to a virtual private network, which enables a private network to be extended across a public network.
What is Antivirus software?Computer programs used to prevent, identify, and eliminate malware are referred to as antivirus software or anti-malware. In order to find and eliminate computer infections, antivirus software was first created.
To decrease the risk of corporate data being compromised, a smart BYOD policy should mandate that employees always keep their personal devices password-protected (and use multi-factor authentication). Employees should also think about utilizing a Virtual Private Network (VPN) and antivirus software.
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What is the overall process for developing information systems from planning and analysis through implementation and maintenance?
The SDLC is the overall process for developing information systems from planning and analysis through implementation and maintenance.
Therefore, maintenance modifies an existing system, enhancement adds functionality to an existing system, and development replaces an existing system. This is an important part of system development and includes activities to correct system design and implementation errors, update documentation, and test data.
Systems development is the process of defining, designing, testing, and implementing new software applications or programs. This may involve developing custom systems in-house, creating database systems, or acquiring software developed by third parties.
Information system development consists of six key phases: system survey, needs analysis, design, implementation, testing, modification, and maintenance.
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Assume that there are no fixed costs and ac = mc = $200. at the profit-maximizing output and price for a monopolist, producer surplus is:
Assume that there are no fixed costs and ac = mc = $200. at the profit-maximizing output and price for a monopolist, the producer surplus is $3200.
The government provides public services such as railroads. They are therefore the monopoly as no new partners or private companies are allowed to operate the railways. A monopoly is an individual, group, or company that controls a market for goods or services.
A monopolist is a person, group, or company that controls and controls the market for a particular good or service. This lack of competition and lack of alternative goods or services means that monopolists have enough power to charge high prices in the market.
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Sean is a monopolist who operates a business rigging tablets to run twice as fast as the original specifications. If sean charges $40, he would have 10 customers, but if he lowers the price to $37, he would have 11 customers. What is the marginal revenue of the 11th customer?.
The answer is $7 because Marginal revenue is the change in total revenue from 10 customers ($400) to 11 customers ($407) How a monopolist maximizes profits.
How does a monopolist determine its profit-maximizing level of output How does it determine the price that it charges?
The monopolist will select the profit-maximizing level of output where
MR = MC
and then charge the price for that quantity of output as determined by the market demand curve. If that price is above average cost, the monopolist earns positive profits.
How a monopolist maximizes profits
Because Chuck, a sole commercial airplane operator in small isolated town, has no competition, he has complete control of market price of air travel in his small tone
Reduced price → increase in ticket sales
Monopoly maximizes profit by choosing an amount of profit in which marginal revenue equals marginal cost (MR= MC) Since Chuck must reduce his price to sell more units, he has an incentive to sell a smaller quantity than a perfective competitive company
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As a general rule, what percentage of your time should be set aside for each step of the three-step writing process?
As a general rule, the percentage of your time that should be set aside for each step of the three-step writing process is 50 percent for planning , 25 percent for writing , and 25 percent for completing the three - step writing process. Writing is a process that can be divided into three stages: Pre-writing, drafting and the final revising stage which includes editing and proofreading.
What constitutes each level of writing process?The first stage, one researches one's topic and makes preparatory work before one enters the drafting stage followed by the actual writing. The major groups are Prewriting, Writing, and Revising. The three key tasks or steps under each group are as broken down into those identified three-step writing processes.
Therefore, the correct answer as given above
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You are a project manager going through the conduct procurements process. the solicited prospective sellers’ proposals have a significant price difference. what should you do?
An assignment supervisor for the vendor is informed by using her control that the mission must do whatever possible to be provided incentive cash.
The first step in successful venture procurement management is making a plan. This consists of making plans for the subsequent: What are all the materials and services you may require for the mission? This consists of all specs of the materials and offerings, together with minimal quality necessities.
There are 4 key approaches worried in product procurement control:
making plans for procurement.accomplishing procurement. Controlling procurement. ultimate procurement.Contracting is a critical step for any company for max price advent and stimulating client-dealer collaboration. This step of the procurement system involves assessing crucial factors like pricing shape, the scope of labor, phrases, and situations, timelines of shipping, and so forth.
Conduct Procurements is the process of obtaining seller responses, deciding on a vendor, and awarding a contract. the key advantage of this procedure is that it affords alignment of internal and external stakeholder expectancies thru installed agreements.
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