Answer: A person who owns and runs a business, which is normally a small business (eg. Shop Owner).
The sole trader has unlimited liability, meaning that his assets will be used in case of default to pay.
Answer:
b. Off-farm income is important to agricultural producers today.
c. Twenty percent of farmers produce 80% of the agricultural output in the food and fiber industry.
Explanation:
The food and fiber industry is divided into 4 main sectors:
- suppliers of farm inputs (including services and materials)
- farmers themselves (producers)
- processing and manufacturing of farm and fiber products
- marketing and distribution (wholesalers and retailers)
In the US, the food and fiber industry represents approximately 5.4% of GDP. It employs roughly around 21 million workers (including direct and indirect employment). The food and fiber industry is a net exporter, since it exports more than it imports. Currently, most farming value is concentrated on large farms, where smaller farms generally produce more livestock output while larger farms produce crops.
After WW2, there has been a tendency to substitute labor for capital, and to have more larger farms and less smaller ones.
Answer:
C. $160,500.
Explanation:
Depreciation: The depreciation is an expense that shows a reduction in the value of the fixed assets due to tear and wear, obsolesce, usage, time period, etc. It is shown on the debit side of the income statement. It is a non-cash item that does not affect the cash balance.
The formula to compute the depreciation expense under the straight-line method is shown below:
= (Original cost - residual value) ÷ useful life
The original cost is the purchase value of the assets
The residual value is the salvage value at the end of its useful life
The question is incomplete:
After the meeting to address how to handle a competitor that the group fears is about to take considerable market share from the company, Terry learns that the competitor is actually laying off workers and is not likely to be the threat they thought it was. Terry decides not to tell the others about this development because the group was very confident in the decisions it made about how to better compete.
-Groupthink
-Mindguard
-Nominal Group Technique
Answer:
-Mindguard
Explanation:
-Groupthink is when a group get to an agreement without considering the consequences of the decision to avoid affecting the balance that the group has reached.
-Mindguard is when a person in the group gives limited information that can cause doubts to maintain the idea the group has.
-Nominal Group Technique is a method in which everyone is encouraged to provide ideas that are evaluated and chosen as a group to get to a quick agreement.
According to this, the answer is that this exemplifies mindguard because Terry is acting as a filter by not providing the information he knows to allow that the decisions that the group made are not affected as he doesn't want to damage the confidence the group has.
Answer: Option (d) is correct.
Explanation:
Correct option: full-employment output.
Full employment output refers to the point where the labor market is in equilibrium. It means that all the available resources in the market are efficiently utilized.
At this point of production level economy is producing output at its higher level. This is the point where all the factors of production land, labor, capital are being used efficiently but this will stretched beyond their ability.
