Answer:
(a) Assumption
(b) Cause and Effect
(c) Cause and effect
(d) Assumption
Explanation:
(a) People behave rationally: Assumption
Rational behavior refers to a decision-making process that is based on making assumptions that result in an optimal level of benefit or utility.
(b) Cause and Effect
If a price of goods falls that is a cause and the effect is that people will consume more of the good.
(c) Cause and effect
As the population grows faster than food supply (cause), mass starvation is predicted to occur which is the resultant effect.
(d) Assumption
The maximization of profit is based on the assumption of theory of production and costs.
<span>sole proprietorship. With careful itemization of business expenses, they will receive a moderate tax refund. Receipt retention and careful bookkeeping is essential. An accounting software program to track expenses and income would be quite helpful. It is recommended that they hire a tax firm that specializes in small business returns to minimize tax due or recoup the full amount due to them.</span>
Answer: D. Product costs are expensed in the period the related product is sold
Explanation:
The statement that is true with regards to product cost is that product costs are expensed in the period the related product is sold.
It should be noted that the account for the cost of goods sold consist of product cost. In a situation whereby goods are not sold, the goods will be carried to the next period.
Answer: 44%
Explanation:
In probability, Independent event is simply an event that doesn't have anything to do with the occurrence or non-occurrence of another event.
From the question, we are informed that likelihood of Company A's stock price rising is 20%, and the likelihood of Company B's stock price rising is 30% and they are both independent.
Therefore, the probability that the stock price of at least one of the companies will rise goes thus:
P(at least one will rise) will be:
= 1 - P(both fall)
= 1 - [(1-0.20) × (1-0.30)]
= 1- (0.8 × 0.7)
= 1 - 0.56
= 0.44
= 44%