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Ilya [14]
3 years ago
10

Eric has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. Now Ginny, whom

Eric has wanted to date for a long time, asks him to a concert. Eric would prefer to go to the concert with Ginny and forgo the play, but he doesn't want to waste the $50 he spent on the play ticket.
From the perspective of an economist, if Eric decides to go to the concert with Ginny, what has he just done?

a.Made a choice that was not optimal

b.Correctly ignored a sunk cost

c.Incorrectly allowed a sunk cost to influence his decision
Business
1 answer:
KengaRu [80]3 years ago
7 0

Answer:

Correctly ignored a sunk cost.

Explanation:

In economics a sunk cost is one that an individual has already paid for and cannot recover. For example when payment is made for rent it is no longer recoverable.

In this instance Eric has already bought a $50 ticket that is nonrefundable, nonexchangeable, and nontransferable. This is a sunk cost.

Eric wants to go to the concert with Ginny who he wanted to date for a long time.

He will correctly ignore the sunk cost of going to the play because any more time spent on the play will not help recover the $50 already spent.

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Which of the following is TRUE regarding an indeterminate premium whole life policy?
Elenna [48]

Answer:

B.

Explanation:

Premium is the level in which my co-workers respect. I believe it's an important factor.

7 0
3 years ago
During the Great Depression, factory production fell by almost half and about 25 percent of the nation's workforce was unemploye
Andre45 [30]

Answer: The Government increased their involvement in all economic activities.

Explanation: During the Great Depression, President Franklin D. Roosevelt instituted programs to restore the economy and improve social conditions.

The government’s role in America grew more than in any era before the great depression which includes creation of about twenty three new agencies, Social Security Act was passed and one in seven Americans received a Social Security benefit and more than 90 percent of all workers are in jobs covered by Social Security.

The congress passed the Agricultural Adjustment Act (AAA) to provide economic relief to farmers and the creation of a civil works administration which was a work relief program that gave jobs to many unemployed people.

The programs and institutions that were created above prove to be invaluable to the success and growth of the most powerful nation in the world.

6 0
3 years ago
The concept of materiality:
ryzh [129]

Answer:

The correct answer is letter "C": Justifies ignoring the matching principle or the realization principle in certain circumstances.

Explanation:

The materiality accounting principle states that some of the Generally Accepted Accounting Principles can be omitted in the entry of an item while record-keeping a company's transactions only in the case the entry does not have any influence on the Financial Statements. Those principles could imply matching or realization principles.

6 0
3 years ago
Shauna Lee Company expects the following for 2024​: • Net cash provided by operating activities of $140,000. • Net cash provided
Assoli18 [71]

Answer:

See below

Explanation:

Computation of Cash flow

Net cash provided by operating activities

$140,000

Less:

Net cash used for investing activities

($86,000)

Less:

Net cash provided by financing activities

(64,000)

Ending cash balance

($10,000)

Therefore, Lee would expect free cash flow of ($10,000) for 2024.

6 0
2 years ago
Education is the basic requirement for profession.Explain this statement​
True [87]

Answer:

The answer is below

Explanation:

Education is considered the basic requirement for the profession because, through education, people get to learn the basic knowledge required to perform a profession.

For example, a medical doctor or physician profession requires education in core biological science subjects such as microbiology, human anatomy, medical rehabilitation, dentistry, etc.

Education gives the professional the knowledge to anticipate, predict, and carry out the right solution to any problem that needs to be solved under his or her profession.

For example, a civil engineer needs education in architectural and engineering drawing to translates the drawing into reality or an actual project.

5 0
3 years ago
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