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Pepsi [2]
3 years ago
14

Decisions must frequently be made by​ individuals, organizations, and even nations. Facilitating better​ decision-making is a fu

ndamental goal of economics. The analytical framework advocated by economists that enables one to make informed decisions is calledA. survival of the fittest.B. the science of positive economic analysis.C. the economic way of thinking.D. the science of enlightenment.
Business
1 answer:
romanna [79]3 years ago
7 0

Answer:

The correct answer is C. the economic way of thinking.

Explanation:

It is from the recognition of the general principles on which economic behavior rests, that people can develop a basic way of understanding the economic environment.

  • Resources are scarce but desires and needs are unlimited, so people must choose. The logical consequence of this condition is that YOU CANNOT HAVE EVERYTHING and that is why people must choose.
  • Decisions, therefore, have opportunity costs. This means that each decision implies the rejection of other things, which represents part of the cost of having made a decision in a certain sense.
  • People respond to incentives. It is reasonable to think that when people perceive more benefits than costs, we are inclined to make certain decisions. It is said, therefore, that if incentives are inclined to win with certain actions, then it should not surprise us that people respond to them.
  • Institutions (formal and informal) establish the "rules of the game" that encourage our decisions. Norms, laws, companies, government, unions, customs or beliefs, impose incentives and limits for economic performance.
  • Free and voluntary exchange raises the welfare of society. The economy represents the space where we all (families, businesses and government) exchange some things for others. But it is from the freedom to offer what people want, without imposing the will of one on the other, that the well-being of everyone can improve.
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ABC Company sells 300 machines for $5000 each in the current year. Each machine carries a one-year warranty. Experience from the
const2013 [10]

Answer:

the journal entry to record warranty expense is:

Dr Warranty expense 30,000

    Cr Warranty liability 30,000

the journal entry to record actual expenses related to product warranties:

Dr Warranty liability 10,000

    Cr Cash (or inventory, or wages payable) 10,000

Depending on what type of costs are incurred by the company, the account credited will vary, e.g. if units are replaced, then inventory must be credited, or if units are repaired and only labor is used, then wages payable or cash should be credited. Since the question doesn't give us a lot of details, I credited cash.

7 0
3 years ago
Suppose we have a 2-person world, with only Stephen and his friend LeBron. Suppose that Stephen can move 70 boxes or bake 28 coo
PIT_PIT [208]

Answer:

Option (c) is correct.

Explanation:

Stephen can move 70 boxes or bake 28 cookies:

Opportunity cost of moving a box = (28 ÷ 70)

                                                         = 0.4 cookies

Opportunity cost of baking a cookie = (70 ÷ 28)

                                                         = 2.5 boxes

LeBron could move 24 boxes or bake 6 cookies:

Opportunity cost of moving a box = (6 ÷ 24)

                                                         = 0.25 cookies

Opportunity cost of baking a cookie = (24 ÷ 6)

                                                             = 4 boxes

Yes, trade is possible.

Stephen has a comparative advantage in baking cookies because of the lower opportunity cost than LeBron, so he is specialized in baking cookies.

On the other hand, LeBron has a comparative advantage in moving boxes because of the lower opportunity cost than Stephen, so he is specialized in moving boxes.

3 0
3 years ago
Which of the following integrates the functions of operations management, logistics management, supply management, and marketing
kolbaska11 [484]

Answer:

A. supply-chain management

Explanation: Supply chain management is the term used to describe the processes involved the handling of the flow of raw materials, finished goods, equipments and other supplies in order to ensure that materials are made available to the user at the right time right location and at the right quantity and Quality.

Supply chain management integrates both the operations, logistics, Marketing, supply management in order to efficiently manage or handle the flow of materials.

4 0
3 years ago
Read 2 more answers
Which of these products is an example of perfect competition?
Helen [10]
A. correct me if im wrong
8 0
3 years ago
You are considering a stock investment in one of two firms (NoEquity, Inc., and NoDebt, Inc.), both of which operate in the same
Nonamiya [84]

Answer:

A. NoEquity $18.27million

NoDebt $22.75million

B. NoEquity 28.11%

NoDebt 35%

Explanation:

A. Calculation to determine the net income

NoEquity Inc., NoDebt Inc.,

Operating income $32.5 million $32.5 million

Less: Interest $6.4 million $0

($64m × 0.1)

Taxable income $ 26.10million $32.5 million

Less: Taxes (30%) ($7.83million) ($9.75million)

NET INCOME $18.27million $22.75million

Therefore The Net income for the two firms are :

NoEquity $18.27million

NoDebt $22.75million

B. Calculation to determine the Return on assets

NoEquity

Return on assets =$18.27million/$65 million

Return on assets =0.2811*100

Return on assets =28.11%

NoDebt

Return on assets = $22.75million/$65 million

Return on assets =0.35*100

Return on assets =35%

Therefore The return on assets for the two firm are:

NoEquity 28.11%

NoDebt 35%

3 0
3 years ago
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