Answer:
If the government becomes more heavily involved in subsidizing some businesses and sectors of the economy while levying higher taxes on others, the quantity of rent seeking will increase and long term growth will be impeded.
Explanation:
The term rent in rent seeking is based on an economic rent which was defined by economist Adam Smith to mean payments made in excess of resource costs.
An example of rent seeking is when a company lobbies the government for grants, subsidies, or tariff protection.
If the government becomes more heavily involved in subsidizing some businesses and sectors of the economy while levying higher taxes on others, the businesses that will benefit will enjoy monopoly and the other businesses will run at a loss and could become bankrupt.
The long term effect of having a business environment that is not competitive is poor growth.
Answer:
Option (a) is correct
Explanation:
Total quality management is a process by which a business aims to minimize errors, with maximizing it's output, laying immense emphasis on product quality and customer satisfaction.
Such an approach was developed by Edwards Deming who emphasized upon efficient production, reduction of defects and wastage and continuous employee learning process that enhances the skills.
The focus of TQM is upon minimizing defects and errors as well as providing quality products to customers.
Such a process calls for, all those individuals who are involved in the production process to assume responsibility for product defects and errors.
TQM lays emphasis upon improving internal practices prevailing within the company which yield desired results.
Thus, one of the facets of such an approach being, improvement of supervision by allowing more time to supervisors to work and coordinate well with employees.
Answer:
A. Discretionary responsibility
Explanation:
A discretionary responsibility is also known as philanthropic responsibility, involves organisations making donations, that will contributes to the development of the community in which its operates
It has to do with a generous efforts carried out by an organization that assist in contribution of resources to community in which is operates for a better quality of life.
Therefore Jim& Jenny Inc donating to the non profit organisation is a discretionary responsibility
Answer:
Increase quantity to where AC = MC = D=AR=MR
Explanation:
A perfectly competitive market is where there are many firms in the industry producing homogeneous products. There is ease of entry and exit into and out of the market. They are price takers and earn normal profits in the long-run. In order to maximize profits, a firm in a perfectly competitive industry should produce an the quantity where its average cost is equal to marginal cost when AR = MR = D. In other words, when the AC and MC curves intersect with AR = MR = D curve.
<em><u>Please refer diagram</u></em>
The firm is currently producing at a point where AC > MC at quantity 1000. In order to reach AC = MC, the firm has to increase its quantity to Qe. As it increases quantity, although marginal cost increases, average cost falls because now fixed costs are spread over a larger quantity of output.
At Qe, the three curves intersect and is the point where this firm can maximize its revenue (Price = Pe). At a price higher than this, it would lose customers since there are many others producing the same product and customers can easily shift to another.
Answer:
Task-oriented leader
Explanation:
Task-oriented leaders focus on accomplishing tasks in order to achieve a certain goal. These leaders will set out the tasks to be done, plan and organize resources needed to accomplish the tasks and monitor progress towards accomplishment of the tasks. Task-oriented leaders do not tend to focus on the well being of their team. Chen demonstrates traits of a task oriented leader.
