Answer:
Wages would fall due to an increase in labor costs.
When the workers compensation laws were not there, the employers only had to worry about one labor cost, that of paying their employees. With the introduction of worker's compensation, they then had to get insurance for their employees as well.
This led to an increase in the costs of labor which meant an increase in production costs and a decrease in profitability. To compensate for this, the employers cut wages in order to be able to pay for both the insurance and wages and still pay the same general amounts they were paying as wages such that their production costs don't rise significantly.
Answer:
a framing bias
Explanation:
Framing bias occurs when a person chooses an option based on whether it was presented in positive or negative terms. There is tendency to avoid risk on positive presentation, and seek risk on negative presentation. It is a form of cognitive bias.
On this scenario Bayram is to choose between two investments. One was said to have 30% chance of success and the other a 70% chance of failure.
Although both investments have the same risk and benefit Bayram chose the one that was presented as 30% chance of success.
This phenomenon of choosing based on positive presentation is called framing bias.
Answer:
There are a large number of buyers and sellers in a perfectly competitive market. The sellers are small firms, instead of large corporations capable of controlling prices through supply adjustments. They sell products with minimal differences in capabilities, features, and pricing.
According to the world trade organization, between 1993 and 2013 world trade grew by an average of more than 5%.
Answer:
$538,685
Explanation:
Calculation to determine what Scarbrough will receive and record cash of
Receivables $600,000
Less: Amount of the hold back ($30,000)
($600,000 x 5%)
Less: Withheld as fee income ($18,000)
($600,000 x 3%)
Less: Withheld as interest expense ($13,315)
($600,000 × 15% × 54/365)
Cash $538,685
($600,000-$30,000-$18,000-$13,315)
Therefore Scarbrough will receive and record cash of $538,685
