The opportunity cost of an additional 40 million items of clothing is the trade-off between the potential manufacturing of two items—clothing and steel.
Point "a" currently produces 120 million garments and 10 million tonnes of steel. In this scenario, in order to produce an additional 40 million outfits, resources must be switched from making steel to making clothes.
2.5 million tonnes of steel will be lost as a result of the reduction in steel production (point "b"). This loss of steel output represents the opportunity cost of producing an additional 40 million clothing items.
How does Opportunity Cost work?The opportunity cost is the cost of missing out on the best alternative option. It serves as an illustration of the agreement reached between two or more options.Opportunity cost also takes into account the value of missed opportunities, in addition to the financial costs. In addition to monetary losses, opportunity cost measures the cost of missed opportunities.The term "opportunity cost" is fluid and subject to change as events and circumstances change. Opportunity cost takes into account both explicit and implicit costs.Utilizing opportunity cost to assist decision-makers in prioritizing their spending can make it simpler to make decisions regarding the most efficient and effective allocation of resources.To learn more about opportunity cost :-
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Thom, Alex, Melissa, and Regine are trying to form a band. They each have some basic skills on most instruments, so their current plan is for each of them to rotate among vocals, guitar, bass, and drums. Learning
After a year of practice and rehearsals the band still sounds awful. Thom cannot keep a steady beat when on bass or drums. Melissa sounds terrible on everything except the bass, nobody except Alex can remember all the chords on guitar, and even Regine's own mother thinks her singing sounds like a dying cow. At their current rate, they expect it will be several years before they are good enough to land their first paid performance. None of them have enough money saved up to last that long.
Have each member specialize in the role that they are best in to take advantage of the benefits of specialization. The correct option is E.
What are the benefits of the use of specialization?A larger range of goods and services can be produced, productivity is increased, production can go beyond a country's production possibility curve, and resources can be used more effectively. Comparative advantage can result from specialization as well.
They become more proficient at their task as they narrow their focus, which requires less time and money to produce a good. Or, to put it another way, the same amount of money and time can be used to produce more goods.
Thus, the ideal selection is option E.
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Thom, Johnny, Les, and Neil are trying to form a band. They each have some basic skills on most instruments, so their current plan is for each of them to rotate among vocals, guitar, bass, and drums.
After a year of practice and rehearsals, the band still sounds awful. Thom cannot keep a steady beat when on bass or drums, Les sounds terrible on everything except the bass, nobody except johnny can remember all the chords on the guitar, and even Neil's own mother thinks his singing sounds like a dying cow. At their current rate, they expect it will be several years before they're good enough to land their first paid performance. None of them have enough money saved up to last that long.
a) Change the rotation to be random rather than equal to take advantage of heteroskedasticity.
b) Invest their remaining savings in new instruments, as they are at a point where the marginal product of capital exceeds the marginal product of labor.
c) Abandon the band, as the continued practice is doomed to suffer diminishing marginal returns
d) Continue with the current plan, as economies of scale should eventually kick in.
e) Have each member specialize in the role that they are best in to take advantage of benefits from specialization
you put up $50 at the beginning of the year for an investment. the value of the investment grows 3% and you earn a dividend of $6.00. your hpr was Your HPR was? Please write the calculation.
HPR was15%. Two essential strategies, or styles, for investing in stocks and stock mutual funds are growth and value.
Value investors look for equities that seem to be inexpensive in the market.
HPR = 3% +$6.00
= 15.0%50
= 15%
While growth investors look for businesses that provide substantial earnings growth. Growth investing is an investment strategy that focuses on stocks of businesses and stock funds with fast increasing earnings that are anticipated to continue.
The sum of money an investor would spend to purchase a property is its investment value. It speaks of the precise worth of an asset determined by a set of criteria. It is a person's estimation of the asset's fair funds market worth.
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five management functions with examples
The five management functions are planning, organizing, staffing, directing, and controlling.
What are the Five Management Functions?The five basic management functions are:
Planning: Establishing overall goals and objectives, as well as the strategies and tactics to achieve them. Example: A manager creating a business plan for the next fiscal year.Organizing: Determining what tasks are to be done, who is to do them, and when they are to be done. Example: A manager organizing a team to work on a project.Staffing: Recruiting, selecting, training, and developing the workforce to fill the roles defined in the organizing function. Example: A manager hiring and training new employees.Directing: Communicating with and motivating employees to achieve goals and objectives. Example: A manager giving instructions to their team.Controlling: Monitoring progress towards goals and objectives, and taking corrective action as needed. Example: A manager reviewing financial reports to ensure the company is on track to meet its budget.Learn more about management functions here: https://brainly.com/question/17083312
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developed
5. Generate Explanations How can globalization
and increased competition lead firms to sever ties
with longtime suppliers?
The phase of globalization where businesses begin to separate the production process into its component parts and concentrate each function in the most advantageous place.
What does globalization mean in plain English?Globalization is a method that makes it simple for people and products to go beyond national boundaries. The integration in markets, commerce, & investments with few impediments to hinder the flow of goods and services between states is primarily an economic notion.
What makes globalization so crucial? It is what?The implications of globalization are changing how governments, businesses, and people interact. In particular, it modifies the nature of international trade by promoting business, expanding global supply chains, and easing access of labor markets and raw materials.
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The phase of globalization where businesses begin to separate the production process into its component parts and concentrate each function in the most advantageous place.
What does globalization mean in plain English?Globalization is a method that makes it simple for people and products to go beyond national boundaries. The integration in markets, commerce, & investments with few impediments to hinder the flow of goods and services between states is primarily an economic notion.
What makes globalization so crucial? It is what?The implications of globalization are changing how governments, businesses, and people interact. In particular, it modifies the nature of international trade by promoting business, expanding global supply chains, and easing access of labor markets and raw materials.
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Fill in the table below to show what happens when the Federal Reserve buys $100,000 in securities when the reserve rate is 10%. Assume that all excess reserves are loaned out. Federal Reserve Bank Assets | Liabilities Bank ONE Assets Liabilities Bank TWO Assets Liabilities
The tables to show hat happens when the Federal Reserve buys securities are:
Federal Reserve Bank
Assets Liabilities
Securities $ 100, 000 Reserves $10, 000
Bank ONE
Assets Liabilities
Securities $ 100, 000 Deposits $100, 000
Required reserves $ 10, 000
Loans $ 90, 000
Bank TWO
Assets Liabilities
Required reserves $ 9, 000 Deposits $90, 000
Loans $ 81, 000
How to record securities purchased by Federal Reserve ?When the Federal Reserve purchases securities, the banks get the value of the purchase as deposits. They then make loans with it but the loans made have to be adjusted for the required reserve as shown by Bank ONE :
= Deposits x ( 1 - reserve rate )
= 100, 000 x ( 1 - 10 %)
= $ 90, 000
When these loans are given out and taken to another bank, that bank creates another loan like Bank TWO did which is also adjusted for the required reserves.
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old economy traders opened an account to short-sell 1,000 shares of internet dreams at $120 per share. the initial margin requirement was 50%. (the margin account pays no interest.) a year later, the price of internet dreams has risen from $120 to $131.20, and the stock has paid a dividend of $20.00 per share.
Old economy traders opened an account to short-sell 1,000 shares of internet dreams at $120 per share. the initial margin requirement was 50%. The trader's account would now have a balance of $13,120.
An equity ownership stake in a corporation is represented by a share. Dividends from any earnings the company makes are owed to the shareholders. They also bear the brunt of any losses the business may sustain.
The final balance of the account would be $22,200.00. ($20,000.00 from the initial sale of 1000 shares at $120 per share, plus the $20.00 dividend per share, minus the $1,120.00 from the 50% margin requirement.)
This is calculated by subtracting the initial margin requirement of $6,000 (50% of $12,000)
from the total value of the shares, which is
$19,120 ($12,000 + $20 dividend per share x 1,000 shares).
Thus, the trader has made a profit of
$7,120 ($13,120 - $6,000) over the course of the year.
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The question is incomplete, the complete question is:
"Old Economy Traders opened an account to short-sell 1,000 shares of Internet Dreams at $120 per share. The initial margin requirement was 50%. (The margin account pays no interest.) A year later, the price of Internet Dreams has risen from $120 to $131.20, and the stock has paid a dividend of $20.00 per share. a. What is the remaining margin in the account? b-1. What is the margin on the short position? (Round your answer to 2 decimal places.)"
Manufacturing overhead is charged to three operating divisions on the basis of capital
investment in the three divisions. If the investment is $10.8 million in the Eastern Division.
$8.4 million in the Southern Division, and $17.4 million in the Far Eastern Division, how
should manufacturing overhead of $888 000 be allocated to the three divisions?
The depreciation of equipment, wages paid to factory workers, and electricity used to operate the equipment are typically included in manufacturing overhead costs. The three division will be $10.8 million, $ 8.4 million, $17.4 million.
What is manufacturing overhead costs?The total of all indirect costs incurred during the manufacturing of a product is known as manufacturing overhead (MOH) cost. Along with the expenses of direct materials and direct labour, it is included in the price of the finished product. Materials, labour, and overhead are the three main areas of costs in the manufacturing industry. There are no indirect costs. In other words, while the foreman's salary and supplies are included, neither the corporate accountant's salary nor those of the accountant's office are. The overhead allocation rate multiplied by the quantity of labour or equipment used can be used to compute applied production overhead. Consequently, your applied manufacturing overhead for this product is $25 if your allocation rate is $25 and your employee works on the product for three hours.
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QUESTION 2 of 10: You plan on using cost-based pricing. The cost of your product is $10, and you are planning a 30% mark-up. What
should the price of your product be?
a) $12.52
b) $12.94
c) $13.00
d) $13.57
Plan to use cost-based pricing: The product costs 10 on a 30% markup. The price of product should be = $13. [Selling price = 10 * 1.3 = $13]. The price of a product is calculated by adding certain percentage to the manufacturing cost.
What is cost-based pricing and why is it used?Cost-based pricing is calculate the cost of a product or service and adding a standard margin to the cost. For example, if a widget costs $2.50 to manufacture, a standard margin of 50% means the widget costs $5.00.
Cost-based pricing is one of the few pricing strategies that can guarantee profits. Regardless of the state of the industry, revenue is generated when the price of a good or service is compared to its cost of production.
What is a cost-based strategy?A cost-based strategy refers to a business decision that bases the price of a product on the cost of production rather than on external factors such as competition or the economic environment. This is the traditional approach to good pricing in a stable market with moderate competition.
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Businesses in a free market system contribute to the creation of __________ in a society by hiring workers when the business grows.
Businesses in a free market system contribute to the creation of wealth in a society by hiring workers when the business grows.
Government intervention is absent in a free market, and supply and demand and voluntary exchange serve as the only pillars of the economic system. An essential component of free markets is the absence of compelled (forced) transactions or restrictions on transactions. A free market system is an economic system where the expressions of supply and demand by sellers and buyers decide the cost of goods and services. Models suggest that these markets run smoothly without the assistance of any external authorities, including the government. A free market is one where supply and demand are determined by the market, as opposed to an economic system that is controlled by the government.
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What is the area that represents producer surplus under a monopoly? A) the triangle 0P3H B) the rectangle P1P3HF
C) the triangle 0P2E
The area representing monopoly producer surplus is triangle OP3H.
The required details for monopoly in given paragraph
A monopoly is a market structure in which a single seller or manufacturer holds a dominant position in an industry or sector. In market economies, monopolies are discouraged because they suppress competition and limit consumer substitutes. The United States has antitrust laws that limit monopolies by ensuring that a company cannot control the market and cannot use that control to exploit its customers. A monopoly is a market structure consisting of a single seller or manufacturer. A monopoly restricts the number of product alternatives and puts obstacles in the way of competitors entering the market.
Monopolies may result in dishonest business practices. Some monopolies, like B. Utilities, are subject to government regulation.
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1. When you set financial goals, they should be... *Specific, measurable, time-sensitive, yours, and written.
*Only time-sensitive
*Timely, bank-based, specific, and yours
* Specific and measurable
Answer: SMART
Explanation: A financial goal should be specific, measurable, attainable, relevant and time-bound, therefore acronym SMART.
Suppose the market supply curve is p = 6Q. What is the producer surplus at a price of 15?
Note that if the market supply curve is p = 6Q, then is the producer surplus at a price of 15 will be:
What is producer surplus?Simply put, the producer surplus is the difference between the price at which enterprises are prepared to sell their products and the price at which they actually sell them.
Economic excess is classified into two types: consumer surplus and producer surplus. Consumer surplus and producer surplus are often mutually incompatible in the sense that what is good for one is bad for the other.
In the problem above, we can determine the Producer Surplus by utilizing the price (p) in the expression give:
p = 6Q
Since p = 15; we have
15 = 6Q
Q = 15/6
Q = 2.5
Therefore, the producer surplus where the price is 15 and given the market supply curve of P = 6Q is 2.5
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At any point on an indifference curve, the slope of the curve measures the consumer's:
a) income.
b) willingness to trade one good for the other.
c) perception of the two goods as substitutes or complements.
d) elasticity of demand
B) desiring to exchange one thing for another is the appropriate response. The slope of the indifference curve at each point gives the marginal rate of substitution.
The required details for Marginal Rate of Substitution (MRS) in given paragraph
In economics, the marginal rate of substitution (MRS) is the amount of one good that a consumer is willing to consume relative to another good as long as the new good is available is satisfactory. The indifference theory use MRS to examine customer behavior. If a person is indifferent to substituting one element for another, their marginal utility for the substitution is zero because they are not making money or making money. lose the satisfaction of the exchange. Marginal Rate of Substitution (MRS) is the consumer's willingness to substitute one good for another as long as the new good is equally satisfactory. The marginal rate of substitution is the slope of the indifference curve at each point along the curve and represents the utility frontier for any combination of "good X" and "good Y". If that When MRS law is applied, MRS produces a convex curve of with a negative slope, indicating greater consumption of one good than another.
MRS may not be able to tell analysts the true benefits because it assumes both Products can be exchanged for the same benefit. MRS is also limited in that it only contains two items; it does not take into account the impact of additional units on different consumption preferences.
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The amount of goods and services people can buy with the money they have is called their Multiple Choice nominal income. profit margin. standard of living. consumer price index.
The amount of goods and services people can buy with the money they have is called their standard of living.
What is standard of living?Standard of living refers to the level of material comfort and necessities available to a certain population or group, usually measured by income, consumption, and overall well-being. It can also include factors such as access to education, healthcare, and leisure activities. In general, a higher standard of living indicates a greater ability for a population to meet their basic needs and enjoy a higher quality of life.
Standard of living typically includes a combination of economic and social factors that contribute to a population's overall well-being. Some of the factors that can be included in a measurement of standard of living are:
1. Income: The amount of money a person or household has to spend on goods and services.
2. Consumption: The amount of goods and services that a person or household can afford to buy.
3. Employment: The availability and stability of jobs in an area.
4. Education: The availability and quality of education in an area.
5. Healthcare: The availability and quality of healthcare in an area.
6. Housing: The availability and quality of housing in an area.
7. Leisure activities: The availability of recreational and cultural activities in an area.
8. Life expectancy and overall health
9. Environmental factors
10. Public services such as transportation and public safety.
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Does your IQ depend on the size of your brain? A group of female college students took a test that measured their verbal IQs and also underwent an MRI scan to measure the size of their brains (in 1000s of pixels). The scatter plot and regression analysis are shown, and the assumptions for inference were satisfied.
Dependent variable is: IQ_Verbal
R-squared = 6.5% s = 21.5291 df = 18
Variable Coefficient SE(Coeff)
Intercept 24.1835 76.38
Size 0.098842 0.0884
a) Test an appropriate hypothesis about the association between brain size and IQ.
b) State your conclusion about the strength of this association.
Regression analysis is a statistical method used to examine the relationship between a dependent variable (also known as the outcome variable or response variable) and one or more independent variables (also known as predictors or explanatory variables).
What is regression analysis?The process of regression analysis involves estimating the values of the coefficients (i.e. the slope and y-intercept) that minimize the difference between the predicted values (from the model) and the actual values (from the data). This difference is typically measured by the sum of the squared errors (SSE). The resulting line or hyperplane is called the regression line or regression model.
Once the model is built, it can be used to make predictions about the dependent variable based on new values of the independent variables. Additionally, regression analysis can also be used to test hypotheses about the relationship between the variables, and to assess the strength and direction of the relationship.
a) An appropriate hypothesis to test the association between brain size and IQ would be:
H0: There is no association between brain size and IQ (coefficient of brain size = 0)
Ha: There is an association between brain size and IQ (coefficient of brain size ≠ 0)
b) Based on the R-squared value of 6.5% and the coefficient of brain size being 0.098842, it can be concluded that there is a weak association between brain size and IQ. The coefficient suggests that for every 1000 pixels increase in brain size, there is a 0.098842 increase in IQ, which is not a large effect. Additionally, the R-squared value indicates that only 6.5% of the variation in IQ can be explained by brain size.
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job cost sheets can be used to: (check all that apply.)multiple select question.monitor costs incurred and to predict costs for each job.provide a subsidiary ledger for the raw materials inventory account.provide a record for the cost of goods sold account.provide a subsidiary ledger for the finished goods inventory account.
The cost sheets can be used to monitor costs incurred and to predict costs for each job.
They can also provide a record for the cost of goods sold account. However, they cannot provide a subsidiary ledger for either the raw materials inventory account or the finished goods inventory account.
A company's ready-to-sell goods and products, as well as the raw materials used to make them, are referred to as inventory. There are three different inventory classifications: raw materials, work-in-progress, and finished goods.
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Why is there reluctance on the part of some in the United States to redistribute income so that greater equality n be achieved?
double it and give it to the next person
Given that Warby Parker's original idea was to sell online to minimize distribution costs and keep prices low, they now have opened over 50 stores in 22 U.S. states. Do you agree with its more recent decision to open traditional retail stores?
Yes I agree with the decision to open traditional retail stores, this is due to the fact that it would give the customers the opportunity to feel and have the in person experience while shopping.
Do you agree with its more recent decision to open traditional retail stores?There are potential benefits to having a physical retail presence, even for an e-commerce company. Having brick-and-mortar stores can help increase brand awareness and provide customers with the opportunity to try on and experience products in person.
Additionally, having physical stores can also help with customer service and returns. However, it's also possible that opening physical stores could increase distribution costs and ultimately lead to higher prices for customers, which would be counter to the company's original goal of keeping prices low.
Ultimately, it depends on the company's strategy and how it balances these trade-offs.
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which of the following ideas is most likely to be supported by the followers of skinner's theory?
The principle that conduct that is rewarded tends to be repeated while behaviour that is punished tends to be removed is the one that supporters of Skinner's theory are most likely to agree with.
Skinner's Theory: What is it?The initial stimulus that is offered to a subject causes them to respond, according to Skinner's theory of learning. Next, the reaction is strengthened (stimulus, response, reinforcement). This is ultimately what affects our behaviour.
This process was made easier to learn by the development of the behaviourism ABCs.
The development of behaviour requires reinforcement, in line with Skinner's theory of learning. It's possible for an event to encourage a certain behaviour in a positive or negative way.
Positive reinforcement includes rewarding a child with a present or compliments for keeping their room tidy. Positive reinforcement also refers to behaviours that boost a response by acting as a stimulus for such behaviours.
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explain outside basis
The phrase "outside basis" describes a partner's stake in a partnership. The basis of a partnership's assets is referred to as its "inside basis."
What is the purpose of outside basis?The outside basis of the partner is used to calculate gain or loss on the sale of the partnership interest and may restrict the existing eligibility for deductions for partnership losses.
Is capital account the same as outside basis?The capital account and outer basis of a partner are distinct. The capital account of the partner calculates the equity stake each partner has in the firm. The partnership interest of the partner's adjusted basis is measured by the outside basis.
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If a company increases its fixed cost for Product B. then the contribution margin per unit point will A. decrease. B. remain the same. C. increase. D. more information is needed.
There will be "no change" in the contribution margin per unit point.
By "fixed costs," what do you mean?Rent, insurance, and general office expenses are examples of fixed costs that don't change based on the volume of activity. These expenses often are not impacted by changes in sales volume or production, as they do not vary with output. Regardless of how much product or service a company generates, fixed costs are required to keep it going.
Costs that are fixed do not alter as the output changes. As a result, raising the fixed cost for Product B won't have an impact on the contribution margin for that item. Variable costs are subtracted from the product's sale price to arrive at the contribution margin. The contribution margin is unaffected by the fixed cost because it doesn't alter with the sale of Product B.
So, choice B is the right one.
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Please help with this problem this is a tax business class.
Whenever beneficiary of a life insurance policy receives a death benefit, this money (benefit) is not counted as taxable gross income. Hence, in this case, even if Lauren report $10,000 as earned benefit, such benefit is not taxable.
What does Taxable Income mean according to IRS?Taxable income is defined as any gross income earned that is used to calculate the amount of tax owed. Simply put, it is your taxable income less any deductions. This includes any employer wages, tips, salaries, and bonuses. Unearned income and investment income are also included.
Adding up all sources of income, excluding nontaxable items, and subtracting credits and deductions yields the taxable income. The IRS considers almost all types of income to be taxable, but a few income streams are not.
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Do Liabilities represent an "inside" interest in a business
Liabilities represent an "outside" interest in a business, as they are obligations or debts owed to creditors or other entities.
They are a financial obligation that the business owes to someone else, and they can include things like loans, credit card balances, and accounts payable.
How are they outside interests?Liabilities are financial obligations that a business incurs as part of its operations. They can include short-term liabilities, such as accounts payable and short-term loans, and long-term liabilities, such as long-term loans and bonds.
Liabilities are typically recorded on a company's balance sheet, which is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time
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Toyota sold a total of $100 billion dollars worth of vehicles in the United States in 2020. In terms of GDP classifications, the $100 billion dollars will be recognized as ____ in the United States and _in Japan. GNP: GNP GDP: GDP GNP: GDP GDP : GNP
In the United States, Toyota sold automobiles worth a total of $100 billion in 2020. The $100 billion will be classified as GDP in the US and GNP in Japan according to GDP classifications.
GDP measures the monetary worth of all finished products and services produced on a nation's domestic market during a certain time period.
Gross national product, sometimes known as GNP, is the monetary equivalent of all domestic and international output that a nation's citizens claim to have produced.
Toyota is a Japanese firm, and it sells automobiles worth $100 billion in the US. The value of commodities sold inside a nation's borders by both citizens and foreigners is measured by the GDP. Therefore, this $100 billion is included in the GDP of the United States. This $100 billion is included in Japan's GNP since GNP assesses the value of commodities generated by citizens of a nation both domestically and overseas. Therefore, the last option—GDP; GNP—is the right one.
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Chemicals, secreted by soil fungi, which inhibit the growth of bacteria, are known as___ O hallucinogens O aflatoxins O antibiotics O antibodies O antigens
The chemicals secreted by soil fungi that inhibit bacterial growth are known as antibiotics.
The required details for antibiotic in given paragraph
An antibiotic is a type of antimicrobial substance that acts against bacteria. It is the main type of antibacterial agent used to fight bacterial infections, and antibiotics are widely used to treat and prevent these infections. They can kill bacteria or inhibit their growth. A limited number of antibiotics also have antiprotozoal effects. Drugs that inhibit the growth of viruses are called antivirals or antivirals, not antibiotics. They are also not effective against fungi; Drugs that inhibit fungal growth are called antifungals. to refer to any substance used against microbes, but in common medical use antibiotics are made naturally , while non-antibiotic antibiotics are fully synthetic. same purpose of killing or preventing the growth of microorganisms, and both are included in antimicrobial chemotherapy.
“Antimicrobials” include antiseptics, antimicrobial soaps, and chemical disinfectants, while antibiotics are an important class of antimicrobials used in medicine and sometimes in animal feed.
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1.Find the incorrect option:
a. Proper fraction has a large denominator.
b. Irrational number never end.
c. Integer includes negative, zero and positive.
d. Decimal number is called Hindu-Arabic number also.
2.Which one of the following is a monomial?
a. 2 + 3x
b. 3 + x
c. 5a x 36b
d. 20 -1
e. a ÷ e + 3
3.Which of the following is not correct for order of operation?
a. BODMAS
b. PEMDAS
c. Calculation from left to right
d. Calculation of parenthesis is not possible before exponent operation.
e. Calculation of division is not possible before multiplication operation.
A price ceiling will result in a shortage only if the ceiling price is _____ the equilibrium price.
a. Less than.
b. Equal to.
c. Greater than.
d. Louder than.
What is the correct definition of character for potential cosigners?
When it comes to potential cosigners, "character" typically refers to an individual's creditworthiness, reliability, and responsibility.
Creditworthiness refers to an individual's ability to repay a loan or debt. Lenders will look at an individual's credit score and credit history to determine their creditworthiness.
Reliability refers to an individual's ability to consistently make payments on time. This can be determined by looking at an individual's history of paying bills and debts.
Responsibility refers to an individual's ability to manage their finances and make sound financial decisions. This can be determined by looking at an individual's employment history, income, and overall financial stability.
Hope This Helps You!
Answer:
The cosigner's current financial situation.
Explanation:Hope this helps
Following are 10 key internal controls in the payroll cycle for Gilman Stores, Inc.
Key Controls
1. To input hours worked, payroll accounting personnel input the employees Social Security number. The system does not allow input of hours worked for invalid employee numbers.
397398
2. The payroll application is programmed so that only human resource personnel are able to add employee names to the employee master files.
3. Input menus distinguish executive payroll, administrative payroll, and factory payroll.
4. The system automatically computes pay at time and a half once hours worked exceed 80 in a 2-week pay period.
5. The system accumulates totals each pay period of employee checks processed and debits the payroll expense general ledger account for the total amount.
6. Each pay period, payroll accounting clerks count the number of time cards submitted by department heads for processing and compare that total with the number of checks printed by the system to ensure that each time card has a check.
7. For factory personnel, the payroll system matches employee ID numbers with ID numbers listed on job costing tickets as direct labor per the cost accounting system. The purpose of the reconciliation is to verify that the amount paid to each employee matches the amount charged to production during the time period.
8. The system generates a listing by employee name of checks processed. Department heads review these listings to ensure that each employee actually worked during the pay period.
9. On a test basis, payroll accounting personnel obtain a listing of pay rates and withholding information for a sample of employees from human resources to recalculate gross and net pay.
10. The system automatically rejects processing an employees pay if inputted hours exceed 160 hours for a 2-weRequired
For each control:
a. Identify whether the control is an automated application control (AC) or a manual control done by Gilman employees (MC).
b. Identify the transaction-related audit objective that is affected by the control.
c. Identify which controls, if tested within the last two prior year audits, would not have to be retested in the current year, assuming there are effective IT general controls and no changes to the noted control have been made since auditor testing was completed
The Accounting control is an automated application control (AC), Recorded payroll transactions exist for valid employees, yes since AC.
What are internal controls and why are they important?Payroll internal controls are measures employers implement in their payroll department to protect payroll information and ensure accurate payroll transactions. These controls come in various forms and ultimately depend on the risk factor involved.
Before we get into the different types of payroll internal controls, let’s examine why employers need them.
ayroll is privy to the following employee or employer information (and more):
Personal data — such as Social Security Number and home address, Bank account information, Time and attendance data, Wages and salaries, Tax withholdings, Form W-2, Benefits information, Payroll tax information.
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"Which of the following would be most likely to result in a decrease in nominal interest rates?
- A recession
- A recovery in the housing market coupled with a decrease in the unemployment rate.
- Lenders become more ""risk averse.""
-Lenders expect a sharp economic expansion in the near future."
'A recovery in the housing market coupled with a decrease in the unemployment rate'.
What do you mean by unemployment?
Unemployment is a term used to describe people who are able to work and are actively looking for a job but are unable to find one. It is usually used to refer to people who are out of work and actively seeking employment, but it can also refer to people who are involuntarily working part-time or are underemployed.
The recovery in the housing market refers to an increase in prices and the number of transactions. This could be due to an increase in demand for housing and an improving economy. A decrease in the unemployment rate reflects the fact that more people are finding jobs and that the economy is improving. This means that more people have the money to buy a home, which contributes to the recovery in the housing market. Additionally, more people working means more money is being put back into the economy, which can also help to fuel the recovery.
Hence, option B is correct.
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