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Economics answers to 28 questions

Net Pay is the amount you have made during a given pay period whereas the Year-to-date, commonly abbreviated as YTD Net Pay is the much you have made in a year up to the time when the net pay is…
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College financing is one of the important things to look at before starting school. There are education loans that come with different opportunities for students. You should find out whether you are eligible for government financial aid or not.  Through…
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Investments are good and come in a variety. Different people invest differently based on their income, age and so on. A young investor, particularly, with a high level of risk lenience will probably be after an aggressive investment strategy. This…
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The vigorous use of marketing in management continues to grow by the day. Modern-day conditions have forced farms to seek effective marketing management forms and develop marketing relationships on their own.  However, the objective market management system laws need the…
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There are various stores of different sizes taking different types of products. Some are known as speciality stores due to their small size with the variety of limited products. There is another one known as a departmental store that can…
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Cross-docking and inventory management are logistics elements. With cross-docking, there is less time spent on material storage for supplies made to the buyer from the producer. Inventory management is the methodical strategy of ordering, storage and use of inventory in…
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Interest is a goal, value or commitment to something held by a person or institution. Conflict of Interest (COI) is when an individual or institution has a private-capacity interest with the potential of unfittingly influencing their official responsibilities and duties.…
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Correct answer is C - inventory turnover Explanation: Liquidity ratios are used in order to determine the company's ability to pay off its current debt obligations using its available resources. In turn, inventory turnover is a financial ratio showing how…
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It requires students to provide their financial information. It gives students access to money from the government. It helps determine whether a student needs financial aid.
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The answer is D. Explanation: The monopoly market is characterized by the high entry barriers and a single seller (monopolist) in a market with lots of buyers. In turn, the deadweight loss arises from a situation where the potential gains…
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The best test of an economic theory is its ability to predict and reflect real-life societal occurrences, patterns, and changes. If the theory accurately predicts the economic behavior of the people in the society For instance, a theory might predict…
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...the situation whereby the products that the society need are in less supply. when the demand for essential commodities is higher than the production of them, then there is scarcity. there are situations whereby unnecessary or frivolous products are in…
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...to trade with other nations, export the products that are locally produced and import the products that the society have a need for but does not produce. Trade leads to the specialization in the production of products that society has…
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To provide a better value for customers than competitors will. Many factors can help an organization establish a competitive advantage over its market competition. It may include Brand image recognitions, highly skilled labor, location, easy access to raw materials, e.t.c.…
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The three balances required in an accounting cycle include unadjusted, adjusted, and post-closing trial balances, in that order. The process of preparing complete financial statements starts with the culling of accounts and balances from the preparation of journal entries. They…
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Unlike the nominal GDP, economists calculate the real GDP of a country using the actual prices of commodities without considering inflation. However, when they calculate Nominal GDP, economists consider the output and prices of a country for a given year.…
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Contemporary capitalistic societies are founded on the social class system of stratification. This is the most open social stratification system that is defined as a social class categorizing people based on their economic abilities. This is what defines their status…
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Equality in society from the eye of an economist refers to exercising fairness, especially on matters to do with the welfare of all. Typically, it is a situation where every member of a given society has the same amount of…
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Competition is healthy for markets. Sometimes the competition can be balanced and at times imbalanced due to various reasons. However, there are times when there is perfect competition and there are unique characteristics defining it. Perfect competition exists where many…
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There are different income categories based on context. The case is different for the government that categorizes for taxation purposes. In that case, there will be taxable and non-taxable income. Entrepreneurs and other experts in business will talk of passive,…
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Celcom has tied up with TM international which was renamed as Axiata later and is a private operator. It is the oldest telecom operator in Malaysia and has been famous for high-quality services. But recently they have been losing market…
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One of the principles on which marketing works is that it is not effective unless you choose whom it is aimed at. The idea of marketing is selling stuff to people in order to satisfy their needs, and since it…
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The kinked demand curve model assumes that a business might face a dual demand curve for its product based on the likely reactions of other firms to a change in its price or another variable. The assumption is that firms…
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Total cost per month is equal to sum of fixed and variable costs Variable costs per month are R 3 000 Fixed costs per month are R400 (its not per unit, its per month!) So, Total costs are 3 000+400=R3…
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440-2Q=40+2Q 4Q=400 Q=100 SWL=P(tax)*Q=80*100=8000
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Solution TC = (0.5r + √(rw) + 0.5w)q If the farmer's objective is to produce sh 10000 bags of maize, and fertilizer costs sh 1600 per bag and labour costs sh 100 per hour, then the amount of bags of…
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According to the CBO (Congressional Budget Office) assessment, each American household had on average lost around $5,800 of income - The United States lost over $7 trillion in stock wealth - More than 5 million American citizens had lost their…
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The efficient working of a free market economy requires that the producer firms must have incentives to work hard and produce goods and services at the lowest possible cost per unit of output Market economies provide incentives to the firms…
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