Economic models often simplify the real world by holding all things equal and changing one variable to determine the impact of the change. The "all things equal" assumption is also known as ceteries paribus.
An economic model is a simplified version of reality that lets us to look at, recognize, and make predictions about economic behavior. The purpose of a model is to take a complex, real-global situation and pare it down to the essentials.
An economic model is a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. A critical characteristic of an economic model is that it's far always subjective in layout due to the fact there are no goal measures of financial consequences.
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Which of the following statements about the size and growth of the federal bureaucracy are accurate?
a) The federal workforce has nearly doubled because of programs like health care and education reform.
b) Several recent presidents have made a point of campaigning against the size of the federal workforce.
c) Although the federal workforce has stayed relatively the same in numbers, it has grown as a percentage of the population.
d) The federal civilian workforce has decreased over the last 60 years.
D The federal civilian workforce has decreased over the last 60 years.
B Several recent presidents have made a point of campaigning against the size of the federal workforce.
The term bureaucracy refers to both unelected high-ranking government officials and groups of executive politicians. Historically, bureaucrats were government administrations governed by departments in which non-elected officials were assigned.
The definition of bureaucracy is a civil servant or a group that makes formal decisions according to established procedures. An example of bureaucracy is the staff who run the city hall. noun.
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the following statements about the size and growth of the federal bureaucracy are accurate are -
b) Several recent presidents have made a point of campaigning against the size of the federal workforce.
d) The federal civilian workforce has decreased over the last 60 years.
The Federal bureaucracy is the unelected, administrative body in the govt department. it is the lower back bone of america government. it's miles organized into departments, agencies and commissions.
all the approximately 2,000 federal government organizations, divisions, departments, and commissions are examples of bureaucracies. The maximum visible of those bureaucracies consist of the Social protection administration, the inner revenue carrier, and the Veterans advantages administration.
The federal bureaucracy plays 3 number one responsibilities in authorities: implementation, management, and regulation. when Congress passes a law, it units down hints to carry out the brand new guidelines.
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Joe decided to start washing cars on his street. The other kids in the neighbourhood noticed Joe was making a lot of money washing cars and decided to open their own car wash. When they opened their own car wash, the equilibrium price ________ and the equilibrium quantity ________.
Joe decided to start washing cars on his street. The other kids in the neighborhood noticed Joe was making a lot of money washing cars and decided to open their own car wash. When they opened their own car wash, the equilibrium price decreased and the equilibrium quantity increased.
The price at which the quantity provided and demanded are equal is referred to as the equilibrium price. It is established by where the demand and supply curves cross. If more goods or services are produced than are needed to satisfy demand at the going rate, there is a surplus, which pushes prices lower.
Reduced demand will result in a drop in the equilibrium price and a reduction in supply. With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required. The equilibrium price will increase as the supply declines, while the quantity needed will go down.
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Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.
Firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.
The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve?Consider a scenario where a business manufactures wooden railway engines in a market with intense competition. The demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve are all displayed in the graph below. On the graph, add a black point (plus sign) to represent the firm's long-term monopolistically competitive equilibrium pricing and quantity. Place a grey point (star symbol) after it to denote the minimum average total cost the company must bear as well as the corresponding amount. The fact that P = ATC at the optimal quantity for each business indicates that this market, which is monopolistically competitive, is in long-run equilibrium. Additionally, in long-run equilibrium, the average total cost of a monopolistically competitive company equilibrium is greater than the minimum average total cost. Because there are either too many or too few businesses in the market, monopolistic competition may also be socially inefficient. The existence of the product variety externality suggests that there aren't enough new businesses entering the market.
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An investor buys a $100,000, 10orporate bond maturing in 2032 for $125,000. the bond is callable starting in the year 2022. What is the most appropriate measure for calculating yield?
The most appropriate measure for calculating yield is the yield of call.
This investor pays $125,000 for a 10% bond with a face value of $100,000. Therefore, the investor pays a premium of he 25% for the bond. If the bond is called before maturity (very likely because the current market interest rate must be lower than the coupon rate, otherwise the bond will not trade at a premium and The issuer can refinance itself by calling the bond issuance at a lower current market yield), losing the premium sooner than if the bond had been held to maturity, lowering the effective yield.
To do. Therefore, the yield on this bond is lower than the yield to maturity. Additionally, this bond is likely to be called, so using the call date is a good time frame to calculate the yield on this bond. By the way that is a difficult question.
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According to the quantity theory of money, if money supply is $1,000 million, the overall price level is 200, and real GDP is 50 million, then the velocity of money is equal to:
In the quantity theory of money, MV = PY
V = 200 × 50 / 1000 = 10
Ans a.
P = price level
Y = GDP
V = velocity
M = money supply
Real GDP is a measure of a country's gross domestic product that has been adjusted for inflation.
The transaction's velocity is the number of times on average that a dollar is used for a transaction. If the velocity were fifty-two, for example, then on average a dollar changes hands once each week. Consider a company town, in which weekly town product is $100. The money supply is $100.
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If Susie earns $796,000 in taxable income and files as head of household for year 2021, what is Susie's average tax rate
32.12 % is Susie's average tax rate.
Calculations for the above answer
Tax rate Slabs Income Taxable at slab Income Taxable at next slabs Tax($)
10% $0 to $14200 14200 751800 1420
12% $14201 to $54200 40000 711800 4800
22% $54201n to $86350 32150 679650 7073
24% $86351 to $164900 78550 601100 18852
32% $164901 to $209400 44500 556600 14240
35% $29401 to $ 523600 314200 242400 109970
37% $523601 or more 242400 0 89688
Total Tax(A) 246043
Total Income(B) 796000
Average Tax rate {(a/b)x 100} 32.12 .
The simplest way to calculate your effective tax rate is to divide your income tax expense by your pre-tax profit (or income). Tax expense is usually the last item before the bottom line (net income) of the income statement.
This difference is due to the 12 months of inflation from September 2020 to August 2021 used to calculate the adjustment.
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In Year 8, Emil Gow won $5,000 in a state lottery. Also in Year 8, Emil spent $400 for the purchase of lottery tickets. Emil elected the standard deduction on his Year 8 income tax return. The amount of lottery winnings that should be included in Emil's Year 8 taxable income is
The amount of lottery winnings that should be included in Emil's Year 8 taxable income is: $5,000.
What is taxable income?Taxable income can be defined as the income that are reduce by tax or other deduction.
Since we were told that the amount of $5,000 was won in the state lottery, which means that the amount of lottery winnings that should be included in Year 8 taxable income is will be the total or the whole amount of the gambling winnings which is $5,000.
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Suppose there is an increase in taxes of $20. if the mpc equals 0.75, consumption will by $________ .
Suppose there is an increase in taxes by $20. If the MPC equals to 0.75, consumption will decrease by $15.
Consumption function:
C = c + MPC (Y - T)
Where C is consumption
c is autthe onomous consumption
MPC is marginal propensity to consume.
Y is income
T is taxes.
C = c + MPC (Y-T)
=> C = c + 0.75 (Y-T)
Differentiate C w.r.t T
=> ΔC / ΔT = -0.75 --------------(1)
Taxes increase by $20
=> ΔT = $20 ------------------(2)
Substitute (2) in (1)
=> ΔC / ΔT = -0.75
=> ΔC / $20 = -0.75
=> ΔC = -0.75 * $20
=> ΔC = -$15
The consumption will decrease by $15 if taxes increase by $20.
Consumption function, in economics, the relationship between consumer spending and the various factors that determine it. At the household or family level, these factors may include income, wealth, expectations regarding future income or wealth levels and risks, interest rates, age, education, and family size.
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Bill pays his property tax bill of $980 for the calendar year. He signs a purchase and sale contract on June 28th and closes the sale on July 15th. The contract states, that the seller is responsible for expenses on the day of closing. What is the amount of prepaid taxes due back to Bill at closing. Assume 360 days per year.
The answer is $530.83.
Given,
For the entire calendar year, Bill pays his $980 property tax bill.
On June 28, Bill formally executes a purchase and sell agreement.
The sale is completed by Bill on July 15.
According to the contract, the seller is in charge of the closing day costs.
A 360-day year is assumed.
Number days till the date of closing = Till June 30 + till July 15
= (360/2) + 15
= 180+15
= 195 days
Therefore, tax paid by Bill till this date will be Prepaid tax.
Amount of prepaid tax = (Total amount of tax/number of days in the year) * Number days till the date of closing
Substituting the values in the above formula,
Amount of prepaid tax = ($980/360) * 195
= $530.833
Hence, the amount of prepaid taxes due back to Bill at closing is $530.83.
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Which campus initiative hosts events focused on forming an off-campus student community and learning more about the city?.
The inference is that the campus initiative that hosts events focused on forming an off-campus student community and learning more about the city is aUs Tinite events.
What is an inference?It should be noted that an inference simply means the conclusion that can be deduced based on the information given.
In this case, the campus initiative that hosts events focused on forming an off-campus student community and learning more about the city is aUs Tinite events.
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The interest rate on secondary credit is set ________ basis points ________ the primary credit rate.
The interest rate on secondary credit is set 50 basis points above the primary credit rate.
What is the primary credit rate?
The "Primary Credit" program serves as the main check valve to make sure that the banking sector has enough liquidity.
What is the secondary credit rate?
Depository institutions can apply for secondary credit if they are not qualified for primary credit. It is extended at a rate that is greater than the prime credit rate on a very short-term basis, usually overnight.
What is the interest rate the Fed charges banks?
The Federal Reserve's benchmark interest rate currently sits in the 0.25 to 0.5 percent target range, but as authorities work to curb inflation, they expect it to rise even further in 2022. The fed funds rate would reach its highest level since 2008 if the Fed raises rates by an additional 2.5 percentage points, as predicted by investors.
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When the required return is constant and equal to the coupon rate, the price of a bond as it approaches its maturity date will?
When the required return is constant and equal to the coupon rate, the price of a bond as it approaches its maturity date will remain at par.
The interest rate that bond issuers pay on the bond's face value is known as the coupon rate. It is the reoccurring interest rate that bond issuers pay to their buyers. Not the issue price or market value, but the bond's face value (or par value), is used to determine the coupon rate.
A coupon is the interest payment a bondholder receives from the bond's issuing date until its maturity date. Ordinarily, the "coupon rate," which is determined by summing the total annual coupon payments and dividing the result by the bond's face value, is used to characterize coupons.
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If someone simulates a valid wireless access point to get people to provide usernames, passwords, and account numbers without that person’s knowledge, this is ________.
a. a rogue access point.b. eavesdropping.c. an evil twin attack.d. war driving.
If someone simulates a valid wireless access point to get people to provide usernames, passwords, and account numbers without that person’s knowledge, this is c. an evil twin attack.
An evil dual attack is a rogue getting admission to a point (AP) that masquerades as a legitimate one, enabling an attacker to advantage and get the right of entry to sensitive records without the give up the user's know-how. An attacker can wi-fi create an evil dual with a smartphone or different internet-successful device and a few effortlessly available software programs.
An attacker is actively attempting to brute pressure the PIN of a WPS enabled to get admission to the point. -A hacker is utilizing a protocol analyzer on a public c084d04ddacadd4b971ae3d98fecfb2a community to wi-find out wireless packet contents
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Which type of collaboration software could best help an organization increase engagement between remote employees and those who are ""in-house"" or organization-based?
The class of collaboration software that help an organization to increase its engagement between remote employees and in-house employees includes:
cloud-based forumsmessagingmeeting appsWhat is a collaboration software?A collaborative software is also called a groupware.
This class of software are computer program that shares data between computers for processing such as a several programs which have been written to harness the vast number of computers connected to the Internet.
Hence, the cloud-based forums, messaging and meeting app are the class of collaboration software that help an organization to increase its engagement between remote employees and in-house employees
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Taxes placed on imports to protect domestic producers from foreign competition and to produce revenue for the government are Blank______.Multiple choice question.embargoesincometariffsquotas
Taxes placed on imports to protect domestic producers from foreign competition and to produce revenue for the government are tariffs.
Tariffs are taxes imposed by using one us on goods or services imported from another United States of America. Price lists are alternate limitations that increase expenses and reduce available quantities of products and offerings for U.S. organizations and customers.
Common types of tariffs are given below.
Specific tariffs.Ad valorem tariffs.Licenses.Import quotas.Voluntary export restraints.Local content requirements.A tariff is a tax imposed by using a government on items and services imported from other countries that serve to grow the fee and make imports much less perfect, or as a minimum much less competitive, as opposed to domestic items and offerings.
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If the aggregate demand curve shifts from ad0 to ad1, short run equilibrium output will move initially from point a to point _____.
If the aggregate demand curve shifts from ad0 to ad1, short run equilibrium output will move initially from point a to point a1.
ad means the initial demand curve and the ad1 is the shifted demand curve.
In the given equation a means the equilibrium point initially and a1 is the equilibrium point to which output has shifted.
A shift in the demand curve occurs when the determinants of demand other than the price changes. It also occurs when the demand for goods and services changes even though the price did not change.
The demand curve shifts to the right if the determinant increases the demand. This means that the demand of the good or service is increasing even though there's no change in price. When there is boom in the economy , buyers' incomes will rise.
They'll buy more of everything, even though there is no change in the price.
The demand curve will shifts to the left if the determinant causes demand to fall. This means that less of the good or service is demanded. That occurs during a recession period when buyers' incomes fall. They will buy less of everything, even though the price is the same.
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Employees at LivingSocial Escapes who are motivated by the belief that taking people on trips is a worthwhile endeavor are motivated by rewards, whereas motivation that occurs as a result of receiving compensation for a successful trip illustrates the effects of rewards.
Employees at LivingSocial Escapes who are motivated by the belief that taking people on trips is a worthwhile endeavor are motivated by intrinsic rewards, whereas motivation that occurs as a result of receiving compensation for a successful trip illustrates the effects of extrinsic rewards.
What are intrinsic and extrinsic rewards?
Intrinsic rewards can be regarded as the reward that originate from within the person, while extrinsic rewards comes from something beyond the person.
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A tax that imposes a small excess burden relative to the tax revenue that it raises is.
A tax that imposes a small excess burden relative to the tax revenue that it raises is an efficient tax.
What Exactly Is Tax Efficiency?The least amount of taxes that are legally required to be paid by a person or a corporation is known as tax efficiency. When a financial choice results in a lower tax bill than a competing financial structure that serves the same purpose, the choice is said to be more tax-efficient.
Tax-Advantaged Mutual Fund
Another approach to lower tax obligations is to invest in a tax-efficient mutual fund, particularly for taxpayers without access to a tax-deferred or tax-free account. In comparison to other mutual funds, a tax-efficient mutual fund is taxed at a reduced rate. Compared to the standard mutual fund, these funds often produce lower rates of returns through dividends or capital gains.
Mutual funds that provide little to no interest income or dividends include small-cap stock funds and passively managed ones, including exchange-traded funds (ETFs) and index funds.
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What best indicates that u.s. businesses are demanding socially responsible behavior from their international suppliers?
Decision of Nike to cancel orders from suppliers that violates its ethics code is the correct answer. A code of ethics is a set of principles designed to help professionals conduct business in an honest and ethical manner.
A code of ethics document may outline business or organization's mission and values, how professionals are expected to approach problems, ethical principles based on the organization's core values, and the standards to which the professional is held.
A compliance-based code of ethics, a value-based code of ethics, and a code of ethics among professionals are three main types of codes of ethics.
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Explain how fords vision can be used to advance innovation and integrate the engineers and the information technology professionals (i.e. encourage, facilitate collaboration, working in teams)
Fords vision can be used to advance innovation and integrate the engineers and the information technology professionals (i.e. encourage, facilitate collaboration, working in teams) in the given following ways.
What is Fords vision?Ford's mission statement, which it now refers to as its vision, is effective in its clarity: "People working together as a lean, global company to improve people's lives through automotive and mobility leadership.
Ford's philosophy states that-
Ford's guiding principle was American economic independence. The River Rouge Plant of Ford would grow to be the largest industrial complex in the world, capable of making its own steel. Ford wanted to build a car from the ground up without depending on imports.Ford's market-oriented pricing approach is to set prices that are reasonable for the circumstances, taking into account factors such as competition, demand, consumer perception, and other factors.For the majority of its goods, including sedans and trucks, Ford uses this pricing strategy.Ford make ethics an important part of its culture as-
The corporation has tight rules for conducting business internationally, maintains strict control over its foreign activities, and offers its staff an online global ethics training program that is available in 13 different languages. Despite having a strong Code of Conduct, Ford has had issues throughout the years.To know more about the management innovation helped Henry ford to realize this vision, here
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An object of weight W is in free-fall close to the surface of Earth. What is the force that the object exerts on Earth
A very general definition of weight states that : The weight of body is the total gravitational force exerted on the body by every object in the universe.
Near the surface of earth the pull of every other object is negligible in comparison with earth attraction , therefore weight of object is
W = mg
What is the force of an object in free fall?
Object that are said to be undergoing free fall are not encountering a significant force of air resistances , that are falling under influence of gravity.
When an object is in free falling it is acted upon by the force of gravity , but the object is not applying its force to the surface the weight of object is zero.
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When delivering disaster assistance for tribes the best approach is:________
When delivering disaster assistance to tribes the best approach is to find someone who knows about each tribe to tell you how to approach them appropriately.
Tribal governments and their members are an integral part of our nation's emergency management team. Fulfilling her FEMA mission to work together to improve our nation's disaster preparedness and response requires effective inter-tribal relations.
FEMA is committed to assisting the Indian nation in its efforts to build more resilient and more prepared communities. Securing tribal communities and areas in the face of disasters In addition to necessity, FEMA shares the US government's unique interstate relations with federally recognized tribes.
FEMA recognizes the federally recognized tribal sovereignty and is committed to strengthening partnerships with tribal governments to improve emergency and disaster response capabilities across India.
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In international banking, a of is a promise by a bank to pay the seller a given amount if certain conditions are met.
In international banking, a letter of credit is a promise by a bank to pay the seller a given amount if certain conditions are met.
How Does a Letter of Credit Work?
A letter of credit is frequently used in international trade to guarantee that a payment will be made to the seller promptly and in full, as guaranteed by a bank or other financial institution. In addition to requesting security from the buyer, the bank will charge a fee after providing a letter of credit, which is ordinarily a percentage of the letter of credit. Revolving, commercial, and confirmed letters of credit are a few examples of the different kinds of letters of credit.
What is the disadvantage of a letter of credit?
Inordinately costly, time-consuming, and laborious in terms of working capital and credit line usage. To satisfy the bank's coverage requirements for the buyer, additional security and collateral are required. Lengthy and time-consuming claims process that requires the seller to submit extra documents.
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Bram knows that the pipes in his building leak, but he tells cassie, a potential buyer, that there are no leaks. on this assurance, cassie buys the building. on learning the truth, she may sue bram for group of answer choices
She may sue Bram for fraudulent misrepresentation.
What is fraudulent misrepresentation?
A false statement made by the defendant intentionally or negligently to persuade the other party to engage in a contract is known as a fraudulent misrepresentation. The harmed party may try to have the contract nullified and sue the defendant for compensation.
What are the elements of fraudulent misrepresentation?
The following are the basic components of a claim for fraudulent misrepresentation:
misrepresentationknowledge of deceptiona desire to encourage dependencyjustified trustresultant harmIs fraudulent misrepresentation a crime?
Prosecutors and the person that was deceived by the fraud can both bring civil claims against the other party for a single fraudulent act. Fraud typically involves a number of legal components, whether it be criminal or civil, such as the following: Falsely representing a material fact
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A cost that changes in proportion to changes in the activity output volume is called a _____ cost. multiple choicefixedvariablemixedstep-wisecurvilinear
A cost that changes in proportion to changes in the activity output volume is called a variable cost.
Any business's overall expenses are made up of both variable and fixed costs. Sales or production output determine variable costs.
An expense that fluctuates in relation to production output or sales is referred to as a variable cost.
Variable costs rise in response to rising production or sales and fall in response to falling output or sales.
Fixed costs, in contrast to variable costs, are unaffected by changes in production or sales volume.
Per unit produced, the variable cost of production is a fixed sum. Variable costs will rise as output and production volume do as well. On the other hand, the variable costs related to production will therefore go down if fewer products are created.
Hence, A cost that changes in proportion to changes in the activity output volume is called a variable cost.
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Which company owned the deepwater horizon oil platform?
The company which owned the Deepwater horizon oil platform was an offshore-oil-drilling company called Transocean.
The Deepwater horizon oil spill is recognized as the largest accidental ocean spill in history. This incident occurred on April 20th, 2010, when, the Deepwater Horizon Oil Rig exploded.
The rig was owned by oil-drilling company called Transocean, and was leased to BP oil company. The oil spill was caused by a surge of natural gas that blasted through the concrete core of the oil well.
Later, an underwater camera revealed that the oil well was leaking oil and natural gas onto the ocean floor which was 42 miles off the coast of Louisiana. By the time this news got out, an estimated 3.19 million barrels of oil had leaked into the Gulf of Mexico.
Hence, the answer was given and explained above.
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A bank, Seaside, offers a customer a personal loan. In which of the following circumstances will this decision most likely be considered unethical
If the interest rate increases, the bank is aware that the client will not be able to repay the loan.
What do you understand by interest rate?
The amount a lender charges a borrower is called an interest rate, and it is expressed as a percentage of the principal or the loaned amount. Typically, a loan's interest rate is expressed as an annual percentage rate, or APR (APR).
What do rising interest rates mean?
Your ability to get credit is directly impacted by rising interest rates. Higher interest rates, however, can imply a larger return on your money.
What should you do during a period of rising interest rates?
Whenever interest rates fluctuate, you have the chance to examine your portfolio. To lock in a rate before it significantly rises, it may also be advantageous to refinance some loans. Your current situation and your financial objectives will influence the specific actions you take. A financial manager can assist you in taking the actions that will most likely result in long-term success.
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According to various research studies, early-maturing girls are more likely to _____ than late-maturing girls.
The girls who gets matured early are more likely to have an eating disorder or being depressed.
What is depression?Depression is a mental illness, in this state a human have less hope for the positives, mostly thinking about the negative outcomes and it highly effects how a person thinks and behaves.
Depression can negatively effect a person's life and can become serious, depression can be cured by visiting psychologists, who medicate the depressed person and bring them back towards the hope and positivity of life. They recommend some exercise and they provide thinking tips.
An eating disorder can be developed in early matured girls, this lead to being thin and weak, or in some cases this eating disorder can lead to a high fat for the girl. Depends on the disorder and the pattern of eating and the food eaten.
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Julian buys plants and flowers every month. Both are normal goods. When the price of flowers fell, Julian purchased fewer plants. Which of the following statements is true for Julian regarding the income effect and the substitution effect
When the price of flowers fell, Julian purchased fewer plants. Julian regarding Substitution effect was stronger.
What is the Substitution Effect ?Substitution Effect is the change in the quantity of a good that a consumer demands when the good's price rises, holding other prices and the consumer's utility constant.
The substitution effect happens when consumers replace cheaper items with more expensive ones due to price changes or when their financial conditions improve, and vice-versa.
The substitution effect (SE) is derived from a product's price variation, together with the income effect (IE).
If the price of a product rises, demand of the product decreases (law of demand) because consumers will switch and demand a substitute good instead, as such goods would allow them to satisfy the same individual need of preference (that is the ultimate objective when making a purchase).
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Funds that are left over after you have paid for the necessities of food, clothing, and shelter are called ____________________________ Group of answer choices
Funds that are left over after you have paid for the necessities of food, clothing, and shelter are called discretionary funds.
What is discretionary funds?These are funds, often considered not be necessary at the moment but are somewhat useful.
It is to be noted that discretionary funding is not essential for a person to live. A typical example is vacation.
Discretionary funds are often defined as nonessential spending. This means a business or household is still able to maintain itself even if all discretionary consumer spending stops.
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