PRODUCTION Production Creation of Utilities Utility: want satisfying capacity of a commodity Types of utilities: T f ili i Form utility Place utility Time utility Possession utility Service utility Knowledge utility The Production Function The production function refers to the physical relationship between the inputs or resources of a firm and their output of goods and services at a given period of time. time. The production function is dependent on different time frames. Firms can produce
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Chapter 5: The Open Economy 1. In a small open economy‚ if exports equal $20 billion‚ imports equal $30 billion‚ and domestic national saving equals $25 billion‚ how much are net capital outflows? Answer:–$10 billion NX = capital flows = 20-30 = -$10b 2. In Micronesia‚ which is a small open economy‚ if exports equal $5 billion and imports equal $7 billion‚ what is Micronesia’s trade balance? Answer: Micronesia has a deficit trade
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CHAPTER 5 REVENUES AND MONETARY ASSETS Chapter 5 is about Revenue Recognition and Monetary Assets. There are different criteria used in recognizing revenue depending on the standards the company is using. In general‚ revenues should be recognized when an entity has significantly performed what is required in the agreement‚ full ownership of goods is transferred‚ and services are rendered. The Securities and Exchange Commission (SEC) have identified fraudulent cases where the companies
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Employment-At-Will Doctrine Shannon S. Valentine Professor Boneita Campbell LEG 500: Law‚ Ethics‚ and Corporate Governance Strayer University July 22‚ 2012 Executive Summary The United States of America is known throughout the world as the land of opportunity and freedom. Most people would agree with this statement‚ however in some situations this “opportunity” and “freedom” is not what it seems‚ especially in the job market. There is the freedom to start your own business‚ (where you can’t
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• Summarize the employment-at-will doctrine and evaluate each of the eight (8) scenarios described by determining: The employment-at-will doctrine states that an employee can be fired or released from a company for cause or no cause at all. The employee also has the right to quit a job for any reason. Under this legislation‚ neither the employer or employee incurs “adverse legal consequences” (NCSL‚ 2014). There are three exceptions that are observed by the law to include a dismissal that “violates
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droughts‚ depression‚ and most recently the current housing bubble crisis. With all said and done‚ there has been no greater impact on the Canadian economy and way of life like the implementation of the North American Free Trade Agreement (NAFTA). Throughout my paper‚ I will be explaining and giving insight on the effects that NAFTA has had on the Canadian economy; Both the good and the bad. I will be describing the background of how NAFTA came to be‚ as well as presenting examples of the different ideas
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waste can be replenished as there are continuing sources of banana plant in the world thus decreasing the use of fossil fuel (U.S Department of Energy‚ 2003) 2 Ethanol burns cleaner than gasoline thus reducing environmental effects (U.S Department of Energy‚ 2003) a Greenhouse gas emissions produced by ethanol is lower compared to gasoline (Ethanol Across America‚2009) b Ethanol produces
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27 January 2013 Academic and Study Skills P1A Academic year 2012/2013 Semester 1‚ period 3 The effectiveness of the minimum wage policy as anti-poverty tool 1 Introduction Minimum wage policies are widespread throughout the world. More than 90% of all countries have a minimum wage policy (International Labour Office‚ 2009‚ p. 34). Although the goals of mandating and maintaining a minimum wage‚ such as the reduction of poverty and the creation of income equality‚ are widely accepted
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How monetary policy can raise the level of aggregate demand in the short run. Introduction Monetary policy is the process by which the monetary authority of a country controls the supply of money‚ usually targeting a rate of the interest for the purpose of promoting economic grown and stability. ( Wikipedia ) In the short run‚ monetary policy affects the lever of output as its compositions can also affects the lever of output. An increase in money leads to a decrease in interest rates and
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ECO 365 - International Monetary Economics Prof. Jordi Mondria Problem Set 1 Solution SHORT-ANSWER QUESTIONS 1. Because‚ they argue‚ Americans are living beyond their means. They say a trade deficit and inflow of foreign capital can be healthy if the U.S. is investing in projects that generate future wealth. But in recent years‚ investment has been weak. Imported capital has primarily allowed U.S. consumers to go on a spending binge. In the third quarter‚ personal saving was just 0.4% of after-tax
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