ECON 2020 A Mid-Term Examination I - SOLUTIONS Instructor: Derek Olmstead Note: Non-programmable calculators permitted Summer 2012 Duration: 105 minutes Total marks: 20 points Part A: Short-answer questions [3 points each] Note: Use diagrams and/or equations to explain your answer. I. Explain the difference between diminishing total returns to labour and diminishing marginal returns to labour. Diminishing returns to labour means that an increase in the number of labour units
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THE EFFECTS OF ACCOUNTING CONCEPTS ON FINANCIAL STATEMENT 5.1 ENTITY CONCEPT The first accounting concept is entity concept. These concept shows accounts are kept for entities and not the people who own or run the company. Even in proprietorships and partnerships‚ the accounts for the business must be kept separate from those of the owners. This is because what whatever amount the company owes to others is not the liabilities of the owners. The maximum amount that the owner is going to lose
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Chapter 11 outline Feeding America I. Human nutrition requirements are not always satisfied A. Nutritional Requirements * Under nutrition- not consuming enough calories to be healthy * Leads to energy deficiency * Malnourished- regardless of the number of calories they consume‚ their diets lack the correct balance of proteins‚ carbohydrates‚ vitamins‚ and minerals‚ and they experience malnutrition * Food security- people have access to sufficient‚ safe‚ and active healthy
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Ethics in Accounting and Financial Decision Making Fin 324 February 5‚ 2007 Ethics in Accounting and Financial Decision Making In his article‚ "Beyond Sarbanes-Oxley. Three best practices to adopt in your organization‚" the author‚ Neil S. Lebovits‚ suggests that organizations can do several things in order to ensure their ethical health. The top three practices suggested by Lebovits are to cultivate ethical role models‚ demonstrate ethical decision-making‚ and to encourage pushback. This
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Concepts: Chapter 19 1). What were 5 vital factors that accounted for making the U.S. a world industrial power after the Civil War? 2) What particular industry proved to be the most far-reaching key to the overall growth of virtually every major post-war industry in the U.S.? Unlike some other private-sector industries‚ it required massive capital that involved a number of sources. Who were they‚ and how did they contribute? What was the most ambitious single project of this industry? 3)
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SWOT analysis method and examples The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths‚ Weaknesses‚ Opportunities‚ Threats. Information about the origins and inventors of SWOT analysis is below. The SWOT analysis headings provide a good framework for reviewing strategy‚ position and direction of a company or business proposition‚ or any other idea. Completing a SWOT analysis
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[Enter Post Title Here] Eli Lilly’s Financing Decisions A. Common stock at December 31‚ 2001 * Authorized shares: 3‚200‚000‚000 shares * Issued shares: 1‚124‚333‚530 shares * Outstanding shares: 1‚123.348‚749 shares Preferred stock at December 31‚ 2001 * Authorized shares: 5‚000‚000 shares B. In December 31‚ 2001‚ the company has purchased $1.41 billion of its announced $3.0 billion share repurchase program and acquired approximately 7.2 million. In connection
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as is Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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Chapter 1 Outline The Sociological Imagination * Sociology is the study of human society. * In the mid-twentieth century‚ sociologist C. Wright Mills argued that we need to use our sociological imagination to think critically about the social world around us. * The sociological imagination is the ability to connect one’s personal experiences to society at large and greater historical forces. Using our sociological imagination allows us to “make the familiar strange” or to question habits
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CHAPTER 1 The Study of American Government Chapter Outline with Keyed-in Resources0 I0. What is political power? (THEME A: POLITICAL POWER AND AUTHORITY)0 A0. Two great questions about politics0 10. Who governs: those who govern will affect us 20. To what ends: tells how government affects our lives 30. The text focuses on who governs and‚ in answering this question‚ looks at how the government makes decisions on a variety of issues B0. Power0 10. Definition: the ability of one person to
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