CLCIK TO DOWNLOAD ECO 550 Midterm Exam 1. Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT: 2. The primary objective of a for-profit firm is to ___________. 3. Income tax payments are an example of ____. 4. Economic profit is defined as the difference between revenue and ____. 5. A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____. 6. The standard deviation
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DEFINITION: A tort is a civil wrong beyond a breach of contract for which the law provides redress. A. The law of torts focuses on private right of redress. The aggrieved party sues in tort to recover damages for the harm caused by her defendant. Contrast this to criminal law where the State‚ through government-employed prosecutors‚ pursues the action and extracts the punishment. B. LAWS come from 3 sources: i. Constitution ii. Statutory Law iii. Jurisprudential (or common law) TORT LAW comes
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CLICK TO DOWNLOAD ECO 550 Midterm Exam 1. Economies of Scope refers to situations where per unit costs are 2. For a short-run cost function which of the following statements is (are) not true? 3. According to the theory of cost‚ specialization in the use of variable resources in the short-run results initially in: 4. Economies of scale exist whenever long-run average costs: 5. The existence of diseconomies of scale (size) for the firm is hypothesized to result from: 6. If TC =
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Tort of Negligence case study The law of contract: a contract is a legally binding agreement‚ its a promise between two or more to parties with certain things‚each party must fulfill there promises if one of them don’t fulfill there promise then the contract is breached (VOID). The law of tort: A tort is a civil wrong in the sens that is committed against an individual‚ tort is compensated by a sum of money called “DAMAGES”. Contract laws and tort laws share many similarities. At
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solve similar problems for decades is called stare decisis. (Points : 1) True False 5. State legislatures‚ not Congress‚ enact statutory law. (Points : 1) True False 6. Treaties made by the United States are not deemed part of the law. (Points : 1) True False 7. Law may be classified in terms of principles of law and principles of equity. (Points : 1) True False 8. _____________ is a body of principles
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Lesson 1. What is Operations Management –Management of the conversion process which transforms inputs such as raw material and labor into outputs in the form of finished goods and services. Historical Development of O.M • Prior to 1900 –Cottage industry produced custom-made goods. –Watt’s steam engine in 1785. –Whitney’s standardized gun parts in 1801. –Industrial Revolution began at mid-century. • Scientific Management (Frederick W. Taylor) –Systematic approach to increasing worker productivity
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MGMT520 Midterm Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The midterm exam is "open book‚ open notes." The maximum time you can spend in the exam is 2 hours‚ 30 minutes. If you have not clicked the Submit For Grade button by then‚ you will be automatically exited from the exam. In the midterm exam environment‚ the Windows clipboard is disabled‚ and so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in
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CLICK TO DOWNLOAD ECO 550 Midterm Exam 1) For studying demand relationships for a proposed new product that no one has ever used before‚ what would be the best method to use? 2) The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading‚ coincident or lagging indicators is known as: 3) If two alternative economic models are offered‚ other things equal‚ we would 4) Smoothing techniques are a form of ____ techniques which
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Negligence is a type of Tort law‚ which is a legal term that means criminal wrong‚ as opposed to a civil wrong‚ having mandatory duties for all citizens in that jurisdiction. In this law‚ the aims are deterrence‚ compensation and justice which can basically induce as protect people’s bodies and property in order to make people behave properly. Negligence placed an important role in tort law system. Apart from negligence‚ there are certain torts that specifically protect particular areas such as Defamation
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Q1: What is a tort? Tort: A civil wrong not arising from a breach of contract; a breach of a legal duty that proximately causes harm or injury to another. Q2: What are the four elements of negligence? They are Duty‚ Breach‚ Injury‚ and Causation. Q3: Is Shannon liable for the tort of negligence? Yes‚ she is. First of all‚ she has been told by her physician that not to drive after taking the medication. Thus she has the duty not to drive in order to take care
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