Which is not characteristic of a product with relatively inelastic demand? A) The good is regarded by consumers as a necessity. B) There are a large number of good substitutes for the good. C) Buyers spend a small percentage of their total income on the product. D) Consumers have had only a short time period to adjust to changes in price. Answer: B 2. The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that:
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travellers to West Africa (Pietz‚ 1993). The theory of commodity fetishism Commodity fetishism is the process of ascribing unrealistic qualities to an object‚ whereby the human labour required making that object is lost once the object is associated with a monetary value for exchange. The object’s value appears to come from the commodity‚ rather than the human labour that produced it. Under capitalism‚ once the object emerges as a commodity that has been assigned a monetary value for equivalent
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Sin taxes are one of the more controversial taxes out there. They are basically a form of indirect taxation (which has its pros and cons) on goods and services which society considers to be moral ills. As a general rule‚ it is unwise for the government to interfere in people’s lives more than is necessary to enforce the rights of others. Libertarians rightly ask why we should punish people for making decisions about their own lives — even if the majority says we should‚ that doesn’t make it right
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1)M/J 2010 The study of sociology is influenced by values‚ and this is the reason why sociology can never be a science. Explain and asses this view. Basic Idea: value free vs. not free from values >> 19th century; socio; study; impressed by the advances in natural sciences as it the era of modernity; more intro; bring both the for and against argument in question‚ >> Many sociologists believed that research could and should be value free; Comte; Durkheim‚ >> Esp. to theorists
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5. Earning revenue a.|increases assets‚ increases stockholders’ equity.| b.|increases assets‚ decreases stockholders’ equity| c.|increases one asset‚ decreases another asset| d.|decreases assets‚ increases liabilities| a 6. At of the end of its accounting period‚ December 31‚ 2009‚ Great Marks Company has assets of $940‚000 and liabilities of $300‚000. During 2010‚ Great Marks sold $65‚000 of capital stock and declared and paid $45‚000 in dividends. What is the amount of net income during 2010
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1. Identify the strategy changes that have taken place at Hard Rock Cafe since its founding in 1971. The Hard Rock Café started off in London (1971)‚ as a café that offered live rock music. Since it’s opening‚ its main strategic change has been the globalization of the brand. Hard Rock Café has a location in about every “hot” or destination cities (cities that are main attractions for tourists). It has expanded from one café in London to “157 facilities in 57 different countries”. But with
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Due to contingent liabilities‚ many companies report different amounts of income on their income statement than on their income tax return‚ which leads to deferred income tax balances. A company is required to accrue a contingent liability if it is probable that the liability has been incurred and the amount can be estimated. This case study focuses on accounting implications of the most common contingencies—warranties and lawsuits—at Maytag Corporation‚ a leading manufacturer of home and commercial
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Question 1 On separate demand and supply diagrams for bread‚ sketch the effects of the following: Pricewe Pricewe (a) a rise in the price of wheat S1 S1 S S Quantity Quantity As the sketch shown above the supply curve is shift to the left‚ the price of the bread rises the quantity of sold will fall. Wheat is use in a flour to make a bread‚ therefore if the wheat price goes up the cost of producing will also increase. Hence the shift of the supply curve is to the left. Price
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MBAAF 601 Managerial Economics Problem Set # 2 Demand‚ Supply and Elasticity 1. Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. a. Sam pays a storekeeper $1 for a quart of milk. b. Sally earns $4.50 per hour working at a fast food restaurant. c. Serena spends $7 to see a movie. d. Stuart earns $10‚000 from his 10 percent ownership of Acme Industrial
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authorities related to the subject under study. Literature review discusses or treats some ideas already in books‚ journals or websites that throw lights on the topic under research. An attempt is also made to examine carefully some time tested procedures and the challenges the Revenue Authorities faces when mobilizing revenue. Various scholars and administrative practitioners have put out a lot of theories‚ concerns and views on GRA’s ability to mobilize revenue and how these monies mobilized are spent
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