As explained in Chapter 6 , a minimum-wage law distorts the market for low-wage labor. To reduce this distortion, some economists advocate a two-tiered minimum-wage system, with a regular minimum wage for adult workers and a lower, "subminimum" wage for teenage workers. Give two reasons a single minimum wage might distort the labor market for teenage workers more than it would the market for adult workers.

Answers

Answer 1

Teenage employees might not benefit from a minimal wage since they could have to quit school and work if they made a good living.

What occurs whenever the minimum salary is set higher than the pay rate at which the market is in equilibrium?

A minimum wage set above the wage at which the economy is in equilibrium will result in less labor being required and more labor being supplied. This occurs because raising the minimum wage raises the cost of manufacturing, and as a result, companies terminate some workers to lower that cost.

What impact does the min salary have on the labor market?

The fundamental economics 101 argument claims that raising the minimum wage encourages more individuals to work because they will earn more money.

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Related Questions

Ali is the manager of a successful company. He has many employees under his command. One of his employees in the finance department made a huge mistake which cost the company a lot of money. His name is Saleh. Ali chooses to handle that situation by offending Saleh and yelling at him in front of all his colleagues as a .warning, but he does not fire him

Abeer is a manager in another successful company. She had an employee who made the same mistake. Her name is Sara, but Abeer did not handle the situation as Ali did. Instead, she decided not to yell at Sara for making that mistake and chose to wait until Sara's work .contract finished and did not renew it again

Do you think Ali's decision is legal? And Abeer's ?decision is ethical? And why If you were a manager and faced the same ?problem, what would you do?and why

Answers

The fundamental problem with ethical quandary is that it does not have clear-cut answer that complies with ethical standards. People have encountered problems throughout human history, and philosophers have sought to address them.

What is ethics?

To "systematise, defend, and suggest notions of good and wrong action," "ethics" or "moral philosophy," a branch of philosophy, is the goal. The philosophical field of axiology encompasses the fields of ethics and aesthetics, both of which are concerned with questions of worth. Assuming that no one has any moral knowledge, moral scepticism, also referred to as moral scepticism, is a group of metaethical ideas. Many moral sceptics also offer the more forceful, modal argument that moral knowledge is impossibly unattainable. Moral scepticism, which denies the existence of knowable and objective moral truths, is particularly opposed to moral realism. The ontology of ethics is concerned with value-bearing elements, i.e., the categories of objects or entities that are addressed in ethical claims.

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Merchandise that is priced significantly lower than what customers expect to pay is likely to remain unsold.
a) True
b) False

Answers

B it’s false bc everyone would buy it

Evaluate the differences between fayol’s and Mintzeberg’s view about what managers do

Answers

Fayol's and Mintzberg's views about what managers do differ in terms of their emphasis on managerial functions and roles. Fayol focused on functions, while Mintzberg emphasized roles.

What are the differences between their views?

Fayol identified five primary functions of management which are planning, organizing, commanding, coordinating, and controlling because he believed that managers perform these functions regardless of their level in the organization or their specific industry.

Mintzberg emphasized roles that managers play which include interpersonal, informational and decisional roles because he believed that managers engage in a range of activities such as networking, information gathering and problem-solving depending on the situation and their level in the organization.

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Outsourcing can give short term

Answers

Short-term outsourcing is available and may provide you quick fixes and immediate resolutions, you have to see outsourcing as a business partnership that can last beyond a decade. Quick fixes, after all, are incapable of producing long-term rewards.

A company function or any particular business activity may be outsourced to specialist organizations. The corporation often outsources the non-core functions like sanitization, security, home, pantry, etc. The business and the agency enter into a legal contract.

The necessary personnel are then provided to the firm by the agency. The agency bills the business for their services and reimburses them by paying their workers' salaries. Outsourcing is on the rise as a result of global competition. Companies may enhance their profitability and improve the quality of their products by concentrating on their core competencies with the aid of outsourcing.

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Which of the following describes the effect of the purchases that consumers
make?
A. provide jobs for distributors
B. increase producers costs
C. indicate their desires to producers
D. are not taxed in a free-market system​

Answers

The answer is C) indicate their desires to producers

Answer: C) indicate their desires to producers

As we go from home operation to international operations, we can potentially receive a _______, but we can also see our ______ increase

Answers

As we go from home operation to international operations, we can potentially receive a rise in our costs, but we can also see our profits increase. This is about business expansion.

What is business expansion?

When a company reaches a certain point in its growth and starts looking for new ways to increase profits, that stage is known as business expansion.

Managing business growth or development is a challenge that successful firms and startups alike eventually encounter.

It is to be noted that while business expansion comes with possible potential increases in profit and net worth, incurring additional costs is a certainty.

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How many eggs should farmer Yokesalot produce?
2. How much total revenue is farmer Yokesalot making?
3. What is the total cost of production incurred by this firm?
4. Is farmer Yokesalot making a profit or a loss? What is the amount of the
profit or loss?

Answers

According to the graph and under the presumption that egg demand won't change, farmer Yokesalot should lay 50 eggs to maximise his profit.

How much money do farmers make in Nsso?

According to the most recent poll, an agrarian family's income is just slightly more than one-third derived from agriculture. This typical family earns just Rs 3,798 per month from raising a variety of crops, Rs 1,582 from raising animals, Rs 641 from running a business, and Rs 4,063 from wages and salaries.

Which Indian agricultural is most profitable?

Milk and milk-related goods are always in high demand. As a result, we may claim that the dairy industry in India is the most lucrative one.

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Pls help in accounting

-On july 12th the business prepaid $15,000 of rent,The business spends $3.000 monthly on rent.
-The business buys a motorcycle value on $20.000 on credit it pays 2,000 monthly .
-On july 25th the busines prepaid 8,000 of the amount of the motorcycle
-On July 31st the busines paid 1 month of rent

Answers

Based on the given transactions in July, the journal entry to record the payment of rent on July 31st is:

Date                  Account Title                                      Debit            Credit

July 31st            Rent expense                                 $3,000

                         Prepaid Expenses - Rent expense                         $3,000

How to write the journal entry for prepaid expenses?

Accounting uses the accrual basis which means that expenses are only recognized when they have been incurred and not when they are paid for. If you paid $40,000 for rent and yet your monthly rent is $5,000, only the $5,000 will be recognized as rental expense. The rest of the money is treated as a prepaid expense.

When another month elapses, then the other amount of rent can be recognized as is the case here. The month ended on July 31st and there was a need to record rental expense and so it was recorded at the rent expense of $3,000.

The journal entry would therefore show Rent Expense account is debited and the Prepaid Expenses account is credited to show it is reducing.

Full question is:

Record the journal entry to represent the payment of rent.

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Market research can help you strategize your _______ and _______ goals.

Primary research is more _______ than secondary research.

Your first marketing priority is to find out if you can _______ your product or services.

The grouping of people for marketing purposes is called _______.

Once you find out what people want, there’s a need to know the _______ for their choices.

Answers

Market research can help you strategize your business and marketing goals.

Primary research is more specific and tailored to your specific needs than secondary research.

Your first marketing priority is to find out if you can sell your product or services.

The grouping of people for marketing purposes is called segmentation.

Once you find out what people want, there's a need to know the motivations for their choices.

Market research plays a critical role in shaping business and marketing strategies by providing valuable insights into customer preferences, market trends, and competitive landscapes. It helps in identifying target markets, understanding customer needs, and developing effective strategies to achieve business and marketing goals.

By conducting research, businesses can gather data and information to inform their decision-making and ensure that their goals are aligned with customer expectations and market opportunities.

Primary research involves gathering firsthand data directly from the source, such as through surveys, interviews, or observations. It is more specific and focused on the unique needs and objectives of a particular study. Secondary research, on the other hand, involves using existing data and information from published sources.

While secondary research provides a broader understanding of a topic, primary research allows for more control and customization of the research process to address specific research objectives.

When launching a new product or service, one of the primary marketing priorities is to determine if there is a demand for it in the market.

Market research helps in assessing the viability and potential success of a product or service by gathering insights on customer preferences, needs, and market conditions. This information enables businesses to make informed decisions about product development, positioning, pricing, and marketing strategies.

Segmentation is the process of grouping individuals with similar characteristics or behaviors into distinct segments for marketing purposes.

By segmenting the market, businesses can target specific groups that are most likely to be interested in their products or services. Market segmentation allows for more personalized and targeted marketing strategies, resulting in better customer engagement and increased marketing effectiveness.

Once businesses identify what people want through market research, it becomes crucial to understand the motivations behind their choices. This involves delving deeper into the underlying reasons, preferences, and factors that drive consumer behavior.

By understanding the motivations behind consumer choices, businesses can tailor their marketing messages, product features, and overall customer experience to better align with customer needs and increase the chances of success in the market.

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Question - 4 (4-2003) An industrial product may be manufactured by two methods of production Using Method X, fixed costs are £5,500,000 per period and variable costs are £535 per unit of product. Using Method Y, fixed costs are £8,260,000 per period and variable costs are £420 per unit of product. (a) Calculate the level of output per period for which the total costs are the same for the two methods of production. Produced by Method X the product has unit costs during a period as follows: Components £275 Labour £180 Production overheads £85 Distribution expenses £120 The figures include variable costs and apportioned fixed costs. (b)Calculate the number of units produced in the period. (c) Compare the total costs of Methods X and Y at the level of output in (b) above.​

Answers

(a) To calculate the level of output per period for which the total costs are the same for the two methods of production, we can set the total costs of each method equal to each other and solve for output.

Code snippet
Total cost of Method X = Total cost of Method Y

(5,500,000 + 535x) = (8,260,000 + 420y)

535x = 8,260,000 - 5,500,000

535x = 2,760,000

x = 5,144
Therefore, the level of output per period for which the total costs are the same for the two methods of production is 5,144 units.

(b) The number of units produced in the period is given as 5,144 units.

(c) The total costs of Methods X and Y at the level of output in (b) above are as follows:

Code snippet
Method X:

Total cost = (5,500,000 + 535 * 5,144) = £29,078,440

Method Y:

Total cost = (8,260,000 + 420 * 5,144) = £34,055,680

As you can see, the total cost of Method X is lower than the total cost of Method Y at the level of output in (b) above. This is because Method X has lower variable costs than Method Y.

A college charges a basic fee of $100 per semester plus an additional fee of $50 per credit hour. You take 10 credit hours this semester. The marginal cost to you of the 10th credit hour this semester is:

Answers

Answer:

The marginal cost of the 10th credit hour this semester is:

= $50

Explanation:

a) Data and Calculations:

Basic fee (Fixed cost) per semester = $100

Additional fee per credit hour = $50

Taking 10 credit hours will cost = $600 {$100 + ($50 * 10)}

b) Marginal cost is the differential change in the total cost that is incurred when the credit hours are increased by one credit hour by the student for this semester.  It is also equal to the $50 that the college charges per credit hour.

Which best describes how consumers may benefit from specialization?
Consumers can only purchase high-quality goods.
Consumers have more price options.
O Consumers receive more sale offers.
O Consumers find products at lower prices.

Answers

In specialization a company have produced the product at different price levels. Consumers have more price options.

What is consumer?

A consumer is a person who purchases the goods and or services from the business and is also the ultimate user of the products or services. In specialization the company produces a certain product at many different levels by which they have many price options available which vary according to their customization and quality that can be offered to the consumers and hence the customer can purchase different types of a single product from a single company or Brand.

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15. SHORT-RUN PROFIT MAXIMIZATION Answer the following questions on the basis of the monopolist's situation is illustrated in the following graph.
a. At what output rate and price does the monopolist operate?
b. In the equilibrium, approximately what is the firm's total cost and total revenue?
c. What is the firm's economic profit or loss in equilibrium?

15. SHORT-RUN PROFIT MAXIMIZATION Answer the following questions on the basis of the monopolist's situation

Answers

a) The output rate and price that the monopolist operates at are 100 units and $5 per unit because, at this point, the marginal cost equals the marginal revenue.

b) In the equilibrium, the monopolist's total cost and total revenue are approximately $1,050.

c) The monopolist's economic profit or loss in equilibrium is $0.

Who is a monopolist?

Economists define a monopolist as an entity that controls the market for a particular good or service within a locality.

Data and Calculations:

Total cost at equilibrium = $1,050 (150 x $7)

Total revenue at equilibrium = $1,050 ( 150 x $7)

Economic profit or loss in equilibrium = $0 ($1,050 - $1,050)

Thus, when a single seller or producer exists for a unique product in the market, it shows the existence of a monopoly.

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SBA a business from any of the THREE sectors and conduct a research using newspaper clips, business articles, any business magazines, News 24 and a other business websites to answer the following Research (Part A) for your Select a business business questions. (Collect FIVE resources) must be NB After choosing the sector you able to motivate your answer then provide picture/ newspaper article of the business -You must identify challenges experienced by the business and classify those challenges according to the three Business Environments and state the extent of control.​

Answers

Selecting a business from one of the three sectors, conducting research using newspaper clips, business articles, any business magazines, News 24, and other business websites to answer research (Part A) questions. This article will discuss the challenges faced by the business and classify them based on the three business environments. The business selected for this research is Sasol, which belongs to the primary sector. Sasol is an integrated energy and chemicals firm with operations in over 30 countries and more than 30,000 employees. It mines coal and convert it into synthetic fuels and chemical feedstock. Sasol operates in a challenging environment, and it faces many challenges. However, in this research, we will discuss the most important challenges faced by Sasol. The following are the difficulties Sasol faces: Environmental challenges: Sasol is a large company, and it emits greenhouse gases, which affect the environment. Furthermore, environmental regulations have become more stringent, which is a significant challenge for the company. Sasol must adhere to environmental regulations, which will impact its operations. Sasol must also protect its reputation, which is critical to its success. Sasol should be proactive in responding to environmental challenges by investing in renewable energy and ensuring that it adheres to environmental regulations. Economic challenges: Sasol faces economic challenges, including fluctuating oil prices, currency volatility, and rising operating costs. These issues are beyond the company's control, and they can have a significant impact on Sasol's financial performance. Sasol must adapt to economic changes by diversifying its revenue streams and improving its operational efficiency. Social challenges: Sasol faces social challenges such as workforce diversity, employee engagement, and community relations. Sasol must address these challenges by fostering a diverse and inclusive culture, promoting employee engagement, and engaging with the community. Sasol must also ensure that its business practices align with the expectations of its stakeholders, including customers, employees, and investors. In conclusion, Sasol faces many challenges, which can be classified into three categories: environmental, economic, and social. Sasol has limited control over some of these challenges, but it must be proactive in responding to them to ensure its long-term success.

A business that you can select for this analysis is the importation of cars into a country. Some challenges that may affect the importation of cars include import duties and trade agreements between nations.

What are business challenges?

Business challenges refer to those problems that are encountered by entrepreneurs who want to go into any area of trade. For those into the importation of cars and other such items, excessive import duties might be limiting to them.

They may also experieice trade agreements sbetween nations and rising forex that amy not be favorable for trade.

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In your business plan, you note that investors can expect to gain 110 percent of their investment back after three years. The time frame here provides your:
Group of answer choices

turnover.

point-of-sale.

rate of return.

return on interest.

Answers

If in your business plan, you note that investors can expect to gain 110 percent of their investment back after three years. The time frame here provides your: C. rate of return.

What is rate of return?

Rate of return can be defined as the gain or loss a person make on their investment and the rate of return is in a form of  percentage.

In a situation where a person who invest his/her money into a business  make a profit of 110% of the amount the person invested after two to three years this is called a rate of return.

Therefore the correct option is C.

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When should you use capitalization?

Answers

Answer:

you should use capitalization at the beginning of a sentence. you should also use capitalization for pronouns. names of things for example cities and states people names etc

Which best describes an employer of Consumer Services workers? O a manager of a retail store a principal of a private school O a worker in a spa an archbishop in a church​

Answers

A manager of a retail store and a principal of a private school, Best describes an employer of Consumer Services workers.

What are customers?

A client is a person who purchases goods, services, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, commerce, and economics.

An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.

Customers' queries and worries should be heard, and any necessary responses should be given. Describe items and services in detail. Take orders, compute costs, and handle invoicing or payment processing. Examine customer accounts and make any required adjustments.

Therefore, option (A) is correct.

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define equity economics.​

Answers

The economics of quality include the fact that there are costs to prevention, appraisal, as well as costs of failure. Ultimately the goal is to be able to track the costs and benefits of each to determine the most cost effective solution.

Given the following hypotheses:

H0: μ = 470
H1: μ ≠ 470

A random sample of 13 observations is selected from a normal population. The sample mean was 475 and the sample standard deviation 9. Using the 0.05 significance level:


a. State the decision rule. (Negative amount should be indicated by a minus sign. Round your answers to 3 decimal places.)


b. Compute the value of the test statistic. (Round your answer to 3 decimal places.)

Answers

The decision rule that has been established in the question is reject H0 if t < - 2.179 or t  > 2.179

The test statistic is 2.0058

Decision rule

Given a level of significance of 0.05

degree of freedom = 13 - 1 = 12

the t critical value is ±2.179

if

t < 2.179: fail to reject the null hypothesis.

t > 2.821: Reject the null hypothesis.

How to solve for the test statistic

We have to solve for the test statistic using the values that we have here

we have the following values

sample mean = 475

the standard deviation = 9

mu = 470

The formula for the test statistic is

\(t = \frac{x-u}{s/\sqrt{n} }\)

475 - 470 / 9 / √13

= 5 / 2.493

= 2.0056

In summary,

The degree of freedom df = 13 -1 = 12

t 0.025, 12. This test is a two tailed test

= ±2.179

a. The decision rule would be reject the null hypothesis if t < - 2.179 or t  > 2.179

b. The value of the test statistic is given as 2.006

The test statistic that we have here c an be seen to fall between the two critical regions that we have in the question. The decision that we have to take would be for us to fail to reject the null hypothesis.

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what is the future value of ordinary annuity makes 2000 every month 10 years interest rate is 7% g

Answers

Answer:

The future value of the ordinary annuity is:

= $346,169.61.

Explanation:

a) Data and Calculations:

Ordinary annuity receipt/payment = $2,000

Payment is made monthly for 10 years (120 months)

Interest rate = 7%

From an online financial calculator, the future value is:

N (# of periods)  120

I/Y (Interest per year)  7

PV (Present Value)  0

PMT (Periodic Payment)  2000

 

Results

FV = $346,169.61

Sum of all periodic payments $240,000.00

Total Interest $106,169.61

On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,100 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 12% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much sales revenue would Wooten recognize on January 1, 2021

Answers

Answer: $‭9,017.89

Explanation:

Wooten will recognize the present value of $10,100 as it is to be paid to them in a year and the company sees time value of money as a significant component.

= 10,100 * Present value interest factor, 12%, 1 period

= 10,100 * 0.89286

= $‭9,017.886‬

= $‭9,017.89

On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery

With SMART goals, what does the “T” stand for?
a
Training
b
Time bound
c
Task
d
Teaching

Answers

Answer:

time bond

Explanation:

time frame given to achieve that goal

time bound

like giving yourself time

Maintaining a(n)_______attitude is a life skill that can help you be a productive and well-rounded person.

Answers

Maintaining a(n)positive attitude is a life skill that can help you be a productive and well-rounded person.

Having a positive attitude means being optimistic about situations, interactions, and yourself. human beings with high quality attitudes continue to be hopeful and notice the great even in difficult conditions.

For instance, wonderful attitudes can consist of: it is searching for adversity in the attention and guffawing. Getting what you get, and not pitching in shape. Playing the surprising, even when it's no longer what you desired in the beginning.

“You could display a fine mindset through the words you use,” Sweeney stated. “become a 'sure' person and attempt new things to look the way you do. deliver a while and ask co-people how you can assist them out if you have a free second. Volunteer to take the lead on new assignments.

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Do you believe that Mrs. Wyatt was justified in her perception of the situation? Explain.

Answers

Mrs. Wyatt may or may not have been justified in her perception of the situation. It is possible that she felt that she was being ignored or treated unfairly, and that the bank employee was not taking her seriously.

Here are some factors that may have influenced Mrs. Wyatt's perception of the situation:

Her personal experiences. Mrs. Wyatt may have had previous negative experiences with banks, which may have made her more likely to feel that she was being treated unfairly.The bank employee's body language and tone of voice. If the bank employee was not making eye contact with Mrs. Wyatt or was speaking to her in a condescending tone, this could have made her feel like she was being ignored or treated unfairly.The length of time she had to wait. If Mrs. Wyatt had to wait a long time to be served, this could have made her feel frustrated and impatient, which could have made her more likely to perceive the situation negatively.

It is important to note that everyone experiences situations differently. What may seem like a minor inconvenience to one person could be a major source of frustration or anger for another. It is also important to remember that bank employees are human beings, and they are not perfect.

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How does a production possibility chart assist in outlining opportunity cost?

1.lt compares profit potential of one product to another.

2.It compares production cost of one product to another.

3.It compares production numbers of one product to another.

4.lt compares consumer demand of one product to another.​

Answers

Hi I wanna is the last day

10. Which SMART goal element is missing from this goal?
"You must stock 20 boxes of product onto the store shelves."
OA. S-Specific
B. M-Measurable
OC.T-Time-Based
OD. A-Achievable

Answers

This element ensures that the goal can be achieved realistically by analyzing the available resources, skillsets, and knowledge. The goal doesn't mention any factors related to achievability or practicality. Therefore, it is missing the achievable element. The correct option is d.

SMART is an acronym for Specific, Measurable, Achievable, Relevant, and Time-bound. These are the five elements that are required for a successful goal. Let's have a brief idea about the 5 elements of SMART goals:

Specific: It refers to the goal being clear and specific. It should answer the questions of what, why, and how.Measurable: This element is important to know the progress and when it's achieved.Achievable: Goals need to be practical and attainable. Relevant: It should be relevant to the company's goals, values, and objectives.Time-bound: This element is related to setting a deadline to achieve the goal. The goal must be achieved within a specific period.

Missing SMART element:Achievable is the missing SMART element from the goal "You must stock 20 boxes of product onto the store shelves."This element ensures that the goal can be achieved realistically by analyzing the available resources, skillsets, and knowledge. In this scenario, the goal doesn't mention any factors related to achievability or practicality. Therefore, it is missing the achievable element. The correct option is d.

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Sales 101 teaches you to: Always just answer the question the customer has Never try to get more information about what the customer needs Always answer a question with another question Never look the customer in the eye

Answers

Answer:

I think it's A) Always just answer the question the customer has.

Explanation:

I know it's not D) "Never look the customer in the eye."

I don't think it's C) "Always answer a question with another question" that just seems like it would be confusing for the customer.

And I don't think it's B) "Never try to get more information about what the customer needs" because part of you're job as a salesman is find out what the customer needs.

So that leaves answer choice A

If you have many competing financial goals, what should you do to help yourself focus on the most important ones?
A.
Get more unearned income.
B.
Prioritize and make a budget.
C.
Open a checking account.
D.
Diversify your investments.

Answers

Answer:

B.

Prioritize and make a budget.

By comparing prices at different stores, consumers will:

Answers

By comparing prices at different stores, consumers will save money and make informed purchasing decisions.

How can comparing prices at different stores benefit consumers?

Comparing prices at different stores allows consumers to make informed purchasing decisions and save money. By taking the time to research and compare prices, consumers can identify the best deals and discounts available for the products they intend to buy.

This practice helps them ensure that they are getting the most value for their money. It can also help consumers uncover any price discrepancies or inflated prices allowing them to avoid overpaying for goods and services.

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Question 6 of 10
A risk response plan lists your risks, including identified risk causes, description, and
Select an answer:
potential impacts
why the risk can't be avoided
your sponsor's assignee to handle risk
issue register

Answers

A risk response plan lists your risks, including identified risk causes, descriptions, and Option A. potential impacts.

The Risk Response Planning is a process that recognizes potential risks, assesses them, and establishes management plans to reduce or prevent them. Risk response plans should describe the expected outcome of each response action, any significant input from stakeholders, and the time and resources required to carry out the response. A risk response plan typically includes the following sections:

Risk Management Plan Preparation - This section provides guidance for preparing the risk management plan's remainder. It describes the recommended contents of the risk management plan and the recommended process for preparing it.

Risk Identification - This section identifies risk sources that might cause a negative outcome for the project. It also provides a risk identification checklist that the project team can utilize as a starting point for identifying risks.

Risk Analysis - This section analyzes each identified risk's potential impact on project success by estimating the probability of occurrence and the potential effect on the project's objectives.

Risk Response Development - This section outlines the strategies and actions for managing risks. It includes contingency plans for high-priority risks and an implementation plan for all other risks.

Risk Response Control - This section describes how to evaluate the effectiveness of the risk response strategy, establish contingency plans, and implement corrective action as needed.

Risk response plans should be developed in collaboration with stakeholders to ensure that the project's risks are addressed appropriately. In addition, they should be reviewed regularly and updated as necessary throughout the project. The most important part of any risk response plan is the risk response strategy, which describes the specific actions to be taken in response to each identified risk. Therefore, the correct option is A.

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Question 6 of 10

A risk response plan lists your risks, including identified risk causes, descriptions, and

Select an answer:

A. potential impacts

B. why the risk can't be avoided

C. your sponsor's assignee to handle risk

D. issue register

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