Answer: PROCESS
Explanation: GARY HAMEL is a world acknowledged thinker Born on the year 1954,he described management as a process,he is the founder of STRATEGOS a management consultant firm,through his work he showed that management should be seen as a PROCESS through which ongoing innovations and improvements can be achieved. According to Gary Hamel,
Management innovation is an innovation in management principles and processes that ultimately changes the practice of what managers do, and how they do it.
Which of the following is not a step in the strategic planning process? Group of answer choices Defining the company mission. Planning marketing and other functional strategies. Setting company objectives and goals. The process by which management evaluates the products and businesses making the company. Designing the business portfolio.
Answer:
E) evaluating all members of the value chain
Explanation:
A value chain is used to describe all the business activities it takes to create a product from start to finish (design, production, distribution).
And a value chain analysis gives businesses a visual model of these activities.
The process referred to in the student's question, where management evaluates the products and businesses of the company, is not a step in the strategic planning process. It is more akin to a business review or portfolio analysis.
Explanation:The strategic planning process involves setting a company's objectives and goals, defining the company's mission, planning marketing, and other functional strategies. However, the option 'The process by which management evaluates the products and businesses making the company' doesn't seem to fit perfectly into the steps of a strategic planning process. This phrase sounds more like the process of portfolio analysis or a business review, which can be a part of strategic management but is technically not a defined step in the formulation of a strategic plan.
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Mitch, a single tax-payer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2019, how much federal tax will he owe?A) N$22,000.B) $18,289.50.C) $13,879.D) $24,000.E) None of the choices are correct.
Answer:
E) None of the choices are correct.
18.289,26
As we given an option with two decimals which are different from the calculated amount we should take it as incorrect.
Explanation:
The municipal bonds are tax free. Therfore, not included.
We will calcuatae based on 2019 income tax brackets for single-taxers
between $82,501 to $157,500 the amount is $14,089.50 + 24% of the amount over 78,950
100,000 - 82,501 = 17,499
17,499 x 24% = 4,199.76
14,089.50 + 4,199.76 = 18.289,26
In a state's Pick 3 lottery game, you pay $1.441.44 to select a sequence of three digits (from 0 to 9), such as 333333. If you select the same sequence of three digits that are drawn, you win and collect $363.23363.23. Complete parts (a) through (e). a. How many different selections are possible? 10001000 b. What is the probability of winning? 0.0010.001 (Type an integer or a decimal.) c. If you win, what is your net profit? $361.79361.79 (Type an integer or a decimal.) d. Find the expected value
Answer:
A) total number of possible selections = 10 x 10 x 10 = 1,000
B) the probability of winning = 1 / total number of possible selections = 1 / 1,000 or 0.001
C) in case you win, your net profit = $363.23 - $1.44 = $361.79
D) the expected value of your bet = (probability of winning x value of the winnings) - [(1 - probability of winning) x cost of the ticket] = (0.001 x $363.23) - [(1 - 0.001) x $1.44] = $0.36323 - (0.999 x $1.44) = $0.36323 - $1.43856 = -$1.07533 ≈ -$1.08
How can this be accomplished? Universal Containers has a custom object "service" which has a lookup relationship to Account. Universal Containers wants to enhance Salesforce1 with an action that allows account managers to enter a new service to an Account while looking at the account.A. Enter an object specific action to Account and put it in the Account LayoutB. Enter an object specific action to Service and put it in the Account LayoutC. Enter an object specific action to Service and put it in the Service LayoutD. Enter an object specific action to Account and put it in the Service Layout
Answer:
A. Enter an object specific action to Account and put it in the Account Layout.
Explanation:
Enter an object specific action to Account and put it in the Account Layout.
To enable account managers to enter a new service from Account in Salesforce1, Universal Containers would need to create an object-specific action for the Account object and add it to the Account layout. This would allow the new service to be rendered when viewing an Account.
Explanation:Universal Containers can achieve this by creating an object-specific Action for the Account. This Action will enable an Account manager to add a new Service directly from the Account view in Salesforce1.
From the setup menu, navigate to the Account object.Click buttons, links, and actions, then click New Action.Select the type of action to create. In this case, this would be create a new record for the Service object.Define the layout and action details like labeling, then save.Next, navigate to the Account page layout and add this action in the Salesforce1 Actions section.It's important to make sure that this action is added to Account Layout and not Service Layout, so that it can be accessible while viewing an Account.
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A large software manufacturer attempts to lock in customers by making it difficult for customers to change to another product. The strategy used by the company is referred to as ________.
a. consumerist strategy.
b. low cost operation strategy
c. standardization strategy
d. switching costs strategy
Answer:
Switching Costs Strategy
Explanation:
Switching Costs represent costs that are to be incurred by a customer due to a change of products, service providers or brands. Switching costs which is usually quantified monetarily represents the effort and time involved in changing products, failure of the new product being switched to, exorbitant cancellation costs that may be set by brands and manufacturers and also the disruption of smooth daily operations.
The effect of switching costs strategy is that customers will consider them carefully and could be discouraged from making the switch or change in product simply as a result of the costs.
As seen in the question, any attempt time, psychological or effort put in place by a manufacturer to discourage a customer from switching brands or products or even services is a switching cost strategy.
Revenue accounts are used to record:______
a. earnings from operations all cash receipts
b. cash received from customer payments
c. made on account payments
d. made for purchases
Answer: Earnings from operations all cash receipt.
Explanation:
Revenue account is an accounting record where all cash received by a business establishment is recorded. It comprises of cash received from sales of products and other forms of income a company receives within a period.
Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balance was $2030, and for the last 22 days of the billing cycle, his balance was $1450. If his credit card's APR is 23%, which of these expressions could be used to calculate the amount Bruce was charged in interest for the billing cycle?
Answer:
$31.61
Explanation:
In order to determine the amount of interest charged you must first calculate the average daily balance:
average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39
Now we must calculate the daily interest rate:
daily interest rate = 23% / 365 = 0.063%
Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:
interest charged = $1,618.39 x 0.063% x 31 days = $31.61
Answer:
The answer is (0.23/365x31)(9x$2030+22x$1450/31)
Explanation:
On October 1, the accounts receivable account balance was $115,020. During October, $449,350 was collected from customers on account. Assuming the October 31 balance was $130,050 determine the fees billed to customers on account during October.
Answer:
$464,380
Explanation:
The fees billed to customer during the month of the October can be determined using the following formula:
Fees billed to customer=Closing balance of accounts receivables+amount collected from customers-opening balance of accounts receivables
In this question:
closing balance of accounts receivables=$130,050
amount collected from customers=$449,350
opening balance of accounts receivables= $115,020
Fees billed to customers=$130,050+$449,350-$115,020=$464,380
If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the world, that company is engaging in _____ marketing. A. value proposition B. accountability C. green D. brandfest E. branded content
Answer:
C. GREEN MARKETING
Explanation:
Green Marketing is marketing of products proclaimed as environmentally safe. This marketing incorporates many important P's of Marketing : Product ('green' production process), Packaging (eg: biodegradable).
This type of marketing can also includes 'Corporate Social Responsibility' , investment in environmental upgradation as is the case in the question.
Value Proposition is statement to consumers' convincing their product distinctive worthiness. Brandfest is prospecting consumers collecting event , eg- exhibition. Branded Content is marketing through creation & dissemination of content . None of these three are related to it.
Sloane, Inc., issues 25,000 shares of its own common stock in exchange for all of the outstand- ing shares of Benjamin Company. Benjamin will remain a separately incorporated operation. How does Sloane record the issuance of these sha
Answer:
Explanation:
Shares issued will be recorded at fair value as if the stock was sold and the money obtained spent to acquire the subsidiery.
The common stock account is recorded at the par value of these shares and additional amount in excess will be as additional paid-in capital
Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. Apple practices ________ entrepreneurship.
Answer:
Corporate entrepreneurship
Explanation:
Corporate entrepreneurship -
It is the method , adapted to establish some fresh business services , products and processes in an already existing organization is referred to as a corporate entrepreneurship .
This method is adapted in order to generate revenue and incorporate new goods and services .
This method increases the innovation and growth of the existing organisation.
Hence , from the given scenario of the question,
The correct term is Corporate entrepreneurship .
Apple practices corporate entrepreneurship by fostering entrepreneurial behavior within the company and encouraging employees to think creatively and pursue innovative ideas.
Explanation:Apple practices corporate entrepreneurship.
Corporate entrepreneurship refers to the practice of fostering entrepreneurial behavior within an established firm. It involves encouraging employees to think creatively, take risks, and pursue innovative ideas to drive business growth and success. Apple is known for its emphasis on innovation and its ability to continually develop new products and services, which are key characteristics of corporate entrepreneurship.
In the majority of Fortune 500 companies, the head of the human resource department, usually a vice president, answers to the chief executive officer (CEO) of the company. In many companies, the head of the human resource department sits on the board of directors, the planning committee, or both. These trends are indicative of how human resource managers are:_____________
Answer:
increasingly involved in their organization's strategic and policy-making activities.
Explanation:
Human resources managers also consult or sit with top executives regarding the organization’s strategic planning. They identify ways to increase the value of the organization’s employees and make sure that they are as efficient as possible. They are able to assess workers productivity and make changes to the organization’s structure to help it meet financial goals. They are able to make policies that affect the workers in an organization.
Total direct materials costs are $127,500, fixed costs are $75,000, and units produced are 15,000. What is the direct materials cost per unit?
Answer:
$8.5 cost per unit
Explanation:
Given that
Total direct materials costs = $127,500
Fixed cost = $75,000
Number of units produced = 15,000 units
So, the direct materials cost per unit would be
= Total direct materials costs ÷ Number of units produced
= $127,500 ÷ 15,000 units
= $8.5 cost per unit
By dividing the total direct material cost by the number of units produced we could find out the direct materials cost per unit
Marya Callais, a citizen of Florida, was walking along a busy street in Tallahassee, Florida when a large crate flew off a passing truck and hit her, causing numerous injuries. She experienced a great deal of pain and suffering, incurred significant medical expenses, and could not work for six months. She wants to sue the trucking firm for $300,000 in damages. Who is the potential plaintiff in this lawsuit?
Which of the characteristics below does NOT describe a project? a. Time-bound b. Progressively elaborated c. Permanent d. Creates a unique product or service
Answer:
a
Explanation:
I just guessed I really dont know nothing about this
A planning approach in which an organization updates its sales and operations plan regularly, such as on a monthly or quarterly basis is the definition of a
Answer:
Flexible Plan
Explanation:
A planning approach in which an organization updates its sales and operations plan regularly, such as on a monthly or quarterly basis is the definition of a flexible plan.
A flexible plan as opposed to a rigid plan is a plan that can be updated within the year as reality unfolds and by so doing the plan becomes more achievable. Variances from such flexible plans are more explainable and are better basis for judging the performance of managers than rigid budget variances which has not been updated with realities in the business environment.
Answer:
Rolling Planning Horizon
Explanation:
Based on the information provided within the question it can be said that the term that is being defined in this scenario is called a Rolling Planning Horizon. This planning approach is used in a variety of situations by solving an overall larger problem by using several submodels which when put together solves the larger problem. In this scenario by updating its sales and operations plan on a monthly or quarterly basis (submodels) it makes it easier to have the overal organization's sales and operations always updated
For international events, it is considered wise to add a contingency factor of _______ over the basic cost estimates in order to cover currency fluctuations if services need to be contracted using the local currency.
Answer: 10-20%
Explanation: A contingency factor is anything you can't predict accurately or forecast in the future. In order to cover currency fluctuations when services are done in local currency, contingency cost of 10-20% over basic cost estimate is advisable.
Building brand equity can involve leveraging secondary associations which can be derived in a variety of ways.Linking the BMW car brand to reliable German engineering is an example of the what kind of secondary association?
Answer:
Country of Origin
Explanation:
The aim of leveraging secondary association is to build a new brand by taking advantage of an existing popular brand as this makes the process easier.
Different factors of the parent brand like country of origin , distribution channels and prior knowledge are considered before deciding the right association to leverage on.
Some countries are reputable for high qualities of certain product. Just as Japan is to electronics , automobile is to Germany, that is the reason that the country of origin is a factor to consider in deciding secondary association for leveraging as in seen in the question
Final answer:
BMW's association with German engineering is an example of leveraging 'Country of Origin' effects to build brand equity. Brand ambassadorships and synergistic advertising across platforms also play vital roles in reinforcing brand value and establishing a trustworthy reputation.
Explanation:
Linking the BMW car brand to reliable German engineering is an example of leveraging a type of secondary association known as Country of Origin effects. The concept of associative learning in advertising suggests that by connecting BMW with the high standards of engineering excellence that Germany is known for, customers may infer that BMW cars are of superior quality. This helps in building brand equity for BMW through the positive perceptions associated with German engineering.
Brand ambassadorships further enhance brand equity by leveraging the power of referrals and associations with influential personalities. An ambassador advocating for a brand can create a strong, positive connection in the consumers' minds. The trust and credibility projected by these ambassadors can contribute to higher customer loyalty and brand recommendation.
Synergistic advertising practices across different platforms also play a crucial role in reinforcing a consistent brand message. This multifaceted approach ensures that customers are continually reminded of a brand's value proposition, which can help in establishing a reliable reputation, thereby also contributing to brand equity.
Surist, Inc. purchased merchandise for $300,000, received credit for purchase returns of $20,000, availed purchase discounts of $5,000, and paid transportation in of $12,000. Refer to Surist, Inc. If Surist, Inc. had $30,000 in beginning inventory, and sold goods costing $180,000, what is the ending inventory balance?
Answer:
Ending inventory balance........................$497,000
Explanation:
If Surist, Inc. purchased merchandise for $300,000, and received credit for purchase returns of $20,000, and was availed purchase discounts of $5,000, and paid transportation in of $12,000. If Surist, Inc. had $30,000 in beginning inventory, and sold goods costing $180,000, Then the ending inventory balance can be derived as:
Beginning inventory....................................$30,000
Add: Purchases of merchandise ......... $300,000,
Less: Purchase returns of ........................($20,000)
Less: Purchase discounts of .....................($5,000)
Add: Paid transportation of .......................$12,000.
Less: Cost of Goods Sold....................... ($180,000)
Ending inventory balance........................$497,000
The ending inventory balance for Surist, Inc. is calculated by determining the goods available for sale ($317,000) and subtracting the cost of goods sold ($180,000), resulting in an ending inventory of $137,000.
To calculate the ending inventory balance for Surist, Inc., we must first determine the cost of goods available for sale, then subtract the cost of goods sold (COGS). Here is how you calculate it:
Beginning Inventory: $30,000
Add: Purchases: $300,000
Less: Purchase Returns: $20,000
Less: Purchase Discounts: $5,000
Add: Transportation In: $12,000
Equals: Goods Available for Sale: $317,000
Less: Cost of Goods Sold: $180,000
Equals: Ending Inventory: $137,000
So, the ending inventory for Surist, Inc. is $137,000.
Which of the following is not true of a service. (Please select the best answer.) Select one:
a. A service must be a tangable good.
b. A service is an intangible process that cannot be weighed or measured, whereas a good is a tangible output of a process that has physical dimensions.
c. A service requires some degree of interaction with the customer for it to be a service.
d. The specifications of a service are defined and evaluated as a package of features that affect the five senses
e. Services as a process are perishable and time dependent, and unlike goods, they can't be stored. You cannot "come back last week" for an air flight or a day on campus.
Answer:
Letter a. A service must be a tangable good.
Explanation:
Services can be defined as a product of human activity whose objective is to satisfy a need. A service cannot be a material good, to identify a service four main characteristics must be considered:
1- Intangibility: Services are not tangible. That is, they cannot be touched, seen, tasted. They are ideas and concepts. The consumer is influenced to choose a service by the reputation of the service.
2- Inseparability: Services are created and consumed simultaneously. One of its characteristics is the customer's presence in the development of the service, which causes immediate satisfaction or dissatisfaction.
3-Variability: The service will not always be the same when running more than once. It can be caused by outsourcing services and cause problems to maintain the quality and satisfaction perceived by customers.
4-Perishable: Services must be consumed immediately, or they will be lost. It cannot be stored.
Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?
Answer:
Product/service management.
Explanation:
Product/ service management is the process of planning the development of new product or a new business, of setting goals related to attaining productivity in the product life cycle and also manage the budget accordingly. Thus, here Ryan is performing product/ service management with his marketing team.
Ryan is carrying out the marketing management function. This includes strategic planning, goal setting, budget creation, and monitoring the implementation of the marketing plan.
Explanation:Ryan is performing the marketing management function. This is a process that involves marketing strategy planning, as well as setting goals, creating budgets, and implementing and controlling the marketing plan. The management team is responsible for setting the direction and strategy, and for prioritising marketing activities, to ensure they align with the organisation’s objectives and budgetary provisions. This process includes defining roles, setting targets, monitoring progress, and making adjustments as needed to achieve the set objectives.
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The executives of well-established airlines are notless smart than those at JetBlue, and yet, theirlarger airlines have not done what JetBlue hasdone. Why?
Answer:
JetBlue was able to invest in new technology Airlines which has helped to boost its efficiency and overall performance,but the older have to do away with their old styles ''legacies''
Explanation: Advancement in technology has actually helped organisations especially the new entrants to perform exceeding better than the older once, like the case of JetBlue, it is a ''Late mover'' which means it entered the market later making it and started to spend on modern technology Airlines which has helped to boost its overall outputs. It also does not have any issues on the immediate which must have affected the older Airlines.
Major airlines have been engaged in mergers and accused of predatory pricing, practices that may have hindered them from adopting strategies similar to JetBlue. Even with equally capable executives, these larger airlines face unique challenges in the ever-competitive airline industry.
Explanation:The question asks why well-established airlines have not done what JetBlue has done, despite their executives being equally smart. One possible reason could be that larger airlines have faced challenges and competitive practices that have hindered their ability to innovate or change their business models in the same way as JetBlue.
Major airlines have seen a series of mergers which have raised concerns about compromised competition. Moreover, these airlines have been accused of predatory pricing, a strategy wherein larger airlines slash prices to drive out smaller competitors.
New entrants may decide not to compete in such a cutthroat environment. Therefore, these factors could potentially explain why well-established airlines have not adopted the same strategies as JetBlue, despite their leadership being equally intelligent.
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The Republic of South Africa exports edible fruits and nuts into the common market known as the European Union, and imports from the European Union other products which South Africa could produce but at a higher cost than what it costs the Europeans to produce. This practice follows the premise of _________________.
A) The Theory of Malthus
B) The Theory of Competitive Positioning
C) The Theory of Comparative Advantage
D) The Theory of Absolute Advantage
Answer:
C) The theory of Comparative Advantage
Explanation:
The theory of Comparative Advantage is a theory of international trade and it comes into effect in a situation where the opportunity cost of producing a good or offering by a service by a country is lower than that of other countries.
Specifically, to understand the theory of comparative advantage the opportunity cost of production or offering a service has to be measured in terms of the trade off between those countries. It simply means when a country has the comparative advantage then it derives more benefits from other countries buying its products as compared to buying their products and vice versa.
In the question, the European Union has the Comparative advantage over South Africa because the trade-off between buying South Africa's edible fruits and nuts and selling other products to South Africa benefits the European countries.
European countries derive more benefits because South Africa buys their goods at a cost higher than it takes them to produce while they buy at the normal cost from South Africa. The trade-off benefits Europe
Some economists say that economic growth involves a trade-off between current generations and future generations. If a current generation raises its saving rate, what does it sacrifice? What will be gained for future generations?
Answer:
Current consumption .
More output & More capital.
Explanation:
Economic growth is the increase in the productive base of a country within a period of time. It can also be seen as the increase in the production of goods and services produced by a country within a period of time, it is simply increase in the gross domestic product (GDP)
Savings is that part of disposable income that is not consumed. That is, that part of income that is not spent on current consumption is what we called savings, the simple equation is:
S = Yd - C
Where: S = Savings, Yd = Disposable income and C = Consumption.
When the current generation raises its savings rate, it sacrifices current consumption which is alternative forgone or opportunity cost of savings.
The gain for future generation is the accumulation of capital that will be available to them to produce more goods and services.
One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.
Answer:
Bulk zoning
Explanation:
Bulk zoning refers to zoning regulations designed to decrease the population density of a specific area. Generally cities apply very strict bulk zoning regulations on residential areas, which should be used specifically for building homes. If you limit the maximum height of the constructions, even if you build a condominium it must not have more than 2 or 3 floors.
Sometimes bulk zoning regulations are also applied to commercial areas that are located far away from the central district. This is specially useful when you wish to separate city areas through the use of extensive commercial areas that are located on specific avenues. For example, north of ABC avenue the zoning regulations allow tall buildings, while south of that avenue only houses can be built.
True / False.Structural similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.
Answer:
True
Explanation:
Structural similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.
A woman marries her butler. Before they were married, she paid him $60,000 per year. He continues to wait on her as before (but as a husband rather than as a wage earner). She earns $1,000,000 per year both before and after her marriage. The marriage: a. does not change GDP. b. decreases GDP by $60,000. C. increases GDP by $60,000. d. increases GDP by more than $60,000.
Answer:
B) decreases GDP by $60,000.
Explanation:
The GDP includes the total production of final and legal goods and services. But in order for a service to be included in the GDP, they must be sold to someone else. The same restriction applies to a person that grows vegetables and fruits on his/her backyard for personal consumption.
If an exchange is not made, then it is not included in the GDP. The difference with manufactured products that once finished are included in inventories (increase investment) is that materials, labor and other inputs were used to produce them and someone got paid for them.
White Company has the following information at the end of the current year: Beginning Direct Materials Inventory $12,000 Ending Direct Materials Inventory 10,000 Purchases of Direct Materials 15,000 Beginning Work-in-Process 5,000 Ending Work-in-Process Inventory 3,000 What is the cost of direct materials used?
Answer:
$17,000
Explanation:
Step 1: Determine the formula for the direct material used
= Beginning Direct Material Inventory + Purchases of Direct Materials - Ending Direct Material Inventory
The Work in progress values should only find expression Manufacturing Account Statement preparation of production cost.
Step 2: Fit the figures into the formula
Beginning Direct Material = $12,000
Purchases of Direct Materials = $15,000
Closing/ Ending Direct Material = $10,000
Cost of Direct Material Used = $12,000 + $15,000- $10,000= $17,000.
Note: Direct material are those raw materials in production or manufacturing that are directly used, related or traceable to the goods or products manufactured.
A market researcher randomly selects 1 00 drivers under 45 years of age and 2 00 drivers over 45 years of age. Identify the type of sampling used in this example. a) convenience systematic b) cluster simple c) random stratified
Answer:
(c). Random Stratified
Explanation:
Sampling refers to selection of a number of observations for analysis as a representative of the entire population of observations wherein the results would be interpreted the same as if the whole population was subject to analysis.
In a stratified random sampling, the observations are divided into small groups known as strata which relate to a sample interval, from which an item is chosen at random.
In stratified sampling, the selection of an item is taken from the observations belonging to a strata belonging to a particular sample interval.
In the given case, stratified random sampling has been used.
Final answer:
The market researcher is using stratified random sampling by dividing drivers into age groups and sampling from each. This method ensures that different categories of the population are represented in the sample.
Explanation:
The type of sampling used by a market researcher who selects 100 drivers under 45 years of age and 200 drivers over 45 years of age is stratified random sampling. This method involves dividing a sampling frame into relevant subgroups based on certain characteristics—in this case, age groups—and then drawing a sample from each of these subgroups. Such an approach allows the researcher to ensure that both age categories are well-represented in the sample, increasing the likelihood that the sample data is reflective of the entire population.
In the listed examples:
The soccer coach is using stratified sampling because he divides his players into age groups and selects a sample from each.The pollster conducting interviews with all human resource personnel in five different high tech companies is using cluster sampling.The high school researcher interviewing an equal number of male and female high school teachers is also employing stratified sampling, with gender being the basis for stratification.The department store manager is using a type of cluster sampling by selecting random departments and interviewing all employees within those departments.
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn.
a. True.
b. False.
Answer:
The correct answer is option a.
Explanation:
Comparative advantage refers to the situation where an individual, firm, or nation can produce a good at a comparatively lower opportunity cost.
It is given here that,
Hank's opportunity cost of producing a bushel of corn = 2 bushels of soybeans
And,
Tony's opportunity cost of producing a bushel of corn = 3 bushels of soybeans
We see that Hank has a lower opportunity costs in the production of corn. So we can say Hank has a comparative advantage in the production of corn. Or in other words, Hank specializes in the production of corn.
Hank has a comparative advantage over Tony in the production of corn because his opportunity cost is lower. He only has to give up 2 bushels of soybeans to produce a bushel of corn compared to Tony's 3 bushels. Therefore, the statement is true.
Explanation:The question asks if Hank has a comparative advantage in the production of corn over Tony. In economics, a person has a comparative advantage at producing something if they can produce it at a lower opportunity cost than someone else. Here, the opportunity cost for Hank to produce a bushel of corn is 2 bushels of soybeans, while for Tony it is 3 bushels of soybeans. Therefore, Hank indeed has a comparative advantage as he is giving up less to produce corn. So, the answer is (a) True.
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