Answer:
B) False
Explanation:
The Lanham Act of 1946 protects the owner of a trademark against any use that may result in consumer confusion and also regulates unfair competition, especially false advertisement.
In its ad, FreshAir is making false claims about Smell Sweet's air freshener. Therefore, Smell Sweet can sue FreshAir for defamation and false advertising.
Final answer:
FreshAir, Inc.'s misleading claim about its competitor's product's effectiveness can be considered a violation of the Lanham Act, as false advertising is not protected under the First Amendment's guarantee of freedom of speech.
Explanation:
The statement made by FreshAir, Inc. about its competitor's product, Smell Sweet, is false and misleading, which can be grounds for a violation of the Lanham Act. The Lanham Act prohibits false advertising that misrepresents the nature, characteristics, qualities, or geographic origin of goods, services, or commercial activities.
Commercial speech, such as advertising, is protected by the First Amendment, but this protection does not extend to false or misleading statements. The Lanham Act is designed to ensure that consumers are not deceived, which is critical for making informed purchasing decisions.
In the landmark case New York Times Co. v. Sullivan, the Supreme Court provided protection for free speech, especially around political discourse, but reaffirmed that false statements of fact are not entitled to the same level of protection, particularly in commercial advertising where there could be a tangible harm to competitors.
In this scenario, where FreshAir states a competitor's product lasts significantly less than it does, FreshAir can be sued for false advertising under the Lanham Act.
Thus, the claim that FreshAir, Inc. has not violated the Lanham Act because the First Amendment's guarantee of freedom of speech applies is false. The Lanham Act specifically targets and prohibits the kind of false advertising alleged against FreshAir, Inc.
A salesperson is offering promissory notes for a company selling coffee at drive-through kiosks. The notes pay a 13% interest rate and mature within 9 months. The salesperson tells a potential investor that the motes are risk-free and that the kiosks are collateral that secure the note.The salesperson is not registered in the state and notes are not registered in the state.
Answer:
Legitimate promissory notes are marketed to sophisticated, corporate investors that have the ability to thoroughly research the company issuing the notes and determine whether the issuer will be able to repay principal and interest. There have been many instances of "promissory note fraud" where unlicensed individuals push bogus promissory notes that are sold as investments that offer above-market fixed interest rates and safeguarding of principal - and most of there are frauds. This is a major concern to state regulators.
To offer a promissory note, both the salesperson and the note must be registered in the state. Only promisory notes that have maturities of 9 months or less, that are investment grade, and are sold in minimum increments of $50,000 are exempt from registration.
Finally, the tell-tale sign of fraud are:
Statements that tho notes are "guaranteed" or insured, especially by bogus foreign entities.
Promises of above-market rates fo return
Statements that the notes are "risk"free"
The labeling of a star-up company´s notes as prime
Offers of promissory notes from a stanger who does not know the costumer financial situation
Final answer:
A promissory note is a financial commitment from one party to pay another, and while often used for business financing, is not risk-free, especially when unregistered. Collateral may mitigate but does not eliminate investment risk. Investors should carefully consider the issuer's creditworthiness and the note's registration status before investing.
Explanation:
A promissory note is a financial instrument that signifies a written promise by one party (the issuer or maker) to pay another party (the payee) a definite sum of money, either on demand or at a specified future date. They are commonly used in business transactions as a means of short-term financing. For example, the manager of a manufacturing company may issue promissory notes to raise capital for expanding operations.
In the scenario described, the salesperson is offering promissory notes with a 13% interest rate, maturing within 9 months. The notes are described as 'risk-free' with the drive-through kiosks acting as collateral. However, it’s important to note that there are always risks involved with investments, and the description of these notes as 'risk-free' should be approached with skepticism, especially since the salesperson is not registered in the state, and neither are the notes. This lack of registration increases the risk for potential investors as it implies a lack of oversight and legal protection. Moreover, collateral only partially mitigates risk; it does not eliminate it.
Promissory notes can be ‘discounted’ which means they are sold before their maturity date for less than their face value. This allows the seller to access funds immediately while the buyer benefits from the full face value at maturity, assuming the issuer can fulfill the obligation.
It is also important to remember that while promissory notes are credit instruments, their reliability heavily depends on the issuer's financial stability and creditworthiness. In the case of a company expanding operations through the issuance of bonds or commercial paper, investors should carefully assess the risk before purchasing these notes.
Assume you borrowed $100,000 at a fixed rate of 7 percent for 30 years to purchase a house. If the inflation rate is 3 percent, then your repayments to the lender have ___________ purchasing power than the dollars that s/he loaned to you.A-lessB-moreC-the sameD-none of the above
Answer:
(A) less
Explanation:
Given a positive inflation rate, the real value of the dollar will depreciate by the rate of inflation annually.
Thus, for a house that cost $100,000 today, given a 3% inflation rate, it would cost (100,000 * 1.03 = ) $103,000 after a year.
This means, $100,000 today will have the same value as $103,000 one year later.
Therefore, repayments, which will likely be a fixed sum every year, will have a lower purchasing power as the year progresses.
Which of the following best describes the current ratio?
a. debt ratio
b. operating performance ratio
c. liquidity ratio
d. efficiency ratio
Answer:
c. liquidity ratio
Explanation:
Liquidity means having cash or access to cash readily available to meet obligations to make payments.
For the purpose of ratio analysis, liquidity is measured on the assumption that the only sources of
cash available are:
Cash in hand or in the bank, plus
Current assets that will soon be converted into cash during the normal cycle of trade.
It is also assumed that the only immediate payment obligations faced by the entity are its current liabilities.
There are two ratios for measuring liquidity:
Current ratio
Quick ratio, also called the acid test ratio.
Based on the above discussion, the answer is c. liquidity ratio
Answer:Your answer would be C liquidy ratio
Hope this helps! :-)
:
The Palladian government required that all imported products that came from Lovaskiya be checked by Palladian customs inspectors. The inspection was done at a container freight station that was both remote and poorly staffed. This delayed the Lovaskiyan consignment from reaching the consumers in Palladia.
The inspection strategy adopted by the customs officers in Palladia is an example of a(n):
A. antidumping policy.
B. voluntary export restraint policy.
C. administrative trade policy.
D. monopolistic competition policy.
E. tariff rent policy.
Answer:
C. administrative trade policy.
Explanation:
Based on the information provided it seems that the inspection strategy adopted is an example of an administrative trade policy. This policy is basically various bureaucratic rules that have been designed in order to slow down the flow of a specific good being imported into the country which is implementing the policy. Which in this case the policy was designed to slow the flow of ALL goods from Lovaskiya.
The inspection strategy adopted by the customs officers in Palladia is an example of an administrative trade policy. The correct option is C.
The Palladian government’s strategy of requiring that all imported products from Lovaskiya be checked by customs inspectors at a remote and poorly staffed container freight station is a classic example of an administrative trade policy. This method creates non-tariff barriers to trade, which can delay or restrict the importation of goods by increasing the administrative burden and slowing down the process. Administrative trade policies can include any rules, regulations, or policies that act to obstruct the free flow of goods into a country without directly imposing tariffs or duties. Examples include:
Stringent customs proceduresComplex and extensive paperwork requirementsProduct standards and certification demandsProhibitive inspection processes
These policies typically increase the cost and time required for foreign companies to export their goods, thereby giving an implicit advantage to domestic producers and sometimes aiming to protect national industries from competition.
All of the following are ways listed in your text that customers engage with brands via social media except consumers acting as brand advocates. consumers seeking discounts. consumers seeking contact with customer service. consumers using search engines to find a product. consumers sharing brand information.
Answer: consumers acting as brand advocates
Explanation:
A consumer is less likely to act as a brand advocate. An advocate to someone is a person that speaks on behalf of someone or acts as an intermediate between a person he is representing and another. An advocate role is not the job of a consumer.
In recent years debit cards have become popular. Debit cards allow the holder of the card to pay a merchant for gods and services directly from a checking account. How do you think the introduction of debit cards affected the amount of currency in the economy? How about the amount of checking account deposits.
Answer:
Debit cards are assigned to checking accounts, and since they have become more popular, the amount of currency in the economy has decreased while the amount of checking account deposits has increased.
Explanation:
Actual currency (bills and coins) and checking accounts are part of the M1 category of the money supply, since both are considered completely liquid.
Suppose that you own a house. What is the opportunity cost of living in the house?
A. There is no opportunity cost because you own the house.
B. There is no opportunity cost unless you could set up a business in the house.
C. The opportunity cost is the rent you could have received from a tenant if you didn't live there.
D. The opportunity cost is the eost of your monthly mortgage payment plus bills.
Answer:
C. The opportunity cost is the rent you could have received from a tenant if you didn't live there
Explanation:
Opportunity cost is the cost of other alternatives forgone when one choice was made over other choices.
If I didn't live in the house i built, the other alternative use of the house would be to rent it out. This would be the opportunity cost.
The explicit cost are the cost of your monthly mortgage payment plus bills.
I hope my answer helps you.
The opportunity cost of living in your own house is the rent you could have received from a tenant if you didn't live there. This is because opportunity cost is the value of the next best alternative you forgo when making a choice. In this case, option C is correct.
This is because opportunity cost represents the value of the next best alternative that you forgo when making a decision. Therefore, among the given options, the correct answer is C: The opportunity cost is the rent you could have received from a tenant if you didn't live there.
To understand this better, consider that every choice involves a trade-off. When you decide to live in your house, you give up the potential income from renting it out. This lost potential income is what economists refer to as an opportunity cost.
Why are you interested in the fellowship at our company and what do you hope to learn?
Answer:
I am interested in the fellowship at your company as it create opportunity for me learn advance skill which will help me to excel in corporate as well as learning with other professionals here, will help me build corporate networking, which is very important in the competitive world and more over fellowship is never like regular course, we learn in college, here we compete with each other right from funding the project to getting approval of projects. It is absolutly competitive, which will be my first step to corporate.
I hope to learn, how to get things done when it is tough getting and in a tight schedule, how leaders are made and how to hold nerve and stay focus in a tough moment of corporate.
Which of the following is not an example of risk factors for a multinational company?
A) Complying with contractual terms of agreements
B) Freezing the movement of assets out of the host country
C) Devaluing the currency
D) Limiting the remittance of profits or capital
Answer: A) Complying with contractual terms of agreements
Explanation: option A is the odd one out because it is about keeping to agreements or conditions in a contract, the other options "B,C,D" are risk factors for a multinational company that directly or indirectly affects their business.
The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in ______________.
Answer:
The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in access to social amenities and infrastructures
Explanation:
Unemployment has social impact on citizens involved ranging from contributions of government policies which has direct effect on the economy such as inflation, furthermore, decrease in assessing social amenities als has its contribution which enables the increment in different social vices
Determine which of the following bags of chips of comparable quality has the lowest per-unit cost and, thus, is the best buy.A. Brand A, 8 oz. bag for $3.60
B. Brand B, 10 oz. bag for $3.90
C. Brand C, 16 oz. bag for $6.50
D. Brand D, 1 oz. bag for $0.59
Answer:
B. Brand B, 10 oz. bag for $3.90
Explanation:
The lowest per unit cost of different brands can be calculated using the following formula
Cost per oz=Cost per bag/number of oz in that bag
Brand A Cost per oz=3.60/8=$0.45
Brand B Cost per oz=3.90/10=$0.39
Brand C Cost per oz=6.50/16=$0.406
Brand D Cost per oz=0.59/1=$0.59
So the answer is B. Brand B, 10 oz. bag for $3.90
The priority of the product in agile is more significant than in traditional project management, as the outcome, or product, will drive the elaboration of the project.
Answer:
It is a very true statement (EPLAINED) below.
Explanation:
The pre-eminence concerning the product in agile denotes extra meaning than meanwhile traditional project management (this means a worldly exercise which involves a collection of advanced methods applied for preparation, evaluating, and managing actions), because that result, conversely outcome will encourage this illustration of a specific project. Through adopting a methodical manner for constructing a WBS, project company constituents can guarantee that they comprehend all deliverables that are demanded to be formulated.
Nutriman, a company manufacturing health supplements, puts its advertisements in a popular health and fitness blog. The advertisements seamlessly blend in with the overall theme of the blog and almost look like a part of the platform. Which of the following strategies has Nutriman implemented in this scenario A. Product placement
B. Guerrilla marketing
C. Sponsorship
D. Native advertising
Answer: Option D
Explanation: Native advertising is a type of advertising that suits the system's style and substance on which it occurs. It works as an advertisement in many instances and appears as a photo, post or editorial.
Such advertisements minimize the awareness of users by integrating the ad into the platform's native information, using more inflammatory language such as "supported" or "label" advertising.
Thus, from the above we can conclude that the given case depicts native advertising.
Marketing managers at a cosmetic company wanted to find out how resistant their product is to smudging. They hired a research firm to ask 293 women who were wearing the company's StayColor line of cosmetics to rub their cheeks against their shirts using "the pressure they use when caressing someone else's face." The company was conducting ________.
A. custom research
B. ethnography
C. secondary research
D. case study research
E. syndicated research
Answer: Hope u have a great day
Explanation:
Most group Disability Income contracts are offered on a/an:
A. Contributory basis
B. Noncontributory basis
C. Nonoccupational basis
D. Occupational basis
Answer:
Answer is option C, i.e. Nonoccupational Basis.
Explanation:
When an injury is caused due to accidents while in the occupational role, then many organizations provide for the contract that is also considered as a form of insurance to cover the loss of the injury, that has resulted as a result of an occupational accident. These insurance are commonly known as Disability Income contracts or disability insurance. These are sanctioned to a person who has lost his/her occupation due to the injury caused in the accident while at work. Hence, the answer is option C.
Socialism is __________. a) an economic system based on private property and market exchange. b) an economic system where the government owns property and controls production. c) an economic system organized without private property and based on the principle that individuals should be able to consume societal resources based on their needs, not their ability. d) an economic system where buyers, sellers, and producers engage in the exchange of commodities and services.
Answer:
The correct answer is B. An economic system where the government owns property and controls production.
Explanation:
Socialism is an economic system where everyone in society equally owns the factors of production.
Under socialism, workers are no longer exploited because they own the means of production. Profits are spread equitably among all workers according to their individual contribution. But the cooperative system also provides for those who can't work. It meets their basic needs for the good of the whole society.
The system eliminates poverty. It provides equal access to health care and education. No one is discriminated against.
The most suitable definition of socialism from the list is "an economic system where the government owns property and controls production" (B).
Socialism can best be defined as an economic where the government controls production, A socialist economy does not favor private ownership of the factors of production.
What the socialist economy tends to archive is the satisfaction of needs rather than the accumulation of gains or profit. There is the belief of social ownership.
Thus, we can conclude that socialism is a system whereby, their is no private ownership of the means of production.
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Which of the following practices would indicate that an employer is trying to overcome a moral-hazard problem with his employees?
a) The employer pays his workers wages that are unusually high for the industry and region.
b) The employer pays his employees year-end bonuses depending on how well the business does and his observations of the employees’ efforts.
c) The employer has voluntarily removed video cameras from the factory floor.
d) Both A and B are correct.
Answer:b) the employer pays his employees year end bonus according to how the business does and his observation of the employees efforts
Explanation: The best payment system to overcome moral- hazard problem by employers is to pay by piece rates.
Piece rates or payment by result system is a payment system where employees are paid in proportion to the efforts and the overall business performance. With this system both employees and employers will be satisfied with the outcomes and will in turn prevent any suspicions from the employees since the system is clearly understood by both parties and a mutual relationship we be created.
Which of the following statements is true of organizations that practice the entitlement approach?
a. Employee rewards vary little from person to person and are not much based on individual performance differences.
b. Employee rewards vary significantly from person to person and are based on individual performance differences.
c. Employee rewards vary little from person to person and are based on individual performance differences.
d. Employee rewards vary significantly from person to person and are not much based on individual performance differences.
Answer:
A
Explanation:
Employee rewards vary little from person to person and are not much based on individual performance differences.
The entitlement approach is defined as the performance-driven culture, in which the management style changes and shifts from a rearview mirror perspective.
The correct answer is:
Option A. Employee rewards vary little from person to person and are not much based on individual performance differences.
The performance-driven organizational culture can be explained as:
1. The change in the management style from retrospective to be more focused on the financial perspective to balance the leading performance and weak signals to seek growth and attention.
2. It reflects a working environment, where success, growth, and efforts are acknowledged and rewarded. Rewards are not necessarily financial.
3. The strategy describing the organization that stresses the performance of the individual and its operating policies.
Thus, the correct answer is Option A.
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Throughout California, there are agencies within the city/county government whose employees include professionally trained planners. These agencies are known as:
Planning commissions.
Planning departments.
Planning boards of supervisors.
Building Officials Conference of America commissions.
Answer:
Planning Departments
Explanation:
Throughout California, there are agencies within the city/county government whose employees include professionally trained planners. Noticed that planning department employees provide technical services (rather than just recommendations, as planning commissioners do) for the planning commission, elected officials, and the citizens.
In city/county governments, agencies with professionally trained planners are typically known as Planning Departments. They work with various stakeholders to develop plans for growth and development, aiming to promote public welfare.
Explanation:Throughout California and many other USA locales, there are agencies within city/county governments whose teams are made up of professionally trained planners. These agencies are typically known as Planning Departments. These departments usually work closely with city supervisors, the public, and other government agencies to develop goals and plans for growth and development. The goal of these agencies is to promote and enhance public welfare. This includes aesthetic considerations, public safety, social justice, and efficient infrastructure. Plans developed by these agencies might include land usage, community design, transportation, environmental regulation, and so forth.
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When a $1000 bond is initially sold at 5 percent "coupon" yield for 30 years, $50 (.05 x $1,000) interest per year is paid to the buyer of the bond. However, if interest rates decrease to 4 percent for similar bonds issued later on, then the market price of the initial bond will _________________ ..
Answer:
Increase.
Explanation:
We know,
Coupon rate > yield to maturity = Premium or > Market price
Here,
Coupon rate = 5%
Interest rate or YTM = 4%
From the formula,
We can say that as the coupon rate is greater than YTM, the market price of a $1000 issued bond will be increased. We can say that the bond is selling at a premium price because the interest rate is decreasing.
A community organizer wants to convince state officials to create a universal preschool program so that all families with young children will have access to affordable child care. His goal is primarily about increasing the labor force participation of community adults, but his agenda is popular among less advantaged community members because they want standardized educational opportunities for their children. Furthermore, it is popular with more affluent community members who see this as a way to integrate children from different backgrounds earlier in their development. This set of congruent interests would be an example of what David Snow calls
Answer:
David Snow focused on this set of conguent interests on social movements issues strategies on his most important scholarly achievement which he called "framing perspective"
Explanation:
Snow´s "framing perspective" approach on large, informal groupings of individuals or organizations to negotiate on emergent meanings of social-movement issues, is psychological and centered in agencies services focused on specific action for change.
More than competing perspectives framing perspective is a diagnostic framing to identify the problem to assign of blame; prognostic framing to suggest solutions, strategies, and tactics to a problem and motivational framing to get rationale action to the types of social change, which could be alternative, redemptive, reformative and revolutionary according to David F. Aberle a cultural anthropologist.
When preparing the selling and administrative expense budget, there is no need for a merchandising company to separate mixed costs into the fixed and variable components.A. True
B. False
Answer:
B) False
Explanation:
When you are preparing a budget for any of the company's departments, you have to separate fixed and variable costs.
For example, salespeople are usually paid a low fixed sum and a commission based on their total sales. Administrative expenses are not always fixed, most of them should be fixed, but some bonuses and other expenses might vary depending on the company's performance.
Jim, the CEO of Maple Inc., had to sign a few papers that Amanda, his secretary, presented to him. Unknown to Jim, Amanda had carefully slipped in a contract for the sale of Jim's home to her in the papers which he signed. If Amanda seeks to enforce the contract, Jim's best defense to have the contract declared void would be:
Answer:
B. Fraud in the execution
Explanation:
Jim's best option to declare the contract void in court would be to use the legal term 'Fraud in the execution, which constitutes any illegal act that is deliberately conceived to deceive or mislead another person with a negative effect towards that person.
In Jim's case Amanda actions negatively affected him as it involved selling his home to her.
Another example of this situation is when someone with limited vision is deceived into signing a lease of his home with the thought that he is signing a bank document.
A combination washer/dryer costs $1,179. New parts for this washer/dryer cost $211, labor to repair it costs $553, and shipping it to and from a repair center costs $152. A full warranty, which covers all aspects of repairing the washer/dryer, costs 30% of the price of the washer/dryer. A limited warranty, which only covers labor costs, only costs 14% of the price of the washer/dryer. Assuming that the washer/dryer needs repairs which include parts, labor, and shipping, which warranty is the better deal, and by how much, rounded to the nearest dollar?
Answer:
D. $174 less
Explanation:
The warranty that is the better deal is: The full warranty will end up costing the consumer $174 less.
Cost of full warranty:
Cost of full warranty=30%×$1,179
Cost of full warranty=$353.70
Cost of limited warranty:
Cost of limited warranty=(14% x $1,179) + $211 + $152
Cost of limited warranty=$165.06 +$211 +$152
Cost of limited warranty=$528.06
Difference
Warranty=$528.06-$353.70
Warranty=$174.36
Warranty=$174 (rounded)
Inconclusion the full warranty is a better because it is cheaper as it will end up costing the consumer $174 less.
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The management of Log Cabin Inc. allows employees to participate in decision making, maintains transparency of certain business information, and encourages the development of self-managed teams. In this scenario, what is Log Cabin implementing?
Answer:
Management by objectives
Explanation:
Management by objective, also called management by result, allow employees' to participate in decision making with a focus on achieving set business results. Management by objective is result oriented.
If Government (or Investment) spending is increased by $10 with MPC = 0.75, then the multiplier will be _________.
Answer:
Multiplier = 4
Explanation:
Government spending multiplier denotes the multiplier by which the GDP increases in response to increase in government expenditure.
Government spending has multiple impact depending on the society's overall propensity to consume.
Suppose if government spends USD 1, and consumer A receives USD 1, spends 0.75 out of this USD 1, consumer B receives this USD 0.75 and he also spends 75% of this USD 0.75 he received, this cycle continues until the spending reduces to nil.
Therefore spending multiplier is used to calculate total impact of each USD spent by government. Following is the formula for multiplier
Multiplier = 1 / (1 - marginal propensity to consume)
Multiplier = 1 ( 1 - 0.75)
Multiplier = 4
When the government intervenes in the economy to promote efficiency, it means that the government is trying to:
a. change the way in which the economic pie is divided.
b. increase the size of the economic pie.
c. create a more unequal distribution of income.
d. create a more fair distribution of income.
Answer:
d. create a more fair distribution of income
Explanation:
The market forces sometimes do not allocate resources efficiently, therefore, the government sometimes intervenes in order to promote efficiency and create a more fair distribution of income.
For example, if the price for which market forces allocate for a good is too low, the government can intervene by setting a price floor.
Also, if the price of a good is too high, government can enact a price ceiling.
This ensures that the income of both producers and consumers are more fairly distributed.
Also, if a monopoly is setting the price of its goods too high, the government can regulate the activities of the monopoly to create a more fair distribution of income.
I hope my answer helps you.
Starbucks uses different kinds of coffee, dairy and non-dairy alternatives, flavor shots, and temperature levels to create a diverse array of options for customers. It uses a machine called a Clover, which allows baristas to customize brew times down to the second, specify how much exposure the water has to the coffee grounds, and dial in a precise temperature. Starbucks is well-geared toward ______.
A. customization
B. standardization
C. mass customization
D. mass standardization
Answer:
C. mass customization
Explanation:
Mass customization refers to the process of providing market-wide goods and services tailored to each customer's specification but at a low unit cost as obtained in mass production. This is now possible with modern technology. This is also called made or built to order.
A married couple with 2 children and 5 grandchildren has an estate valued at $4 million. They decide to use gifts as a means to transfer some of their wealth to their family now and lower the value of their estate.
If for a five-year period the couple gives the maximum tax-free gift to each of their children and grandchildren, the value of their estate would be reduced to:
A) $84,000. B) $420,000. C) $3,090,000. D) $3,916,000.
Answer:
C) $3,090,000.
Explanation:
The married couple can give to each son or daughter $26,000 per year x 2 children x 5 years = $260,000
The married couple can give to each grandson or granddaughter $26,000 per year x 5 grandchildren x 5 years = $650,000
Their total tax free gifts = $260,000 + $650,000 = $910,000, so their estate will reduce to: $4,000,000 - $910,000 = $3,090,000
_____ macroeconomists focused on the _____ effects of _____ policy on the aggregate price level, ignoring any _____ effects on aggregate output.
Answer:
CLASSICAL macroeconomists focused on the LONG-RUN effects of MONETARY policy on the aggregate price level, ignoring any SHORT-RUN effects on aggregate output.
Explanation:
Classical macroeconomists focused mostly on the long-run since they perceived the economy was self-adjusting. That means that they should only set a guideline for the economy, and the economy itself would adjust to fulfill that guideline.
For example, just because the Fed carries out an expansionary monetary policy by lowering interest rates, it doesn't mean that the economy will start to grow and unemployment will lower. Other adjustments are necessary, like a tax reduction or an increase in government spending.
Neoclassical macroeconomists focus on the effects of policy on the aggregate price level, often ignoring its short-term effects on output. They emphasize long-term impacts of decisions related to monetary and fiscal policy on inflation, rather than their short-term effects on GDP. This approach contrasts with the Keynesian framework.
Explanation:The question asks about macroeconomists who primarily focused on the effects of policy on the aggregate price level, disregarding its effects on aggregate output. These economists are typically aligned with the neoclassical framework for macroeconomic analysis. They emphasize the long-term effects of policy decisions, like those related to monetary policy and fiscal policy, on variables such as inflation, rather than their short-term effects on GDP.
For example, they may discuss how a government's decision to increase spending (an aspect of fiscal policy) could increase inflation if it leads to an increase in the aggregate demand beyond what the economy can sustainably supply, without focusing on how such spending could also stimulate economic output in the short term.
The neoclassical approach contrasts with the Keynesian framework. Keynesians, in analyzing policy effects, would not ignore the impact on GDP, and are more focused on short-term outcomes.
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