When decision makers choose to continue an existing course of action because it is the less painful option at the time, this is known?
Final answer:
Escalation of commitment refers to the continuation of a course of action due to past investment, despite new information that it may not be the best path, commonly related to the sunken costs fallacy and influenced by a desire to avoid the pain of change.
Explanation:
When decision makers choose to continue an existing course of action because it is the less painful option at the time, despite new information indicating that the continuation may be suboptimal, this is known as escalation of commitment. This phenomenon is also referred to as the sunken costs fallacy, where the decision to continue is often justified by the investments already poured into the venture. The psychological discomfort of admitting a loss and the desire to avoid immediate pain can bypass rational decision-making, leading to a preference for familiar paths, even if they are not the most beneficial in the long run. A decision-making process that compares the cost of an action against the expected benefit is meant to determine the best possible course of action, yet this process is often overshadowed by the inclination to maintain the status quo due to factors such as apathy, groupthink, and the avoidance of short-term pain, as seen in melioration.
Name the four major categories of primary energy use in an industrial society, and match the energy sources that correspond to each
Four major categories of Primary energy use are:
1. Transportation
2. Industrial Process
3. Commercial and residential use
4. Generation of electrical power
Transportation depends entirely on petroleum, whereas nuclear power, coal, and water power are limited to the production of electricity. Electricity is in most commercial and residential use. Industrial processes use natural gas, oil, and electricity. Some oil, natural gas and biomass are used for the generation of electricity.
Billy accepted a job at a company that specializes in providing money for short-term retail lending. where did he go to work?
rajon is trying to decide between majoring in psychology and majoring in economics. he considers the intensity of each major since he will be on the varsity football team next year, his interest in the subject matter of the required courses in each field, and the likelihood of finding a job after graduation. he has employed ____.
Rajon has employed a utility theory of which a person has decided and targeted his or her preference in life as it is seen on Rajon’s actions as he tries to determine the course he would take of which is beneficial for him in the future which are considered to be his preference in his life. It is also a way of having people rank choices and which would be of preference or priorities in their life. It can be illustrated on Rajon’s actions as he tries to take up choices of which is best and which are his priorities in relation his field and job after he graduated in his school.
Which historical style period lasted less than 100 years?
The Renaissance and the Baroque are examples of historical style periods that lasted less than 100 years. These periods, occurring between 1400 and 1600 AD, and late 16th century to 1740s respectively, were marked by significant cultural, artistic, and intellectual changes.
Explanation:In history, there are several style periods that lasted less than 100 years, but a notable example is the Renaissance. The Renaissance style period was characterized by a revival of interest in the classical learning of Greece and Rome and took place approximately between 1400 and 1600 AD, making it last less than 200 years. Specifically, the High Renaissance, which saw the masterworks of artists such as Michelangelo and Leonardo da Vinci, was a much shorter period, lasting from about 1490 to 1527.
Another example could be the Baroque period that followed the Renaissance, characterized by exaggerated motion and clear, easily interpreted detail to produce drama, tension and grandeur in sculpture, painting, literature, dance, and music. The Baroque period lasted from the late 16th century until the 1740s.
Each of these historical style periods were characterized by unique artistic, cultural, and intellectual tendencies and innovations, influencing significant developments in areas such as art, music, architecture, and politics among others.
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Infrastructure is: question 13 options: not important in a market-based economy. a country's public capital. typically better when provided by private companies. unimportant for economic growth because the government provides it.
While sales contests can motivate employees at all levels to participate, a disadvantage of this method of sales promotion is that?
When jeff bezos founded amazon.com in 1994, he was laying the foundation for the world’s largest __________, because amazon.com uses the internet to make its products and services available to its consumers?
I believe the answer is: Electronic marketing channel
Electronic marketing channel refers to a digitized market p[lace where people could purchase goods/services without actually going to the physical store. in the past, amazon.com only exist to market books as its sole product.
Now, it is regarded as the largest electronic marketing channel in the world which offers the most complete collection of goods and services, followed closely by alibaba.com
The marketing technique known as ________ involves merchants offering products or services for a very low price for a short period of time
In the summer, ben often jogs during the middle of the day. when he exercises in these conditions, he sweats heavily. the recommended way for ben to maintain his fluid balance is to
A(n) _____________ questionnaire measures what it was intended to measure in the population being assessed.
A(n) ____ is the process of searching through a list from one end to another.
The answer to this question is linear search. Linear search is a method of finding an item in the list. Linear search is also known as a sequential search. In this kind of method, this is a search method where in all elements are being searched in order to find the desired element or value.
There are few industries that have such a wide range of salaries as the entertainment industry. salaries spread from those for the "dollar a holler" commercial voiceovers to the multi-million dollar movie stars. obviously there is little ___________ in hollywood.
"faults associated with zones of subduction are _____________ faults depending on the angle of the dip."
When using a subsidiary ledger, the accounts receivable account in the general ledger is called the _______ account?
The accounts receivable account in the general ledger when using a subsidiary ledger is called the control account. A subsidiary ledger provides the detailed records that support a control account in the general ledger.
Explanation:When using a subsidiary ledger, the accounts receivable account in the general ledger is referred to as the control account. The control account's balance is the aggregate or summation of the individual accounts held within the subsidiary ledger.
A subsidiary ledger (also known as a subledger or auxiliary ledger) contains the details to support a general ledger control account. For instance, the accounts receivable control account in the general ledger totals the amounts owed by all customers, while the accounts receivable subsidiary ledger breaks down the total amount owed by showing each customer's balance.
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Hugh akston took out a 30 year mortgage with an ear of 5.9%. if hugh borrowed $300,000 to buy his home, then his monthly payment will be closest to:
Answer:
Monthly payment = $1,779.41
Explanation:
A mortgage is a a form of loan that is secured on a specified property that the debtor with predetermined periodic payments over a fixed period of time.
Here is the formula for calculating Hugh's monthly repayment
[tex]\\P[\frac{r(1+r)^n}{((1+r)^n)-1)}][/tex]
Explanation of the terms below
P = Loan amount. M = Monthly mortgage payment. r = Interest rate. Which has to be recalculated to monthly. Therefore monthly rate[5.9% expresssed in percentage] = [tex]\frac{0.059}{12}[/tex] = 0.004917n = number of payments. This is the loan term. Therefore our N = 30 years by 12 months = 360.Fitting into the formular:
[tex]\\300000 * \frac{0.004917(1+0.004917)^'360'}{(1+0.004917)^'360'}-1[/tex]
Which is = $1779.41 monthly
Buckette co. owned 60% of shuvelle corp. and 40% of tayle corp., and shuvelle owned 35% of tayle. what is this pattern of ownership called?
Buckette co. owned 60% of shuvelle corp. and 40% of tayle corp., and shuvelle owned 35% of tayle.
This pattern of ownership is called a connecting Affiliation. This a type of mutual owner ship, like many people have their family business and have shares in the business. If a company of someone, who has his son and grandson and they are also have shares in that company or owned by percentage, this is mutual ownership and the pattern is connecting affiliation.
The pattern of ownership described is known as a pyramid or tiered structure, where Buckette Co. owns a majority of Shuvelle Corp. and a minority of Tayle Corp., with Shuvelle also owning a part of Tayle. This hierarchical structure affects financial reporting and consolidation.
The ownership pattern described in the question is typically referred to as a pyramid or tiered structure. This is characterized by one company owning a significant percentage of another company, which in turn owns a substantial share of a third company.
In this case, Buckette Co. owns the majority of Shuvelle Corp. at 60% and a minority stake in Tayle Corp. at 40%, while Shuvelle Corp. owns 35% of Tayle Corp.This form of ownership is common in business structures where a parent company exerts control over subsidiary companies, which may have their own subsidiaries, forming a hierarchy of companies.
In terms of financial reporting and consolidation, entities with more than 50% ownership are often required to consolidate the financials of the entity they control. As for Buckette Co., given its level of ownership in Shuvelle Corp., it would typically need to consolidate Shuvelle’s financials, and possibly Tayle Corp.'s financials, depending on the extent of indirect influence through Shuvelle.
When the average price level in the united states, relative to the average price levels in other countries, rises, this tends to raise imports and lower exports?
Oxes service shop started the year with total assets of $320,000 and total liabilities of $240,000. during the year, the business recorded $630,000 in revenues, $450,000 in expenses, and owner drawings of $60,000. ownerâs equity at the end of the year was
The federal minimum wage law requires that most workers be paid at least $5.15 per hour. a governor of a small industrial state, in which the standard of living is considerably below national levels, perceives that some employers might be willing to hire more workers if the amount were lowered. in order to increase the general welfare of the citizens of this state, he proposes to the legislature a bill lowering the minimum wage in certain industries and especially for certain age groups. such a state act would probably be declared unconstitutional because of
The proposal to lower the minimum wage would likely be deemed unconstitutional due to the Supremacy Clause of the U.S. Constitution, which maintains federal law as the 'supreme law of the land', overriding any conflicting state laws. The federal minimum wage law is intended as a price floor in the labor market to protect the health and well-being of employees.
Explanation:This question pertains to the laws around the establishment of minimum wage stipulated by the federal government in the US. The minimum wage law is cited as an example of a price floor in the labor market. It is intended to stabilize the post-Depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.
In your case, the governor's proposal to lower the minimum wage in certain industries and for certain age groups would likely be deemed unconstitutional because the federal law preempts state law. The Supremacy Clause of the Constitution of the United States stipulates that federal law, treaties, and the U.S. Constitution itself are 'the supreme law of the land', meaning they override any conflicting state laws.
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An individual who wants others to pay for public goods, but plans to use those goods without paying, is often referred to as a ________.
Project metadata is data that is ________.
The art of getting the greatest benefit from limited financial resources is called A. inflation. B. financial management. C. marketing. D. profit.
Financial management involves optimizing financial resources to maximize benefits and minimize losses within a business amidst economic fluctuations.
Financial management is the art of getting the greatest benefit from limited financial resources. It involves making strategic decisions on how to allocate funds to maximize profits and minimize losses within a business.
For example, a firm can leverage inflation by paying bills and wages as late as possible to pay in inflated dollars, while focusing on collecting revenues promptly to mitigate losses.
Inflation can impact businesses' financial decisions, highlighting the importance of effective financial management to navigate economic fluctuations and maintain profitability.
The correct answer is (B) Financial management.
allison's auto art is a company that applies pinstripes to vehicles. allison's cost for a basic 1minus−color pinstriping job is $35, and she charges $95 for this service. for a total price of $175, allison will apply a fancier 3minus−color pinstripe application to an automobile, a service that adds an additional $40 to the total cost of the package. what is the marginal cost of moving up from the 1minus−color application to the 3minus−color application?
The marginal cost of upgrading from a 1-color pinstriping application to a 3-color application at Allison's Auto Art is $40, which is the additional amount charged for the fancier service.
Explanation:The student is asking about the marginal cost when upgrading from a 1-color to a 3-color pinstriping service. To find the marginal cost, we should calculate the difference in cost between the two services. The cost for a 1-color pinstriping job is $35 and the charge of the service is $95. For a 3-color pinstripe, the cost is not directly given, but it adds an additional $40 to the total price, which is $175.
The cost for the 3-color service can be calculated as:
Cost of 3-color pinstripe = Cost of 1-color pinstripe + Additional cost
= $35 + $40 = $75
Therefore, the marginal cost for the additional colors, which is the difference between the cost of 3-color and 1-color service, would be:
Marginal Cost = Cost of 3-color pinstripe - Cost of 1-color pinstripe
= $75 - $35 = $40
The marginal cost of upgrading to the 3-color pinstriping application is therefore $40.
Why are some economists concerned about the proliferation of regional trade agreements? regional trade agreements terms can conflict with those of the wto. regional trade agreements may limit trade from outside the regions in agreement. regional trade agreements make the economies of partner nations more independent of each other. previousnext?
What type of costs should firms and individuals ignore when making decisions?
The answer is sunk costs also known as retrospective costs. It is a charge that has already been acquired and cannot be recovered. These are occasionally compared upcoming costs that may be acquired or changed if an act is taken which is called prospective costs. Both prospective and retrospective costs may be either fixed or variable costs. Though, many economists consider it a mistake to categorize sunk costs as "fixed" or "variable."
Assume that the supply curve for corn is upward-sloping. in the market for corn, a primary input in the production of ethanol, total surplus _____ when the price of ethanol increases.
Tomas increased his consumption of potato chips when the price of pistachios increased. for tomas, potato chips and pistachios are
For Tomas, potato chips and pistachios are substitute goods, meaning they can fulfill the same function for him. When the price of pistachios increased, Tomas shifted his consumption to the cheaper potato chips.
Explanation:For Tomas, potato chips and pistachios are what economists refer to as substitute goods. Substitute goods are two goods that could fulfill the same function for a consumer. If the price of one good increases, the consumer will shift their consumption to the other, cheaper good.
In this case, when the price of pistachios increased, Tomas began consuming more potato chips instead. This is a classic example of how changes in prices can direct consumer behavior, a fundamental concept in microeconomics.
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A climograph a. is an imprecise display of data. b. is usually in the form of a map. c. can be used to classify climate. d. does not appear in the textbook. e. cannot be constructed for most places in the world.
The correct answer is c. can be used to classify climate.
A climograph is a type of graph that displays climate data, typically showing the relationship between temperature and precipitation. It is a precise tool for displaying data, not imprecise, so option a is incorrect.
Climographs are not maps, but they can be used to represent climate data for different regions, which may then be plotted on a map, making option b incorrect. They are specifically designed to classify climate based on the patterns they reveal, which supports option c.
Since climographs are a recognized tool in climatology, they do appear in textbooks, making option d incorrect. Lastly, climographs can be constructed for most places in the world where climate data is available, so option e is also incorrect.
Smartwork inc. produces popular electronic devices, such as notebook computers. for the design of their products, this firm used ideas generated in-house and from university professors. both sources of ideas created significant value. even though smartwork was not the first to think of all the ideas they used, they became the first to successfully commercialize these ideas. also, smartwork has been known to buy intellectual property when doing so suits their needs. this scenario describes a(n)
The scenario describes open innovation, where a firm utilizes both internal and external ideas for better innovation outcomes. This approach enables faster innovation, lower costs, and reduced competitive risks.
The scenario described in the question depicts a company engaging in what is known as open innovation. In this strategy, firms use both internal and external ideas to advance their technology and product offerings.Key advantages of this enterprise model include:
Faster product and process innovationLower cost of innovationReduced risk of competitive preemptionFor instance, Smartwork Inc. leverages ideas from university professors and purchases intellectual property to innovate, much like Fiat's development of the Palio in Brazil using global expertise, or the way Texas Instruments collaborates between Indian and U.S. engineers for advanced chip designs.