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Nintai godlove
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Suppose the world price of coffee is $2 per pound and Brazil's domestic price of coffee without trade is $3 per pound. If Brazil allows free trade, will Brazil be an importer or an exporter of coffee?
On Jun 29, 2024
Brazil will be an importer of coffee.
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Briefly define a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.
On Jun 28, 2024
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value. A good has tangible attributes that a consumer's five senses can perceive and intangible ones such as a warranty or delivery. They can also embody more abstract concepts, such as becoming healthier or wealthier. Goods can also be divided into nondurable goods, which are consumed in one or a few uses such as food products and fuel, and durable goods, which usually last over many uses such as appliances, cars, and smartphones. Services are intangible activities, such as a cruise, or benefits, such as convenience, that an organization provides to satisfy consumer needs in exchange for money or something else of value. An idea is a thought that leads to a product or action, such as getting people out to vote.
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When banks decide to increase their reserves, the money supply will _____ (holding all else constant).
On May 30, 2024
decrease
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Peanut Allergy.Kitty,who had a love of baking,decided to open her own bakery.She decided that she did not need and did not want to pay for a lawyer to advise her on different forms of ownership.Unfortunately,Kitty had not paid attention in business law class.She proceeded,with little thought,to simply open her business called Kitty's Baking.Bobby came in to order some cookies for his girlfriend,Bitsy,who was allergic to peanuts.Bobby told Kitty that he needed some cookies for Bitsy but that Bitsy had allergies to peanuts.Kitty told him not to worry because she would make up a special batch just for him.Kitty had hired some assistants because she was so busy.She told an assistant,Cathy,to make up several batches of cookies for different customers including Bobby and to leave out the peanuts in Bobby's order.Cathy,however,forgot the instruction and proceeded to make Bobby's cookies with crushed peanuts.Bobby picked up the cookies and gave one to Bitsy in the car while they were on the way to the movie in Bobby's new car.Bitsy became violently ill,vomited in Bobby's car,and had to have her stomach pumped.Bobby and Bitsy sought recovery from Kitty who told them that Bitsy's doctor bill and Bobby's car cleaning bill were business debts,that the business was new and not making any money at the moment,and that she had no personal liability.Following the incident involving Bobby and Bitsy,Kitty discussed with her parents her problems with the bakery.Kitty's parents would like to invest in her business and share in any profits,but they do not want to share in the management responsibilities.What type of business did Kitty initially set up?
A) A limited liability company
B) A sole proprietorship
C) An individual proprietorship
D) A traditional corporation
E) An S corporation
A) A limited liability company
B) A sole proprietorship
C) An individual proprietorship
D) A traditional corporation
E) An S corporation
On May 29, 2024
B