b) It is efficient for firms to set wages at the equilibrium level as it may be in the best interest of firms to offer wages that are above the equilibrium level.
This is because setting wages at a higher level than the equilibrium level can help firms attract and retain more qualified employees, as well as improve worker morale, performance, and productivity.
By offering higher wages, firms can ensure that they have the best talent, which can lead to increased profits in the long run. Additionally, offering wages that are above the equilibrium level can also provide incentives to employees to work harder and be more dedicated to their job.
This can give the firm a competitive advantage in the market and can lead to increased profits.
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what is the principle cause of the difference between aggregate supply in the short run and in the long run? more resources are employed in the long run than in the short run. there is more inflation in the short run than in the long run. there is a time lag between price level changes and wage adjustments. there can be no economic growth in the short run. only the long run shows the tradeoffs required by any production decisions.
The principle cause of the difference between aggregate supply in the short run and in the long run is that (b) there is more inflation in the short run than in the long run.
Greater utilization of existing inputs in the manufacturing process is how aggregate supply responds in the short run to rising demand (and prices).
A corporation cannot build a new facility or implement new technologies to boost production efficiency in the short term since the quantity of capital is set. Instead, the business increases supply by making better use of its current means of production, such as increasing the number of hours that employees are given to work or making more use of the available technology.
However, in the long term, aggregate supply is unaffected by price level and is only influenced by increases in productivity and efficiency. These achievements include advances in technology, a rise in capital, and a rise in the skill and education levels of the labor force.
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4. at the beginning of the pandemic the fed engaged in the immense buying of bonds from the private sector. the goal of the fed was to do one of the following: a. increase government investment to narrow the deficit. b. increase interest rates to boost the wealth of investors. c. contract m1 to fight inflationary price gouging. d. expand m1 to lower interest rates.
Maximum employment and stable prices, which translates to low, steady inflation, are the two equal aims set forth by Congress for the Fed's monetary policy.
What 3 things carries out the Fed? The Fed affects the cost and availability of credit and money in order to support a robust economy. It is the nation's monetary policy authority.Maximum employment and stable prices, or low, steady inflation, are the Fed's two equally important monetary policy objectives as set forth by Congress.The Federal Reserve, sometimes known as the Fed, is the most potent economic institution in the world, if not the entire country of the United States.Setting interest rates, controlling the money supply, and overseeing the financial system are some of its main functions.Maximum employment and price stability are the two economic objectives that the Federal Reserve System is tasked with pursuing.It achieves this by implementing monetary policy, or managing financial circumstances in a way that promotes progress toward its dual mandate objectives, utilizing a number of policy tools.
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30. A method for tracking accounts receivable that matches specific invoices and payments from the customer is called a(n) A) specific identification B) balance forward C) cycle billing D) open-invoice entificatiomethod
3I) A vendor is selected for a certain product before the purchase of the product, the vendors identity is recorded in the A) purchase requisition transaction file. B) purchase requisition master file. C) inventory transaction file. D) inventory master file.
32) Steps in the expenditure cycle include all of the following except A) ordering B) shipping C) receiving. D) payment approval.
33) A disbursement voucher contains A) a list of outstanding invoices. B) the net payment amount after deducting applicable discounts and allowances C) the general ledger account(s) to be debited. D) All of the above are correct.
34) A voucher package generally includes A) a purchase requisition, vendor invoice, and receiving report. B) a purchase order, vendor invoice, and receiving report. C) a purchase requisition, purchase order, and receiving report D) a bill of lading and vendor invoice
Once a vendor is selected for a product, the vendor's identity is recorded in the inventory master file. This allows for specific Identification and reduces mix ups An item master allows one to record vital information about a particular inventory item. This includes date of manufacture, brief description of inventory item, height, weight, cost, and all the current inventory information.
An inventory file is a document that contains an electronic list of all items in a company's inventory, including items that are in stock or expected to be in stock soon. Items are listed and identified by category and classified into specific inventory groups based on the item's attributes.
A master file is the main file that contains a relatively permanent record of a particular item or entry. For example, a customer file contains customer details such as customer ID, name, and contact address.
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When you are analyzing your stakeholders for influence and impact which two factors are you measuring?
In contrast to influence, which evaluates a stakeholder's active participation in the project, power measures the degree of authority that a certain stakeholder may wield.
Any person, group, or entity with an interest in a company and the results of its activities is considered a stakeholder in the business world. Employees, clients, investors, suppliers, communities, and governments are typical examples of stakeholders. This guide will examine the most prevalent stakeholder kinds and examine the particular requirements that each of them frequently has. The objective is to put oneself in each sort of stakeholder's shoes and consider the situation from their perspective. A stakeholder is a "person or group that has an interest in any decision or action of an organisation," according to the international standard ISO 26000, which offers guidelines on social responsibility.
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What is selling the rights to place a brand name on products such as t-shirts referred to as?
a. international branding
b. national branding
c. private branding
d. regional branding
e. licensed branding
Selling the rights to place a brand name on products such as t-shirts referred to as licensed branding.
Leasing a brand name to some other business is known as licensed branding. The leased brand is then utilised for the duration of the agreement in a specific way and within a given geographic area. However, it is one that a lot of businesses and brands are not utilising. The business that leases a brand is referred to as the licensee, whereas the corporation that grants a brand is the licensor.
Although the licensee uses the brand name to sell their product or service, the licensor receives royalties. As a result of being able to reach the consumers of the rival brand, the licensee has access to a larger market. A good or service can enter a new market and develop strategically with a licenced brand.
The correct answer is option E.
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How will you protect yourself and your classmates to the threat of malwares?
Limit the amount of personal information you share on the internet. Change your privacy settings and avoid using location features. Keep your software and operating systems up to date.
How can you defend yourself against cyber hackers?Use strong and unique passwords for each of your accounts, and consider using a password manager to help keep track of them. Enable two-factor authentication on your accounts whenever possible.This adds an extra layer of security by requiring you to enter a code sent to your phone or email in addition to your password. Keep your software and devices up to date with the latest security patches and updates.Be cautious when clicking on links or downloading attachments, especially if you didn't expect to receive them. Use antivirus software to help protect your device from malware.Use a firewall to help block unauthorized access to your device. Be careful about the personal information you share online, and consider using a virtual private network (VPN) to help protect your privacy when you are connected to the internet.To learn more about antivirus refer :
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the many by-products of the production process, such as fly from cotton spinning; warp ends from weaving; ferrous and nonferrous metal from boring, drilling, and stamping machines; flash metal from the foundry process; or paper cuttings from the binding process are examples of:
Scrap includes a wide range of by-products from the production process.
What are by-products?A by-product is a secondary good that results from a manufacturing procedure, industrial process, or chemical reaction; it is not the main good or service being created.
A by-product can be beneficial and marketable or it can be viewed as waste. For instance, bran, which is produced when wheat is milled into refined flour, is frequently composted or burned for disposal but can also be used as a wholesome component of food for humans or animals.
Originally a waste product from oil refining, gasoline ultimately developed into a valuable commodity used as motor fuel. A byproduct of the oil refining process was also the beginning of the plastic used in plastic shopping bags.
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What is the similarities between data analysis and data interpretation?
Finding patterns as well as trends in information is the method of conducting data analysis. Giving significance to the information is the method of data interpretation.
It entails describing the data's patterns as well as trends that were found. First comes data analysis, then follows data interpretation.
The method of assessing data and drawing pertinent conclusions from it using different analytical techniques is known as data interpretation. Researchers can categorize, manipulate, and summaries data with the help of data analysis to find answers to important issues.
The process of reviewing data as well as drawing pertinent conclusions while utilizing a variety of analytical techniques is known as data interpretation.
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What are the factors that can influence the flexibility?
Flexibility is an essential part of successful company culture. Organizational flexibility is the ability that consists of the adaption to a turbulent business setting and a supple enterprise can create numerous shifts in a fairly brief period and at comparatively low inputs.
Flexible work appeals to trust. Not just from employee to employer but vice versa. It builds allegiance. When people have belief, they genuinely tend to make useful decisions and will go to bat against negativity. It fosters satisfaction. It also bolsters productivity. With flexible work, productivity skyrockets. Flexibility develops diversity. This is due to the variety of hiring from around the world. It unites people. Flexible work help connect staffers and associations to the community in which they operate.
Finally, it endorses success. Given that flexibility affords people sovereignty, freedom, and harmony, people perform fairer.
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T/F to be enforceable, a contract for a sale of goods priced at $50 or more must be in writing.
The statement, a contract for a sale of goods priced at $50 or more must be in writing is True ,
It is necessary to have written documentation or an electronic record of a contract for the sale of items costing $50 or more. Oral agreements to settle another party's debt are never upholdable. An oral agreement must be documented in writing by the party seeking to enforce it for it to be enforceable.
The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer,
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What are the pros and cons of trade agreements?
FTAs can pressure neighborhood industries to become greater aggressive and count number less on authorities subsidies.
They can open new markets, enlarge gross domestic product (GDP), and invite new investments. FTAs can open up a us of a to degradation of herbal resources, loss of common livelihoods, and neighborhood employment issues.
What are the dangers of change agreements?The dangers are twofold. If FTAs are not set up within the proper framework of policies, they can lower as a substitute than decorate economic welfare. The 2nd drawback is that they are now not true automobiles for liberalising trade in sectors on which events outside the settlement have a major influence.
Free alternate agreements do not simply reduce and get rid of tariffs, they also assist address behind-the-border limitations that would in any other case impede the waft of items and services; encourage investment; and improve the policies affecting such issues as intellectual property, e-commerce and authorities procurement.
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https://brainly.com/question/2201430#SPJ4Who starts the sprint in Scrum?
The new Sprint begins as soon as your Sprint Retrospective concludes the previous Sprint. Before the Sprint begins, Sprint Planning should be attended to by the complete Scrum team. The Scrum Master monitors adherence to the Scrum rules.
Sprint planning is often facilitated by a scrum master or coach to make sure that the conversation is productive, that everyone agrees on the sprint goal, and that the right product backlog items are added to the sprint backlog.
The sprint objective is an essential component of the Scrum framework. During the sprint planning meeting, the Scrum team collaboratively creates it. The product owner normally directs its creation, and the development team selects the technology and features that will be used to achieve the objective.
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sam's club has in-store demonstrations of special knives that are so tough they can cut through metal. sam's club customers watch demonstrations in awe, and as a bonus for listening to the features of the knives they receive a free paring knife. they are then told about the complete knife set and how to purchase it in-store or online. which step of the aida model does the sam's club example represent?
Sam's Club serves as the example for the interest stage of the AIDA model.
What are the AIDA model's four steps?The Attention, Interest, Desire, and Action (AIDA) Model is a model for the advertising effect that describes the processes a person takes while making a purchase of a good or service.
The AIDA model belongs to a class of models called the hierarchy of effects model, which is often referred to as a hierarchical model. These models all contend that buyers go through a series of phases or steps while deciding what to buy.
The phases are: Attention, Interest, Desire, and Action (AIDA). During these four stages, your material should ideally accomplish all four of the following: bring awareness to your brand; create interest in your product or service; pique desire for it; and prompt action to try or buy it.
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What are your ways to protect yourself from being a target of cybercrime?
A combination of preventive and reactive steps must be taken in order to protect oneself from cybercrime.
What defences do you have against becoming a victim of cybercrime?A combination of preventive and reactive steps must be taken in order to protect oneself from cybercrime.Utilizing robust and complicated passwords, changing them frequently, avoiding public Wi-Fi networks, and turning on two-factor authentication whenever possible are examples of preventative actions.Users should also keep up with the most recent cybercrime trends and be on the lookout for any unusual activity on their devices.Create secure passwords for all of your accounts, and never reuse them.Whenever practical, enable two-factor authentication.Always keep your operating systems and software up to date.Consistently create data backups.When using open WiFi, use a secure VPN.Use caution when opening attachments or clicking on links in emails and communications.Keep an eye out for strange behaviour in your accounts and credit reports.On your devices, instal antivirus and malware protection software.Watch out for unauthorised calls, emails, and messages on social media.When disclosing personal information online, exercise caution.To learn more about protect yourself from cybercrime refer to:
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Which of the following is true of a continuous budget?
aa. It is a moving 6-month budget.
b. It forces managers to plan ahead constantly.
c. It is broken down into quarterly and monthly budgets.
d. It is a quarterly budget used only by manufacturing firms.
e. It rules out the comparison of actual data with budgeted data.
A true statement of a continuous budget is that b. It forces managers to plan ahead constantly.
What is a continuous budget ?The process of continuously adding one additional month to the end of a multi-period budget as each month passes is known as continuous budgeting. There is always a full-year budget in place because the continuous budgeting idea is typically used with a twelve-month budget.
Businesses frequently utilize continuous budgeting to estimate their financial demands more precisely and to make better strategic decisions about how to distribute their resources.
As a result, managers in companies with continuous budgets will have to keep planning ahead if they are to meet with the demands of the budget.
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What is an example of intelligent automation?
One example of intelligent automation that makes use of artificial intelligence is copying text from a web browser.
What is a solution for intelligent automation?The intelligent automation solution combines cutting-edge innovations like artificial intelligence and robotic automations to improve and make it possible for the program to understand, learn, and act on its own.
What exactly does automation mean?Technology applications that require less human intervention are referred to as automated. All individual applications are covered by this, including home automation, business process automation (BPA), and IT automation.
By predetermining decision criteria, subprocess linkages, and associated actions as well as storing those predeterminations in machines, a wide range of technologies known as automation reduce human involvement in processes.
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in a kickback scheme, the funds come directly from: a. a non-accomplice vendor b. the victim company c. an accomplice vendor d. employees with purchasing authority
A) The funds in a kickback scheme come directly from a vendor who is not an accomplice.
A kickback: What Is It?An illegal payment intended to compensate for preferential treatment, or any other improper service received is known as a kickback. Money, a gift, credit, or anything else of value can be used as the kickback. A corrupt practice that prevents an employee or public official from making independent decisions is receiving or paying kickbacks. A form of bribery, kickbacks are frequently referred to as such.
Contracts for procurement work well for kickback schemes. Contractors who want to win a government contract for office equipment, for instance, typically have to compete against one another in their bids. A contractor might get in touch with a procurement officer and say that if the contractor won, the officer would get something in return. The reward could be money, concert tickets, or something else.
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john has always met his goal of selling ten cars each month, but he wants to try a new sales technique this month. he decides to try the new approach on the first few customers, and then reassess whether to continue with the technique. john is exhibiting his a. machiavellianism. b. self-esteem. c. self-awareness. d. risk tolerance. e. ambiguity.
John has always met his goal of selling ten cars each month, but he wants to try a new sales technique this month. The technique john is exhibiting is self-awareness.
What is self-awareness?The capacity to recognize and comprehend the characteristics that define your unique personality, including your actions, values, beliefs, emotions, and ideas, is known as self-awareness. It is essentially a psychological condition where the self takes center stage.
Self-awareness is the experience of one's own personality or uniqueness, according to self-help philosophy. It should not be confused with qualia-based consciousness. While self-awareness is the realization of that awareness, consciousness is the awareness of one's environment, body, and lifestyle.
Therefore, Thus option (C) is correct,
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What type of economy does not use money?
A barter economy is a type of economy that does not involve the use of money.
A barter economy is a type of economy, wherein goods are used as a medium of exchange for buying other goods. Barter economies have gradually become irrelevant, as no use of money does not provide an ideal store and measure of value.
In fact, it can also be said that the barter economies are completely out of trend in the present world scenario. Furthermore, it is also to be added that the introduction of money has changed the use of monies in most cases.
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What techniques can you use to present solutions to workplace problems to stakeholders?
Active breaks, adequate rest, breathing exercises, and yoga are a few stress-reduction strategies that can be used at workplace.
The term "stress" describes how a person's brain interprets a circumstance or occurrence as representing trouble in her life. The uncontrolled synthesis and release of hormones during times of stress puts the person in a state of alertness that can lead to other symptoms including high blood pressure, an increased heart rate, and low blood sugar.
It is advised to approach work situations with calmness and ease in order to combat job stress and prevent these symptoms and health concerns. Other stress-relieving activities include practising yoga, doing breathing exercises, not bringing work home, taking active breaks, and getting enough sleep at night.
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How does a team know when a backlog item is done?
The Scrum Team as a complete determines its Definition of Done in opposition to which “completed” Product Backlog objects will be compared
How does a Scrum group comprehend when a backlog item is done?This is achieved by means of inspecting the work since the final Daily Scrum and forecasting the work that ought to be carried out earlier than the next one. The Sprint Review is held at the quit of the Sprint to look at the product increment. During the Sprint Review, the Scrum Team and stakeholders evaluation what used to be finished in the Sprint.
How does the builders decide whether or not a product backlog object is done?At the Sprint Planning event, the Product Owner and the Scrum Team collaborate collectively to create a Sprint Goal - which describes why the Sprint is treasured - after which the Development group selects Product Backlog Items which describe what will be delivered and creates a diagram for how to supply them.
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https://brainly.com/question/4763588#SPJ4You are putting together your budget. Your take-home pay will be $3,000 per month. You estimate your monthly costs to be rent of $600, car insurance of $150, car maintenance of $50, entertainment of $400, food expense of $250, mobile phone of $75, student loan payment of $325 and other expense of $100. How would you describe your budget after analyzing all of your income and expenses?
answer choices
Surplus of $1550
Deficit of $1550
Surplus of $1050
Deficit of $1050
After analyzing all of income and expenses budget will remain in Deficit of $1050
The deficit of $1050 has been calculated after reducing all the expenses from the take-home pay of $3000 i.e. ($3,000-$600=$2400, $2400-$150=$2250, $2250-$50=$2200, $2200-$400=$1800, $1800-$250=$1550, $1550-$75=$1475, $1475-$325=$1150, $1150-$100= $1050)
A fiscal deficit is considered to have arisen when expenses outweigh revenues in the household, institutional, or economic budgets. A nation's economic instantaneous flow expenses must be more than the income it receives from its regular operations in order for there to be a budget deficit. A country will need to boost its operating income activities, lower some expenses, or possibly do both in order to shrink its budget deficit.
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Need the answer of this cashflow q 10
10a) The three-month cash flow forecast from April for A & P Traders Ltd is as follows:
A & P Traders Ltd.
Cash Flow ForecastFrom April to June
April May June
Beginning balance $1,000 $2,500 $1,500
Cash sales 7,000 8,000 7,000
Cash collections 7,500 7,000 8,000
Total cash available $15,500 $17,500 $16,500
Cash Expenses:
Purchases $7,000 $8,000 $7,000
Other expenses 6,000 8,000 12,000
Total expenses $13,000 $16,000 $19,000
Ending cash balance $2,500 $1,500 ($2,500)
10b) The manager of A & P Traders Ltd. should source cash to meet the business's needs, especially in June. This can take the form of bank overdraft, short-term loan, or increased cash collection from customers, and renegotiation of payment terms with suppliers.
What is a cash flow forecast?A cash flow forecast is an estimate of future cash (inflows) receipts from sales and cash outflows (expenses).
As a management tool, a cash flow forecast helps in determining cash needs (surplus for investments and deficits for cash planning purposes).
March April May June
Sales $15,000 $14,000 $16,000 $14,000
Cash sales 7,000 8,000 7,000 ($14,000 x 50%)
Cash collections 7,500 7,000 8,000 ($16,000 x 50%)
Purchases 7,000 8,000 7,000 (50% of $14,000)
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What happens during a recovery period in the economy?
Following a recession, the business cycle stage known as economic recovery is characterized by an extended period of improving corporate activity.
In economics, a mixed economy is a market structure for allocating resources, conducting business, and conducting trade in which government involvement coexists with free markets. When a government intervenes to stifle free markets by enacting rules, tariffs, subsidies, state-owned firms (like public health or education systems), and other policies, a mixed economy may result. An alternative is that a socialist government can create a mixed economy by making exceptions to the rule of state ownership in order to profit economically from private ownership and free market incentives. All mixed economies combine the free market ideas of private contracting with the socialist concepts of economic recovery state ownership or planning. There is a mixed economy under socialist government.
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In a two-bin inventory system, the amount contained in the second bin is equal to the: A. ROP B. EOQ C. amount in the first bin D. optimum stocking level E. safety stock
In a two-bin inventory system, the amount which is contained in the second bin is considered to be equal to the ROP.
The two-bin inventory system which is sometimes also called the min-max system tends to involve the use of two bins, either physically or which is on the paper. Here, the first bin is intended for supplying the current demand and the second for satisfying demand, mostly during the replenishment period.
However, a reorder point (ROP) is seen as a specific level at which one's stock needs to be replenished. In other words, it will tell one that when to place an order so that they do not run out of stock.
Hence, option A is correct.
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What are the three types of financial planning?
Cash flow plans, investment plans, and insurance plans are the three basic categories of financial planning. A financial planning is a comprehensive analysis of a person's current earnings.
What does the phrase "financial planning" mean?In order for a company to fulfill its strategic goals and objectives, financial planning must be done. The Financial Plan is often developed by a corporation as soon as the vision and goals have been established. According to common usage, a financial plan is a thorough assessment of a person's present earnings and future financial condition that uses currently available information to forecast future earnings, asset values, and withdrawal schedules.
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Is contractionary fiscal policy good or bad?
Fiscal policy contraction is bad. Governments and central banks employ contractionary fiscal policy.
Governments and central banks employ contractionary fiscal policy as an economic tool to lower the amount of money available to the general public in order to fight inflation. In other words, it stands for the instruments that the government can employ to aid in economic stabilization and smooth out bubbles and upswings where inflation is more prone to occur.
The Federal Reserve typically employs contractionary fiscal policy to cool down an exceptionally "hot," or rapidly expanding, economy. Due to runaway inflation, which occurs in a rapidly expanding economy when inflation sharply rises and reduces consumer purchasing power, this can be dangerous. Fiscal policy contraction is bad.
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in a merger financed by cash, the acquiring firm's shareholders' gain from the merger is equal to blank . multiple choice question. the economic gain from the merger minus the gain of the target firm's shareholders the excess cash received by the target firm's shareholders over the premerger market price of their shares the market value of the stock of the merged firm the total value of the assets of the merged firm
It generates a positive net present value to the shareholders of an acquiring firm.
Why Do Companies Merge With or Acquire Other Companies?Mergers and acquisitions (M&As) are the acts of combining two or more companies or assets in order to stimulate growth, gain a competitive advantage, increase market share, or influence supply chains.A merger is usually the fusion of two firms by mutual consent. Two firms partner in mergers to create an entirely new entity. Mergers happen in a variety of forms and for a variety of reasons. There are horizontal mergers (two equal competitors who look forward to reducing costs) and vertical mergers (a company merging with a supplier).Mergers are based on synergy since the purpose of the collusion is nothing more than producing a combined greater effect by two companies working together.Hostile acquisition is the type of acquisition when the board of directors of the target company is against takeover of the company while involuntary or voluntary acquisition is the type of acquisition that the board of directors of the target company duly approves the takeover.To learn more about merger and acquisition from the given link
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The term mergers and acquisitions (M&A) refers to the consolidation of companies or their major business assets through financial transactions between companies.
What is mergers and acquisitions (M&A)?In a merger, the boards of directors for two companies approve the combination and seek shareholders' approval. For example, in 1998, a merger deal occurred between the Digital Equipment Corporation and Compaq, whereby Compaq absorbed the Digital Equipment Corporation. In a simple acquisition, the acquiring company obtains the majority stake in the acquired firm, which does not change its name or alter its organizational structure. An example of this type of transaction is Manulife Financial Corporation's 2004 acquisition of John Hancock Financial Services, wherein both companies preserved their names and organizational structures.To learn more about mergers and acquisitions refer to:
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g how is investment spending affected by an increase in the budget deficit? group of answer choices investment spending increases to finance the deficit. investment spending increases as a result of the increase in government spending. investment spending is crowded out by the increase in the budget deficit. investment spending is unaffected by the increase in the budget deficit which affects only government spending.
The rise there in budget deficit displaces investment spending.
Why does the government have a budget deficit?Although the precise roots of a deficit in government spending can be difficult to pinpoint, they are typically brought about by low taxation and heavy spending. This is so because taxes, which are the gov't's main source of income, are low, which indicates that the government's overall income is also low.
Is a budget deficit good?Even though a shortfall budget is often regarded as a negative omen for the market, it can also be advantageous during recessions since it results in lower taxes or increased public spending, both of which serve to revive the economy.
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An operations strategy for inventory management should work towards:
a) decreasing lot sizes
b) increasing order quantities
c) decreasing service levels
d) increasing safety stocks
e) increasing lot sizes
An operations strategy for inventory management should work towards decreasing lot sizes.
Thus, the correct option is A.
What is inventory management?The process of ordering, storing, using, and selling a company's inventory is referred to as inventory management. This covers the storage and processing of such commodities as well as the management of raw materials, components, and completed goods.
Depending on a company's demands, there are various forms of inventory management, each with advantages and disadvantages. When and where inventory is needed, a shortfall can be very harmful.
One of a company's most significant assets is its inventory. An organization's raw materials and finished goods are the heart of its operations in industries with high inventories including retail, manufacturing, food services, and others.
These factors make inventory management crucial for companies of all sizes. Making difficult decisions about when to replenish inventory, how much to buy or manufacture, how much to pay, when to sell and how much to sell for can be simple.
Small firms frequently use spreadsheet formulas to calculate reorder points and quantities while manually keeping track of their inventory. Specialized enterprise resource planning software will be used by larger firms.
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