A country's export ratio is the ratio of imports and exports.
What is the export ratio?Export ratio is the ratio of import to export. Export would comprise of goods and services produced in the US that are been sold to foreign countries. Import would comprise of foreign produced goods and services that are been sold in the US
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on an organizational chart, from bottom to top, which of the following is the order of responsibility centers?
A. cost, profit, investment
B. cost, investment, profit
C. profit, cost, investment
D. profit, investment, cost
The order of responsibility centers on an organizational chart from bottom to top, the correct order is: A. cost, profit, investment.
To explain this step-by-step:
1. At the bottom level, you have cost centers, which are responsible for managing and controlling costs within a specific department or area of the organization.
2. The next level up is profit centers, which focus on generating revenue and managing expenses to maximize profitability for a specific business unit or product line.
3. At the top level, you have investment centers, which are responsible for managing the assets, investments, and overall financial performance of the entire organization or a large division within it.
In summary, the order of responsibility centers on an organizational chart from bottom to top is cost centers, profit centers, and investment centers.
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public goods problems come in many varieties. which of the following are examples of public goods problems being solved?
The correct answer is: Public goods problems being solved can include the provision of national defense and the establishment of public parks.
Public goods problems arise when goods or services have characteristics of non-excludability and non-rivalry, making it difficult for the private market to provide them efficiently. Two examples of public goods problems being solved are the provision of national defense and the establishment of public parks. National defense is a classic example of a public good that requires collective action and government intervention. It is non-excludable, as everyone within a nation benefits from defense regardless of their contribution. Public parks also represent a solution to public goods problems, as they provide open spaces and recreational facilities for everyone to enjoy, overcoming the free-rider problem. In both cases, government intervention is necessary to provide and maintain these public goods.
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generating data to produce business information alexandria has recently begun using social media, and frank asks you what kind of business information would help him run the store more profitably and efficiently. what do you suggest? select an option from the choices below and click submit. find out what books alexandria customers are buying and recommend other books based on common buyer interests. find out why certain book readings and discussion groups are not well attended. find out why customers prefer alexandria to an online source.
Find out why customers prefer Alexandria to an online source. This information can help Frank understand what differentiates Alexandria from other bookstores and online sources, and what factors are driving customers to choose Alexandria over other options. Here option C is the correct answer.
By understanding why customers prefer Alexandria, Frank can focus on enhancing and promoting those factors to increase customer loyalty and attract new customers. He could also use this information to address any shortcomings and make improvements where necessary, thereby increasing the profitability and efficiency of the store.
Finding out what books Alexandria customers are buying and recommending other books based on common buyer interests - can also be useful, as it can help Frank understand the preferences of his customers and stock his shelves with books that are in high demand.
However, understanding why customers prefer Alexandria to other options is likely to provide more valuable information that can be used to drive business growth.
Complete question:
Generating data to produce business information Alexandria has recently begun using social media and frankly asks you what kind of business information would help him run the store more profitably and efficiently. what do you suggest? select an option from the choices below and click submit.
A - find out what books Alexandria customers are buying and recommend other books based on common buyer interests.
B - find out why certain book readings and discussion groups are not well attended.
C - find out why customers prefer Alexandria to an online source.
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how do you the accounting equation
Answer:
1. Assets = Liabilities + Owner Equity.
2. Liabilities = Assets - Owner Equity.
3. Owner Equity = Assets - Liabilities.
Given the following: lifo method 250 units left in inventory beginning inventory 200 units at $6 $1,200 purchases: april 10 400 units at $7 $2,800 may 15 250 units at $7 $1,600 july 9 200 units at $8 $1,600 october 8 100 units at $11 $1,100 the cost of ending inventory is: multiple choice $1,550 $2,300 $1,200 $3,200
The cost of ending inventory is $1550 using the last in first out method.
"Last-In, First-Out" is an abbreviation for LIFO. It is a method for computing the cost of products sold that supports the cost flow hypotheses. The premise of the LIFO technique is that the most recent things added to a company's inventory have already been sold.
Using the LIFO method, we have to calculate the cost of ending inventory.
First inventory units was 200, at the cost of $6.
200*$6=$1200
The next set of units purchased is at the cost of $7 per unit, we are left with 250 units, so we take the 50 units from the second set of the purchase.
50*$7=$350
So the value of the $1200+$350=$1550.
Therefore, the value of the ending inventory is $1550.
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Inflation is assumed to be a temporary problem that does not affect financial decisions.
While it is true that inflation is often temporary, it can still have a significant impact on financial decisions.
What is financial?Financial refers to the management of money, including its investment, lending, budgeting, and saving. It is based on the principles of economics, which studies how people, businesses, and governments make decisions about money. Financial activities include the buying and selling of stocks, bonds, mutual funds, and other investments, borrowing money from lenders such as banks, and managing personal budgets. Financial planning and advice are important for individuals and businesses to make wise decisions about their finances and ensure long-term financial stability.
Inflation can affect the cost of goods and services, for example, and can reduce the purchasing power of a currency. It can also cause interest rates to rise, which affects the cost of borrowing. As such, it is important to consider the potential impact of inflation when making financial decisions.
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inclusion of mushroom in the food of Nepalese people can fulfill the nutrients requirement .justify the statement
Yes, the inclusion of mushrooms in the food of Nepalese people can fulfill the nutrient requirement.
The maximum amount of nutrients in 100 g of dry matter of the studied mushroom species is 90% moisture, 15% fiber and ash, 8% carbohydrates, 12% amino acids, 32% protein, and 2.5% fat.
These mushrooms contain large amounts of minerals such as sodium, potassium, calcium, iron, and phosphorus. It can also reduce your risk of developing serious health conditions such as Alzheimer's, heart disease, cancer, and diabetes. It's also a great source of information about Selenium.
Mushrooms have antibacterial properties, strengthen the immune system and lower cholesterol levels. They are also an important source of bioactive compounds. Because of these properties, some mushroom extracts have been used to promote human health and have been found as dietary supplements.
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Exhibit: Teacher's Salary.
The salary of teachers in a particular school district is normally distributed with a mean of
$40,000 and a standard deviation of $7,500.
Knowing the distribution of salaries, the following probabilities were calculated:
1. P(x 45,000) = 0.748; 2. P(x 53,000) = 0.958.
Find probabilities in the following questions relying on the cumulative probabilities above.
Find the probability that a randomly selected teacher receives a salary of $45,000 or more. (Do not round your answer)
The probability that a randomly selected teacher receives a salary of $45,000 or more is 0.748.
To calculate this probability, we can use the cumulative probabilities provided. The given cumulative probability is P(x < 45,000) = 0.748. Since we want to find the probability that a teacher receives a salary of $45,000 or more, we need to subtract this cumulative probability from 1.
P(x ≥ 45,000) = 1 - P(x < 45,000) = 1 - 0.748 = 0.252.
Therefore, the probability that a randomly selected teacher receives a salary of $45,000 or more is 0.252.
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Rising interest rates have made borrowing more costly to consumers. As a result
of the most recent increase in interest rates, borrowing and consumption have
fallen throughout the economy, triggering a contractionary period. Growing
uneasy, citizens have been asking Congress to make an official statement as to
how long this contractionary period is expected to last. Which of the following is
an appropriate response?
Answer:
it depends on the measures taken to ensure that economy is stable.
Answer:
1. it is difficult to say since contractionary periods have varying lengths in different business cycles.
2. shock
3. high unemployment
4. two
5. expansion stage of the business cycle
Explanation:
just took it
What provides a visual path for the eye to follow, creating mor on in the design?
Answer:
line
Explanation:
an analysis provided by the company's management is included in the multiple choice question. management discussion and analysis. notes to the financial statements. summary of significant accounting policies.
The correct response is a. Management discussion and analysis. In management discussion and analysis, an analysis presented by the company's management is included.
The act of attentively examining something to get greater knowledge or a deeper comprehension of it, or your conclusion after doing so: Our financial experts objectively reviewed the investment plan's performance. I found Clare's assessment of the situation to be interesting. When anything is broken down into its component elements, analysis is the act of asking WHY and HOW questions to arrive at your own conclusions. Analysis is the process of breaking down a complex topic or object into simpler parts in order to better understand it. The four types of analytics are descriptive, diagnostic, prescriptive, and predictive.
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Discuss whether or not consu,er benefit more from a market economic system or mixed economic system
Answer:
It just depends on which characteristics the mixed economy emphasizes. For example, if the market has too much freedom, it can leave the less competitive members of society without any government support. Central planning of government industries also creates problems.
On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenâyear, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822.
Journalize the entries to record the following:
a. Issued the installment note for cash on the first day of the fiscal year.
b. Paid the first annual payment on the note.
Answer: Please find answer in explanation column
Explanation:
a) Journal to record Issued installment note for cash on the first day of the fiscal year.
Date Account Debit Credit
Jan 1 Cash $85,000
Notes Payable $85,000
b) Journal to record the first annual payment on the note.
Date Account Debit Credit
Dec 31 Interest Expense $5,950
Notes Payable $9,822.
Cash $15,772
One way to identify if your college is a good investment is to review its: return on investment. maximum loan amount. college culture. average class size.
To determine if your college is a good investment, one important factor to consider is its return on investment (ROI).
This metric measures the financial benefit you can expect to receive from your college education compared to the cost of attending.
To calculate ROI, you need to compare the total cost of your education (including tuition, fees, and living expenses) with the potential earnings you may receive after graduation. This can be done by researching the average salaries of graduates from your college and comparing them to the overall cost of attendance.
A higher ROI indicates that your college education is likely to pay off financially in the long run. It suggests that graduates from your college tend to earn higher salaries, which can help you recoup your investment in education more quickly.
In addition to ROI, other factors that can help identify if your college is a good investment include:
Maximum loan amount: Understanding the maximum amount of loans you can take out can give you an idea of how affordable your college education will be. It's important to consider whether the potential debt you may incur is manageable based on your future earnings.
College culture: The college culture refers to the environment, values, and traditions that shape the student experience. Consider if the college's culture aligns with your interests, values, and goals. A positive and supportive college culture can contribute to your overall satisfaction and success during your college years.
Average class size: The average class size can impact the quality of education you receive. Smaller class sizes often allow for more personalized attention from professors and more opportunities for class participation and discussion. This can enhance your learning experience and academic success.
By reviewing these factors and considering their importance to you personally, you can make a more informed decision about whether your college is a good investment for your future. Remember to research and compare multiple colleges to find the best fit for your needs and goals.
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what would happen if you replaced the lactose with glucose in the macconkey agar?
Lactic acid, in particular, is produced during the fermentation of lactose and lowers the pH of the agar. A pH indicator found in MAC turns pink in acidic environments.
On MacConkey agar, lactose fermenters exhibit red or pink coloration while nonfermenters do not. By using crystal violet and bile salts to limit the development of Gram-positive organisms, the medium enables the selection and isolation of gram-negative bacteria.
Because the formation of mixed acids results in the nuetral red indicator dye (red below pH 6.8) being converted, lactose-fermenting bacteria create colonies that are varied hues of red. Colonies of non-lactose fermenting bacteria will be translucent or colorless. Escherichia coli, a lactose fermenter, is displayed in Panel A. The colony is surrounded by a white hue, which depicts bile precipitation.
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After making a decision, Rosario seeks information that confirms the decision was a good decision and ignores conflicting information. This is an example of:
Rosario seeking information that confirms her decision was a good decision while she ignores conflicting information, is an example of: confirmation bias.
What is a confirmation bias?A confirmation bias can be defined as the tendency of an individual to search, favor and recall information in such a way that it's consistent, supports and favors one's existing beliefs and decisions.
In this context, an example of confirmation bias would be Rosario seeking information that confirms her decision was a good decision while she ignores conflicting information.
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Inseparability in services refers to the fact that.
Inseparability refers to : The consumer cannot distinguish between the service provider from the service itself.
What Is Service Inseparability?Service inseparability means that the production and consumption of a service can't be separated from the provider of that service. It also requires that a customer is physically participating in the consumption of the service.
The above means every part of the experience is tied together. A customer can't separate the consumption of the service they've purchased from the provider.
Hence, Inseparability means consumer cannot distinguish between the service provider from the service itself.
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Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year a estimated that 27000 direct labor hours would be required for the period's estimated level of production. The company also estimated $595,000 of foxed manufacturing overhead cost for the coming period and variable manufacturing overhead of $300 per direct labor-hour Harms's actual manufacturing overhead cost for the year was $731344 and its actual total direct labor was 27500 hours Required: Compute the company's plantwede predetermined overhead rate for the year
the Harris Fabric's plantwide predetermined overhead rate for the year is $8.87 per direct labor-hour.
Plantwide predetermined overhead rate is an overall overhead rate utilized to allocate overhead expenses to merchandise or service lines with disparate levels of work. The Harris Fabric computes its plantwide predetermined overhead rate yearly on the basis of direct labor-hours.The computation of the company's plantwede predetermined overhead rate for the year is discussed below:The formula to calculate the predetermined overhead rate is:Predetermined Overhead Rate = Estimated Overhead / Estimated Activity LevelThe predetermined overhead rate can be calculated by dividing the estimated overhead by the estimated activity level. The predetermined overhead rate can be used to apply overhead costs to jobs and inventory.In this problem, we have the following data:Estimated total fixed overhead = $595,000Estimated total variable overhead = $300 per direct labor-hourEstimated total direct labor-hours = 27,000Direct labor-hours worked = 27,500Now, we can use the formula for predetermined overhead rate to compute the rate:Predetermined overhead rate = (Estimated total fixed overhead + Estimated total variable overhead) / Estimated total direct labor-hours= ($595,000 + $300 × 27,000) / 27,000= $8.87 per direct labor-hour
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If the first 5 students expect to get the Final Average of 95, what would their Final Tests need to be?? Please let me know how to get the final scores.
Answer:
475
Explanation:
An average value is the sum of all initial values divided by the number of values used.
i.e Av = \(\frac{sum of values}{number of values}\)
Since the 5 students are expecting final average of 95, then their final test score can be determined by;
number of values used = 5, and the average = 95
So that;
95 = \(\frac{sum of values}{5}\)
⇒ sum of values = 95 × 5
= 475
sum of values = 475
The first 5 students' final test score = sum of values = 475.
Their final test score need to be 475.
Use the above table of indented BOM to answer the following questions (You can convert the indented BOM into a product tree structure): 1. How many units of C is required to make 1 unit of A? 2. How many units of E is required to make 25 units of A? 3. How many units of G is required to make 10 units of A? 4. In the above indented BOM, if the planned order releases for A are 20 in period 2; 40 in period 4; and 25 in period 5 then what are the gross requirements for B in period 2,4 and 5? 5. In the above indented BOM, if the planned order releases for B are 30 in period 2; 45 in period 4; and 35 in period 5 then what are the gross requirements for C in period 2,4 and 5? 6. In the above indented BOM, if the planned order releases for E are 40 in period 1; 55 in period 3; and 80 in period 5 then what are the gross requirements for F in period 1,3 and 5? Level Item Qty 0--- А 1 -1 -- B 2 --2- с 3 ---3 D 1 ---3 E 1 F 1 --2- G 2 ---3 H 1 ---3 I 1 In the above indented BOM, 7. What are the components of C? 8. What are the components of A (limit it to the immediate lower level and not subcomponents)?
The product tree for the given indented BOM is as follows:The answer to the given questions is as follows:1. In order to make 1 unit of A, we need 2 units of C. 2. In order to make 25 units of A, we need 25 * 2 = 50 units of E. 3. In order to make 10 units of A, we need 10 * 2 = 20 units of G. 4.
The planned order releases for A are given as follows: Period 2: 20Period 4: 40Period 5: 25Gross requirements for B in period 2 will be: 20 * 3 = 60Gross requirements for B in period 4 will be: 40 * 3 = 120Gross requirements for B in period 5 will be: 25 * 3 = 755. The planned order releases for B are given as follows:Period 2: 30Period 4: 45Period 5: 35 Gross requirements for C in period 2 will be: 30 * 2 = 60.
Gross requirements for C in period 4 will be: 45 * 2 = 90Gross requirements for C in period 5 will be: 35 * 2 = 706. The planned order releases for E are given as follows:Period 1: 40Period 3: 55Period 5: 80Gross requirements for F in period 1 will be: 40 * 1 = 40Gross requirements for F in period 3 will be: 55 * 1 = 55Gross requirements for F in period 5 will be: 80 * 1 = 807. The components of C are D and G. 8. The components of A are B, C, and E.
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When your income changes from $450 to $550 per week, you buy 2 jars of pickles instead of the 3 you used to buy.The income elasticity of demand is (1) ["20", "-20", "-0.5", "0.5", "-2", "-40"]
The income elasticity of demand in this case is -0.5.
Explanation:
Calculate the percentage change in quantity demanded: (New Quantity - Old Quantity) / Old Quantity = (2 jars - 3 jars) / 3 jars = -1/3 ≈ -33.33%.
Calculate the percentage change in income: (New Income - Old Income) / Old Income = ($550 - $450) / $450 = $100 / $450 ≈ 22.22%.
Divide the percentage change in quantity demanded by the percentage change in income: -33.33% / 22.22% = -1.5.
The income elasticity of demand (IED) in this example is -0.5. The negative value indicates that pickles are an inferior good. As income increases from $450 to $550 per week, the quantity demanded of pickles decreases. This suggests that pickles are considered less desirable or are being substituted with other goods as income rises.
It's important to note that an income elasticity of demand of -0.5 indicates an income-inelastic demand for pickles, as the percentage change in quantity demanded is smaller than the percentage change in income.
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Help ASAP!!!! most possible answer
Answer:
The administration prosses a public and and AVAILIBLE TO ANYONE to review.
Explanation:
That is the most open administration because its available to anyone-(the public).
why is it important to study marketing?
Answer:
Is this the answer. It may can help you
"Tina withdraws $20,000 from her money market account to start up her own house cleaning business. Over that time, the account would have earned 3 percent interest. In order to properly account for all costs of her business, Tina must not forget:"
Answer: the opportunity cost of $600
Explanation:
From the question, we are informed that Tina withdraws $20,000 from her money market account to start up her own house cleaning business and that over that time, the account would have earned 3 percent interest.
In order to properly account for all costs of her business, Tina must not forget the opportunity cost of $600. This is calculated as 3% of $20,000.
The opportunity cost is what Time had to forgoes in order to start her business.
What would be the best action for Karina to take?
Karina should cross-reference her records with her bank statement as the best course of action.
An explanation of a bank statementA bank statement is a summary of all the financial transactions that have affected your account within a specific time period, including deposits, withdrawals, and transfers. The account's opening and closing balances, your account number, and other crucial account details could potentially be included in your bank statement.
Why are bank statements crucial?It enables account holders to monitor their finances and make future spending plans. In order to understand how much money is being spent on various categories, account users can use bank statements, which are also very helpful for budgeting.
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The complete question is-
Karina keeps excellent records and always knows precisely how much is in her bank account. However, when she receives her bank statement, she's surprised to see that she has been charged a $5.00 overdraft fee. After reviewing her well-kept records, she cannot find anything that is incorrect. Which would be the best action for Karina to take?
Which describes how you are able to pay off a closed or open mortgage at the end of the mortgage term?
Points: 1
Without any financial penalty
With title insurance
With a nominal financial penalty
With mortgage insurance
If you have an open mortgage, you can pay off your mortgage balance without a financial penalty, but if you have a closed mortgage, you may need to pay a prepayment charge if you decide to pay off your mortgage balance in full before the term is up.
At the end of the mortgage term, you can pay off a closed or open mortgage with or without any financial penalty. If you have a closed mortgage, you may need to pay a prepayment charge, also known as a penalty, if you decide to pay off your mortgage balance in full before the term is up.
A prepayment charge may also be referred to as an early termination fee or breakage fee. This is because you are breaking your mortgage contract early, and the penalty is a compensation to the lender for the loss of interest income.
The penalty amount can vary and depends on several factors, such as the remaining term of the mortgage, the interest rate on the mortgage, and the balance outstanding.
The penalty is usually equal to the greater of three months' interest or the interest rate differential (IRD), which is the difference between the interest rate on your mortgage and the current rate that the lender can charge for a similar mortgage.
The IRD is a complicated calculation that considers factors such as the remaining term, payment frequency, and the original mortgage amount.
On the other hand, an open mortgage allows you to pay off your mortgage balance in full or partially at any time without a penalty. Open mortgages tend to have higher interest rates compared to closed mortgages as they offer more flexibility.
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wich situation would cause the price of a product to fall the most
Which option identifies the marketing strategy demonstrated in the following scenario?
Department stores often have their own credit cards and mailings sent to card holders that offer incentives such as
percent discounts and early hour shopping days.
O product packaging
customer loyalty
O advertising
word-of-mouth
Answer: customer loyalty
Explanation:
Changes in Monetary Policy)
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place:
Balance Sheet for Ecoville International Bank
ASSETS
LIABILITIES
Cash
$33,000
Demand Deposits
$99,000
Loans
66,000
Now assume that the Fed lowers the reserve requirement to 8%.
What is the maximum amount of new loans that this bank can make?
Assume that the bank makes these loans. What will the new balance sheet look like?
By how much has the money supply increased or decreased?
If the money multiplier is 5, how much money will ultimately be created by this event?
If the Fed wanted to implement a contractionary monetary policy using reserve requirement, how would that work?
A. The maximum amount of new loans that this bank can make is $2580, B. Assume that the bank makes these loans. the new balance sheet looks like Cash=$7,920 and Loans=$91,080, C. the money supply increased by $25,080. D. If the money multiplier is 5, money will ultimately be created by this event is $125,400, E. If the Fed wanted to implement a contractionary monetary policy using reserve requirements, this would increase reserve requirements.
Here are detailed answers to each question,
A. What is the maximum amount of new loans that this bank can make?
This bank may provide new loans up to a maximum of $25,080. This is computed by deducting the bank's cash holdings of $33,000 from the revised reserve requirement of $7,920 (8% of $99,000), giving us $25,080.
B. Assume that the bank makes these loans. What will the new balance sheet look like?
If the bank makes the new loans, it will have the following balance sheet:
balance is given below in the image.
Because the new loans were produced by the bank providing additional demand deposits to its clients, the bank's loans and demand deposits have grown by the same amount.
C. By how much has the money supply increased or decreased?
Because the new loans produced new money in the economy, The money supply increased by the amount of new loans that were made: $25,080.
D. If the money multiplier is 5, how much money will ultimately be created by this event?
If the money multiplier is 5, then ultimately this event will create a total of 5 x $25,080 =$125,400,
$125,400 in new money.
E. If the Fed wanted to implement a contractionary monetary policy using reserve requirements, how would that work?
The Fed would increase the reserve requirement if it wanted to adopt a contractionary monetary policy. Banks would have less money available for lending as a result of having to keep more cash in reserve. Less money would be accessible as a result, and less business would be conducted.
Hence, we observed how changing the reserve requirement may have an impact on the money supply. Banks have greater spare reserves when the reserve requirement is reduced, which they may utilize to make additional loans. This expands the money supply.
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Choose two consumer protection laws and, in about 500 words, describe the benefits they provide for consumers and the costs to society.
Answer:
1. Federal Food, Drug, and Cosmetic Act :-
The act governs level of quality for those food, drugs , medical instruments, as well as beauty products produced and procured by customers in the market of America. Government control as well as regulation of these guidelines was also supplied for under the law.
2. Truth in Lending Act (TILA) :-
The Truth in Lending Act (TILA) relates to the federal law that allows borrowers to make some statements regarding consumer credit conditions and prices. TILA includes rules regulating accessible-end credit lines, closed-end personal loans, retail lending as well as private lending to college.
Answer:
See Explanation Below
Explanation:
Gramm-Leach-Bliley Act (GLBA): This Act of 1999 removed the barriers to consolidation among banking and other financial institutions and allowed the consolidation of a commercial bank, securities firm, investment bank, and insurance company. This Act is also known as the “Financial Services Modernization Act.” This Act allows consumers to use various financial services at a single financial institution. More importantly, the Gramm-Leach-Bliley Act provided limitations on the private information gained from consumers through the transactions performed through banks and other institutions. Private information cannot be sold to other entities without the permission of the consumer. In addition, the Gramm-Leach-Bliley Act makes the practice of obtaining information using false pretenses illegal. Because of the mergers of different types of financial institutions with the relaxation of barriers of consolidation, one entity could possibly have access to an individual’s financial, medical, and criminal history information through the merger of an insurance company and a brokerage company. Therefore, privacy legislation was needed to protect consumers with the Financial Services Modernization Act.
Fair Debt Collection Practices Act (FDCPA): This act prohibits debt collectors from making use of unfair means to recover overdue bills. Unfair means may include calling consumers at any time other than between 8:00 a.m. and 9:00 p.m. local time. It also prohibits using offensive language during the conversation over debt and demanding unjustified amounts not allowed legally. The FDCPA make consumers’ voices powerful by giving consumers more rights regarding how debts are collected from them. These rights include allowing consumers to sue debt collectors individually and to ban contact with consumers at work. Consumers can also seek proof that they actually do owe the money that the debt collector refers to. When first contacting a consumer, the debt collector must inform a debtor of his or her right to dispute the debt. The debt collector must also tell the debtor the amount of the debt, the name of the creditor, and the fact that the debt can be disputed within 30 days. Debt collectors can’t misrepresent themselves by claiming to be an attorney or an employee of a credit reporting agency.
The costs to society include the economic costs. Staffers, lawyers, and enforcement agencies are hired for the administration of these laws. Compliance with regulations requires that companies hire, train, and continually re-educate employees on how to comply with applicable laws. In addition, one provision of the FDCPA requires that consumers can recover reasonable attorney fees. Society needs to contribute for the payment of these services through taxes and also through the higher-priced products and services companies must assess in order to remain profitable