Answer:
An implied contract is a non-verbal and unwritten – yet still legally binding – contract that exists based on the behavior of the parties involved or on a set of circumstances. Implied contracts may be implied-in-law or implied-in-fact.
Jessica has $24,383 to invest in a bank certificate of deposit for 13 years. The bank is paying 6% interest per year compounded monthly. How much will Jessica's investment be
worth at the end of the 13 year period? (round to 2 decimal places)
Use the correct formula from below to solve this problem.
Jessica's investment worth at the end of the 13 year period is $43401.74
interest = 24383*13*6/100= 19018.74
amount = 19018.74 + 24383 = 43401.74
What is interest?In relation to the amount lent, deposited, or borrowed, the amount of interest due each period is expressed as an interest rate. The amount lent or borrowed, as well as the interest rate, frequency of compounding, and the period of time during which it is lent, deposited, or borrowed, all affect how much interest will be charged overall.
The rate indicates the precise amount of interest that a borrower will either earn or pay on a loan. A $100 loan at a nominal interest rate of 6%, for instance, would result in interest charges of $6 ($100 X 0.06). Even though the loan's size grows, the interest rate stays the same. If the debt was increased to $1000, the borrower would continue to pay 6%.
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On January 1, 2020, Shay Company issues $700,000 of 10%, 15-year bonds. The bonds sell for $684,250. Six years later, on January 1, 2026, Shay retires these bonds by buying them on the open market for $731,500. All interest is accounted for and paid through December 31, 2025, the day before the purchase. The straight-line method is used to amortize any bond discount.
-What is the amount of the discount on the bonds at issuance?
-How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2020, through December 31, 2025?
-What is the carrying (book) value of the bonds as of the close of business on December 31, 2025?
-Prepare the journal entry to record the bond retirement.
1. The amount of the bond discount at issuance is $15,750.
2. $6,300 amortization discount has been recorded on the bonds from January 1, 2020, through December 31, 2025.
3. The carrying (book) value of the bonds as of the close of business on December 31, 2025, is $690,550.
4. The journal entry to record the bond retirement at a loss is as follows:
Journal Entry:Account Titles Debit Credit
December 31, 2025:
Bonds Payable $700,000
Retirement Loss $40,950
Cash $731,500
Bond Discounts $9,450
Bonds' issuance date = January 1, 2020
Face value of bonds = $700,000
Sales proceeds = $684,250
Bond discounts at issuance = $15,750 ($700,000 - $684,250)
Period of bonds = 15 years
Coupon rate = 10%
Bond's retirement on Jan. 1, 2026 = $731,500
Bond discount amortization method = straight-line
Annual bond amortization = $1,050 ($15,750/15)
Bond amortized after 6 years = $6,300 ($1,050 x 6)
Carrying value of bonds on December 31, 2025 = $690,550 ($700,000 - $9,450)
Carrying value of bond discounts = $9,450 ($15,750 - $6,300)
Transaction Analysis:Bonds Payable $700,000 Retirement Loss $40,950 Cash $731,500 Bond Discounts $9,450
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Bob just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down payment. He has the decision narrowed down to a Cord and a Fevvy. The Cord is priced at $23,599, and the Fevvy is priced at $18,999. After agonizing over the decision, he decides to buy the Fevvy. He writes the dealership a check for $4,000 and takes out a loan for the remainder of the purchase price.
Identify what role money plays in each of the following parts of the story.
Hint: Select each role only once.
The role played by the money in each case is as follows:-
Medium of exchange.Comparison of values.Saving element.What is money?Money is a good that is widely acknowledged as a means of economic exchange. It serves as the medium for expressing values and pricing. It is the primary indicator of wealth since it moves from person to person and country to country, allowing trade.
In the above scenario, Bob wanted to purchase a car on loan and has to make a purchase decision among the two cars that are Fevvy and Cord.
The role played by the money in each case is mentioned as follows:-
Bob issues a $4000 check which states that money act as the medium of exchange as it is used to purchase a car.
Bob can easily ascertain that the Cord is more expensive than the Fevvy which states that money is used to compare the values of two cars, the unit of account.
Bob currently has $4,000 in savings, which shows the saving habits that will help in future needs.
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Your question is incomplete, probably the complete question was...
Identify what role money plays in each of the following parts of the story. (Medium of exchange, unit of account, or store of value)
A. Bob writes a check for $4,000.
B. Bob can easily determine that the price of the Cord is more than the price of the Fevvy.
C. Bob has saved $4,000 in his checking account.
See the "Le-Nature's Inc." case for this question.
Identify the parties impacted by the quality and rigor of an organization's corporate governance. What responsibilities do corporate executives have to those parties?
The parties that are affected by the quality & rigor of an organization's corporate governance are the company's stakeholders which includes the:
group of employeesinvestorscustomerscommunity.The responsibilities that corporate executives have to those parties includes:
establishing of innovative goalscoordinate work activitiesformulate policiesallocate resourcesWhat is known as corporate governance?Basically, a corporate governance means the system by which companies are directed and controlled. In a typical firm, the boards of directors are responsible for the governance of their companies while the shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place.
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Select the correct answer.
Excel Tractors Inc.'s opening inventory was $50,000 and the inventory at the end of the year was $65,000. How will this information affect the cas
flow statement (indirect method)?
OA. difference of $15,000 will be deducted from net income
OB.
difference of $15,000 will be added to net income
OC. opening inventory of $50,000 will be added to net income
OD.
closing inventory of $65,000 will be deducted from net income
OE. closing inventory of $65,000 will be added to net income
According to the indirect method, in the Excel Tractors Inc's company difference of $15,000 will be added to net income.
Indirect method:
Indirect method refers the way to present data that shows how much money a company spent or made during a certain period and from what sources and it takes the company's net income and adds or deducts balance sheet items to determine cash flow.
Given,
Excel Tractors Inc.'s opening inventory was $50,000 and the inventory at the end of the year was $65,000.
Here we need to find the information affect the cash flow statement by using the indirect method.
Through the given question, we have identified the following,
Opening inventory = $50,000
Ending inventory = $65,000
So, the difference between these opening and closing inventory,
=> 65000 - 50000
=> 15000
Therefore, the ending inventory is 15,000 increased.
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Your favorite restaurant sits 10 tables an hour. They tell you that you will have to wait 30 minutes to be seated. How many tables are waiting ahead of you?
4 tables are waiting ahead of me.
As the restaurant serves 10 tables every hour, we can figure out how long it takes to serve one table using the formula: minutes in an hour/number of tables served in an hour = 60/10 = 6 minutes is taken to serve one table.
We were told to wait for 30 minutes, which means that if a table takes 6 minutes to get services, the restaurant will service about 5 tables in those 30 minutes.
30/6 = 5 tables will be served during those thirty minutes, but since it specifies that one of the tables to be served during those thirty minutes is ours, we deduct 1 table to reach the result that 4 tables are waiting in front of us.
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The same amount of alcohol will be more diluted in a larger individual because __________.
Answer:
(D) A larger person has more blood and other fluids
Explanation:
In November 2021, Simon pays $1,000 to take a course to improve his job skills to qualify for a new position at work. Simon's employer reimbursed him for the cost of the course. For 2021, Simon's lifetime learning credit is:
Based on the available information in the question, Simon's lifetime learning credit for 2021 is $0
What is Lifetime Learning Credit?Lifetime Learning Credit is a term that is used to describe the qualified schooling fee and applicable expenditures spent for qualified students fully admitted to an eligible educational establishment such as an institution.
Also, the Lifetime Learning Credit is known to be used by any of the undergraduate, graduate, and professional degree courses for payments of their tuition fees, comprising courses to obtain or enhance job skills.
Given that Simon's employer has reimbursed Simon for the cost of the course, it is concluded that Simon's lifetime learning credit for 2021 is $0.
Hence, in this case, it is deduced that the correct answer for lifetime learning credit is $0
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Please explain the difference between the debt/equity ratio (total liabilities/ common stock) and the account payable turnover(cogs/ average accounts payable)?
The difference between the debt/equity ratio and the account payable turnover is that the form shows much debt a company is using to finance its assets relative to the value of shareholders' equity while the latter shows how efficient a company is at paying its suppliers and short-term debts.
What is a debt/equity ratio?This is an accounting ratio that is is used to evaluate a company’s financial leverage and is calculated by dividing a company’s total liabilities by its shareholder equity. This ratio is an important metric in corporate finance as its measures the degree to which a company is financing its operations with debt rather than its own resources. The debt-to-equity ratio is a particular type of gearing ratio.
What is an account payable turnover?
An accounts payable turnover is an accouting tool that measures how quickly a business makes payments to creditors and suppliers that extend lines of credit. Most professionals quantify this ratio by calculating the average number of times the company pays its AP balances during a specified time period.
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Regardless of what kind of business you work in, most business decisions will
include some level of consideration for ethical, moral, and legal choices.
Compare and contrast how each of these elements-ethical, moral, legal-play a
role the decision-making process for various business situations.
Employment practices, human rights, environmental standards, corruption, and the moral obligation of international corporations are the most pressing ethical concerns in an international business.
What do you mean when you talk about the significance of business ethics and the ethical issues that arise in business?
The implementation of appropriate business policies and procedures regarding potentially contentious topics is referred to as business ethics. Corporate governance, insider trading, bribery, discrimination, social responsibility, and fiduciary responsibilities are some of the topics that come up in discussions of ethics.
Outsourcing, working standards and conditions, workplace diversity and equal opportunity, child labor, and human rights are some of the most common ethical issues in international business.
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1.5 How has franchising and licencing agreements have influenced the growth and development within the Hospitality Industry, Discuss. (Findings)
The franchising & licencing agreements have influenced the growth and development within the Hospitality Industry because it allowed more people have a hold of running services in the industry.
What is the Hospitality Industry?In a typical economy, the hospitality industry means the broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, travel and tourism. It extends to hotels, tourism agencies, restaurants and bars.
Under this industry, a franchises & licenses are both business agreements in which certain brand aspects are shared in exchange for a fee. The typical franchising agreement pertains to a business's entire brand and operations while a licensing agreement only applies to registered trademarks.
Some of the benefits of franchising in the hotel industry (hospitality industry) includes having a strong brand portfolio, specific set of tools, strong approach to standards, good reputation, training programmes, consultation and advice service, marketing programmes.
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Peter and Wendy are co-owners of the Canadian firm, Tick Tock Airlines. Peter borrows money to build airplanes in Quebec. Wendy borrows money to build airplanes in England. How does this affect the market for loanable funds in Canada? (5 marks)
a. Peter increases the demand for loanable funds.
b. Wendy increases the demand for loanable funds.
c. Peter increases the supply for loanable funds.
d. Wendy increases the supply of loanable funds.
Answer:Conclusion:
The market for loanable funds in Canada to increase the interest rate for Wendy higher than rate of increase found for loanable funds, and it reduces the interests rates for peter which is lower than the rate of increase found in the market for loanable funds.
Explanation:Explanation:
Co-owners of Canadian firm:
Peter and Wendy
Place: Quebec, and Endland
a. Peter increases the demand for loanable funds
b. Wendy increases the demand for loanable funds
Ans)
The increase in the demand for loanable funds on the right side at reduced interest rate. And wendy’s demand for loanable funds increases with the interest rate and interest rate produced is higher for loanable funds (A-y).
c. Peter increases the supply for loanable funds
d. Wendy increases the supply of loanable funds
Ans)
The Supply of loanable funds for wendy, is at the demand followed equals at D. The interest on the loans is calculated at A on x axis. And the supply of loanable funds for Peter is higher at point on demand curve D. The interest rate with the increase of loanable is reduced and the reduction followed is lower than increase found in the loanable funds in the market provided.
Peter and wendy are co-owners of the Canadian Firm, Tick TockAirlines. Peter Increases the supply of the loanable funds and Wendy in turn increases the supply of the loanable funds. Hence options C and D are correct.
What are the loanable funds?The main thing about loanable funds is that it talks about the ways and also the means of understanding the same things in a more precarious also the same way of controlling them. The Loanable funds are given based on the savings bank accounts.
The loanable funds, more importantly, include almost everything starting from bonds, papers of any kind, currencies, and all sorts of monetary transactions that take place. The supply of loanable funds to anyone depends mainly on the ways and also means of the saving account in the bank.
The loanable funds are very important because it helps to cancel out the interest rates also. Hence, options C and D are correct.
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How is the value of a stock determined? By the federal government By specially appointed experts By the forces of supply and demand By the time it has been in existence
The value of a stock is determined by the forces of supply and demand. Thus, option C is correct.
What is stock value?A stock's value is determined by its capacity to increase the investor's return, income, or value. The income with common shares comes in the form of a dividend that the business is not required to pay.
The potential gain is based on projections of the stock's future worth. You would purchase the stock if you were aware that it would likely be worth more in the future than the market price, after accounting for transaction costs, tax implications, and lost opportunities. You would short the stock (borrow it to sell with the intention of buying it back when its price drops) or simply look for another investment if you believed the stock's future value would be lower.
Therefore, we can conclude that option C is correct.
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What is the difference between marginal cost and marginal revenue?
a. Marginal cost is the money earned from selling one more unit of a good. Marginal revenue is the money paid for producing one more unit of a good.
b.Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
c. Marginal cost is the money a producer might make from one more unit. Marginal revenue is the money a producer actually makes from one more unit. Marginal cost is the money a producer actually makes from one more unit.
e. Marginal revenue is the money a producer might make from one more unit.
Option b. The existing difference that can be found between marginal cost and revenue is that Marginal cost is the money paid for producing one more unit of a good. Marginal revenue is the money earned from selling one more unit of a good.
What is marginal cost?The term "marginal cost" describes the rise in manufacturing costs brought on by the creation of more product units. A different name for it is the marginal cost of production. Businesses may evaluate how volume produced affects cost and eventually profits by calculating the marginal cost.
The increase in revenue that comes from selling one more unit of output is known as marginal revenue. Although marginal revenue can remain constant at a certain level of output, it will eventually start to decline as the output level rises due to the law of diminishing returns.
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Based on what you've read, which of the following is a way for hospitals to recruit nurses internally?
A) hospital website job postings
B) external website job postings (ie. indeed, Glassdoor,etc.)
C) school partnerships
D) informal nominations
E) social media
Answer:
E
Explanation:
it's a better solution since people search on websites and social media for jobs
Do any of the actions Day took to change the culture align with Lewin & Schein's Model of Change? How? Help me quick!!
Lewin's change model is a framework for humanizing the change management process that is simple and easy to understand. You are able to plan and carry out the necessary change thanks to these three distinct stages of change—unfreeze, change, and refreeze.
How can Lewin's model of change be put to use?Lewin's model of change management can be used in a lot of different situations. It teaches you, for instance, how to engage employees in significant organizational changes and why some people and organizations are more motivated by the need for social approval than by financial incentives.
What is the model of Schein?The idea behind the Schein's Model of Organizational Culture is to explain the idea of culture and how it affects businesses. It is a dynamic model of group dynamics and learning.
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why are imports subtracted from GDP?
A. Imports are included in the other demand components of GDP and we want to look at only domestically produced goods.
B. Imports reduce domestic production
C. Imports and exports are irrelevant to GDP
The main reason why imports are subtracted from GDP is because it has been included in the other demand components of GDP and we want to look at only domestically produced goods.
What is an imports?Generally, the term "imports" of goods and services refers to the goods which add to the stock of material resources of a country by entering its economic territory.
In national income, the cogent reason that imports are subtracted in the standard identity is because they have already been included as part of consumption, investment, government spending, and exports. So, if the imports were not subtracted, the GDP would be overstated.
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what is micro environment
Answer:
The factors or elements in a firm's immediate environment which affect its performance and decision-making; these elements include the firm's suppliers, competitors, marketing intermediaries, customers and publics.
Explanation:
On the maturity date of a $9,600, 3-month, 12% note, the borrower sends a check that includes the principal and all the interest due on the note. What is the amount of the borrower's check?
The amount of the borrower's check is $7,956 that includes the principal and all the interest due on the note sent on the maturity date.
What is maturity?The phrase "maturity" or "maturity date" in the context of finance refers to the day on which the last payment is expected to be made on a loan or other financial instrument, such as a bond or term deposit, and at which point the principal is expected to be repaid. "Perpetual stocks" are some financial products that never reach a predetermined maturity date and last forever. Bonds with distinct classes and staggered redemption dates are referred to as having a serial maturity when they are all issued at the same time. In the financial press, the word "maturity" is occasionally used as a colloquial term for the asset itself, as in Today's market, the yields on ten-year maturities climbed, which resulted in lower bond prices and a higher redemption yield.
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Should Albert attend one of these top tier colleges for engineering? If so, which one? Or should he look at lower ranked schools in TX? Explain your answer
Answer: Rice University
Explanation:a lot of latinos go there
of 12 questions answered
Question 4
You are a partner, and your spouse has a retirement plan with their current
employer. Within their plan are several restricted securities in EY audit clients for
which you are not a covered person. Is this in compliance with EYG
Independence Policy?
Yes, this is in compliance with EYG Independence Policy provided that you are not a covered individual and the senior manager's spouse is still a worker for the organization.
The firm's EYG Independence Policy tends to be be followed by all the EY client facing employees, even those who are in relation to the senior manager's them immediately. So here, the searches must be conducted in order to discover whether these financial relationships are allowed or not.
Here, the External Independence System Security Search is used in order to determine whether or not the EY employees senior manager's and their close relatives are thus allowed to purchase the required securities.
Hence, the senior managers at EY are required to report their security holdings.
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Alice isn't sure which labor rate to use for employees in her project budget. Which employee labor rate should you tell her to use
Burden rates are a method of accounting for labor costs on your project. Essentially, each employee costs you a specific amount to have at your organization, and that cost is measured on your projects when they work on them.
How do you calculate labor costs?Add the whole cost of what an employee spends to manufacture a product or provide a service. Their earnings, taxes, and benefits are all included. Then divide that figure by the number of hours worked by the employee.
Labor cost percentages range from 20 to 35 percent of gross sales on average. Appropriate percentages differ depending on the industry. A service company may have an employee percentage of 50% or higher, but a manufacturer must normally maintain the figure of around 30%.
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atoms are not the building blocks for all matter in our universe ? true or false
Answer:
FALSE
Explanation:
Atoms are the building blocks for all matter in our universe.
Everything in the universe, except energy, is made up of atoms. Atoms are the basic building blocks that are used for every type of matter in the known universe . They are extremely small and are made up of even smaller particles.
12. Robert bought shares of 6% $100 face value at a price of $120. Sam bought shares of 8% $20 face value at $30. Whose investment was better?
6% $ 100 shares at $ 120
i.e., the annual income from 1 share of nominal value $ 100 is $ 6, investment for 1 share being $ 120.
Therefore, profit percentage = 6/120 × 100 % = 5%
Therefore, Robert’s shares give him a profit of 5%
8 % $ 20 shares at $ 30
i.e., the annual income from 1 share of nominal value $ 20 is $ (8×20)/100 = $ 85, investment for 1 share being $ 30.
Profit percentage = [$(8/5)/$30] × 100 %
= 16/3 %
Therefore, Adrian’s shares give him a profit of 16/3% >5%
Therefore, Adrian’s investment was better.
Derrald Company manufactures snowboards. Estimated costs for Year 1 were as follows:
Direct labor........................................................................................... $31,000
Bonuses paid to factory supervisors.................................................... 9,000
Interest expense..................................................................................... 32,000
Depreciation on manufacturing equipment..................................... 18,000
Indirect labor.......................................................................................... 11,000
Direct materials...................................................................................... 36,000
Income tax expense.............................................................................. 26,000
Indirect materials................................................................................... 14,000
Property taxes on the corporate office building............................... 18,000
Estimated direct labor hours were 40,000.
Actual data for Year 1 are as follows:
Total manufacturing overhead: $120,000
Direct labor hours: 60,000 hours
The predetermined manufacturing overhead rate is determined on the basis of direct labor hours. Which ONE of the following statements is TRUE?
Applied overhead was LESS than actual overhead by $42,000
Applied overhead was MORE than actual overhead by $68,000
Applied overhead was LESS than actual overhead by $22,000
Applied overhead was MORE than actual overhead by $52,000
Applied overhead was MORE than actual overhead by $22,000
Applied overhead was MORE than actual overhead by $42,000
Applied overhead was LESS than actual overhead by $52,000
Applied overhead was LESS than actual overhead by $68,000
The true statement is A. Applied overhead was LESS than actual overhead by $42,000.
What is the difference between applied and actual overheads?The difference between the applied overhead and the actual overhead gives rise to either overapplied or underapplied overhead.
Overapplied overhead arises when applied overhead is more than actual overhead.
Underapplied overhead arises when the actual overhead exceeds the applied overhead.
Note that applied overhead is based on the predetermined overhead rate(s), which are estimates.
Estimated Manufacturing Overhead Costs:Bonuses paid to factory supervisors $9,000
Depreciation on manufacturing equipment $18,000
Indirect labor $11,000
Indirect materials $14,000
Total estimated manufacturing overhead costs = $52,000
Estimated direct labor hours = 40,000 hours
Predetermined overhead rate = $1.30 ($52,000/40,000)
Actual manufacturing overhead costs = $120,000
Actual direct labor hours = 60,000
Applied overhead = $78,000 (60,000 x $1.30)
Underapplied overhead = $42,000 ($120,000 - $78,000)
Thus, the true statement about the overhead application is Option A.
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Discuss some policy options a government could have to intervene in such market and prevent the monopoly creation. (2points)
Answer:
Equal distribution of privatization
Legal restrictions on the formation of cartels
No privatization of key area ( Military, Electrics etc )
Explanation:
When privatize, distribute equally to the all the buyers and not letting the control of a sector falls into the hand of 1 buyer as it will create a monopoly.
Legal restrictions on the formation of cartels will prevent market manipulation, a factor that can create a monopoly ( or oligopoly ) in the market.
Timothy Jenkins spent six years at Hartford Mills, a company that takes a strong stand against unionization. Though Timothy's designation was that of a production supervisor, as the company grew, he also took on additional duties like keeping a check on employee safety, ensuring that legal measures are followed, and implementing programs for labor welfare that the company planned. Many believed that Timothy was doing a great job for the company, and so it came as a surprise when Timothy was rumored to face severe disciplinary action, as he was encouraging the workers to join a union. However, he was let off with a mere warning. Which of the following, if true, would explain this paradox? A) The management had recently instituted a formal employee welfare committee. B) Timothy stressed the fact that he was a meticulous worker who always adhered to company policies. C) The management had recently moved from an open shop mechanism to a closed shop mechanism. D) Timothy claimed that he was only looking to ensure
If Timothy's assertion that he just wished to improve employee welfare—one of the responsibilities given to him by the company—were accurate, it would explain the paradox.
A paradox is a statement that appears to be in opposition to logic or common sense yet may nevertheless be accurate.
A paradox is a versatile technique that may be employed in writing or speech, as well as singly or in a group of other paradoxes. It can also have positive or negative implications. Read these quotations and examples to learn more about what a paradox is and how it might be applied.
Let's examine some traditional examples. The pigs in George Orwell's Animal Farm came up with this maxim. The statement is paradoxical because nothing is the same.
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Which of the following file extensions can the browser render with no help from any other software?
A file with the extension.html may be opened in a browser even if the browser does not have any additional software or extensions installed.
Simply clicking on the file will cause it to open in your browser, at which point it will display the content that is included inside the file.
What is a web browser extension?Generally, A web browser may have its functionality enhanced via the installation of add-ons known as extensions.
The majority of browsers support a diverse range of extensions, which may include changes to the user interface, cookie management, the banning of advertisements, and the custom scripting and design of web pages.
It is possible for a browser to open a file that ends in.html even if the browser does not have any extra software or extensions installed.
Simply clicking on the file will cause it to open in your browser, at which time it will show the content that is included inside the file. Clicking on the file will cause it to open in your browser.
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Name two alphabetic arrangements of subject records storage, and explain how the two arrangements are alike and how they differ.
The two alphabetic arrangements of subject records storage are that subject records may be arranged alphabetically as in the dictionary and in encyclopedic arrangement.
Subject records storage is an alphabetic system which is used in order to store and as well as retrieve the records by their subject or the given topic. Thus, it is a method of coding, classifying, and filing records by subject.
So here both the arrangements are alphabetic storage arrangement of subjects or the titles. Whereas, in the dictionary arrangement, all the subjects are arranged in alphabetic order behind A-to-Z primary guides.
Hence, the subject records are arranged alphabetically as in the dictionary.
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Under what conditions do consumers bear the full burden of an excise tax levied on
the producer?
Answer:
If demand is more inelastic than supply, consumers bear most of the tax burden.
If demand is more inelastic than supply, consumers bear most of the tax burden.
khanacademyorg
gas tax is an excise tax
Inelastic demand means that when the price goes up or down, consumers' buying habits stay about the same when the price goes down, consumers' buying habits also remain unchanged
true for things people really need and have no choice but to spend more like co pays for doctors visits
scholarships are often taxed
investopedia