Suppose that upon graduating from Johns Hopkins, you accept a position in hospital administration at a large, urban hospital. Specifically, your initial job is to allocate resources across two disparate divisions within the hospital: the OB/GYN service and the Psychology Clinic. These two divisions have very little overlap, so $1 invested in the Psychology Clinic has no direct effect on the OB/GYN service. Suppose you are given a fixed amount of money to hire new physician assistants.
a) Draw a production function for each division (two graphs) of output (number of patients seen) as a function of physician assistants. Assume that capital (i.e., the facility size) is fixed and that both divisions are operating in a productively efficient manner.
b) Referring to your graphs, describe the opportunity cost of devoting $1 to the psychology clinic.
c) Demonstrate on your graphs a set of points (one for each division) that would be allocatively efficient. Explain way you chose these points.
d) Suppose a new technology arises that complements physicians assistants in the production of OB/GYN cases. Redraw both production functions. How does the opportunity cost of $1 of investment in the Psychology Clinic change? Explain. If the answer is ambiguous, describe the factors that would be important in the answer.
Answers
The production function of OB/GYN as a function of physician assistants is represented graphically in the image below:
a) OB/GYN Service, Psychology Clinic
b) The opportunity cost of devoting $1 to the psychology clinic is illustrated graphically in the figure below: If the hospital administrator reallocates funds from the Psychology Clinic to the OB/GYN department, the opportunity cost of an additional physician assistant (PA) will be fewer patients served in the Psychology Clinic. The slope of the production function in the Psychology Clinic graph represents the opportunity cost of PA
c) Allocative efficiency occurs when there is no way to reallocate resources such that one division's output is increased without causing a decline in the other division's output. This point of efficiency is where the two production functions intersect. A point on the production function's boundary where the two functions intersect is represented graphically in the image below: It is an allocatively efficient point because, at that point, each additional PA adds an equal number of patients to each division.
d) The technological advancements that enhance the PA's productivity in the OB/GYN clinic would cause the OB/GYN service production function to rise. It causes the opportunity cost of a Psychology Clinic dollar to increase. The PA's value in the OB/GYN clinic rises since they produce more output, and the opportunity cost of having fewer PAs in the OB/GYN clinic increases because their productivity is higher.
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Related Questions
What do you mean by search of trade?Why is it essential?
Answers
Answer:
trade means buying and selling good and service
Answer:
it takes time,resourses and money to creat and luanch distinctive and affective brands..in most instances,trade searching id an important first step in any trade registration to avoid adopting brans that infrige third-party trademark rights.
T/F to pierce the corporate veil is to expose the shareholders to personal liability.
Answers
"Piercing the corporate veil" refers to a situation in which courts disregard limited liability and hold a corporation's shareholders or directors personally liable for the corporation's actions or debts.
What is another word for disregard?
Common synonyms for disregard include forget, ignore, neglect, overlook, and slight. While all of these words mean "to pass over without giving due attention," disregard implies willful inattention. He ignored his family's wishes. Disregard in relationships indicates that partners lack interest, concern, and sympathy for one another. Consider making dinner and sitting down to eat with your partner. You eat together while your partner looks at their phone.
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according to the etextbook, which supply chain business process is responsible for dealing with issues related to packaging , returns, and product recalls?
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According to the e-textbook, the supply chain business process that is responsible for dealing with issues related to packaging, returns, and product recalls is Reverse Logistics.Reverse logistics is a part of the supply chain process that deals with the handling of products, packages, or materials from the point of consumption.
Reverse logistics is responsible for dealing with issues related to the reverse flow of goods, including returns, refurbishment, repair, recycling, product recalls, and disposal. It is critical in making sure that the company can receive the value of the product back while ensuring the environmental and financial sustainability of the process. I
n short, reverse logistics is responsible for creating a sustainable and efficient way of handling the products that move in the opposite direction of the typical supply chain.
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Outline why it is important for a business owner to respond to technological and global issues when establishing a business?
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Technology enables an increase in the efficiency of systems, products, and services. It helps track and streamline strategies, hold records go with the flow, and control contacts and employee records.
In reality, this expanded efficiency in operation enables lessened costs as well as allows the commercial enterprise to develop swiftly.
Technology has vital consequences on commercial enterprise operations. Irrespective of the scale of your business enterprise, technology has both tangible and intangible advantages that will help you make money and produce the results your customers demand. Technological infrastructure affects the subculture, performance, and relationships of a business.
The use of technology has made commercial enterprises and clients closer in many areas. E-mail and Social Media are getting used for answering queries related to products and services with clients. Giving customers all feasible methods to contact the agency is simple with the latest technology and packages over the internet.
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INTERVIEW a business owner on the crisis experienced in the workplace attach an interview schedule as part of your oral presentation
Answers
Interview helps to select the best fit for a Job.
What is interview?Interview is usually an interactive sessions between an intending employee and the human resources personnel.
The sessions is to know if the individual is the best fit for a job.
Therefore, Interview helps to select the best fit for a Job.
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Which of the following is NOT a reason why people invest in the stock market?
A. Investing in the stock market usually offers a higher return than the interest earned on a savings account.
B. Investing is a guaranteed way to make money.
C. Investing in companies through the stock market offers a chance to share in the profits of those companies.
D. None of the above
Answers
Answer: B investing is a guarantee to make money
Explanation: I took the assessment
what is the southernmost forest in the continental us?
Answers
The southernmost forest in the continental US is the Chihuahuan Desert forest. This forest is located primarily in Mexico but stretches into Arizona, Texas, and New Mexico in the United States. Chihuahuan Desert forest spans roughly 140,000 square miles, and its primary vegetation is shrubs, grasses, and trees such as mesquite, oak, juniper, and piñon pine. Additionally, the forest is home to several unique species, including the Chiricahua leopard frog, the Mexican wolf, and the pronghorn.
What is a forest? A forest is a large area of trees that are densely packed together, typically thousands of acres or more. A forest's biodiversity and ecological services are essential to life on the planet, as they provide oxygen, clean air, water filtration, and carbon sequestration, among other things.
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Hockley Brewing has produced a new craft lager beer that will be branded Hockley Classic Lager. The market for craft beer is about $20 million retail per year and the average retail price across all craft beer producers is $2. 50. The following information applies to Hockley’s new craft lager beer.
Factory production costs $1. 05 / can (Variable Cost)
Beer ingredients $0. 35 / can (Variable Cost)
Packaging $0. 20 / can (Variable Cost)
Advertising and promotion $60,000 (Fixed Cost)
Channel listing fees $30,000 (Fixed Cost)
Hockley’s wholesale price to retailers $2. 40 / can (Variable Cost)
(Hockley’s) manufacturer’s suggested retail price $2. 55 / can (Variable Cost)
a. What is Hockley’s unit contribution (measured in $ per can) and contribution margin (measured in percentage)?
b. What is the break-even point in cans? in dollars?
c. What is the necessary sales volume in cans to achieve a $150,000 (target) profit?
d. What will Hockley’s net profit be if 100,000 cans of the new lager are sold?
e. What will Hockley’s market share of craft beer be if they sell 100,000 cans?
f. Their largest competitor is Mill Street Brewery whose Original Organic Lager has 2. 5% market share of the craft beer market. Given Hockley’s market share calculated in part (e), what will Hockley’s relative market share (RMS) be for their Classic Lager?
g. The craft beer market is growing at 10% annually, higher than any other type of beer. With the RMS for Hockley Classic Lager calculated in part
(f), at the end of their first year, where in Hockley’s portfolio will Classic Lager be positioned and what recommendation would follow?
h. Calculate the price elasticity of demand if they raise the MSRP from $2. 55 to $2. 75 and demand falls from 100,000 cans to 95,000 cans. Is demand for this product price elastic or inelastic?
Answers
Hockley's unit contribution is $0.50 per can with a contribution margin of 19.6%. The break-even point is 180,000 cans or $432,000, and a sales volume of 480,000 cans is needed to achieve a target profit of $150,000.
a. Hockley's unit contribution is $0.50 per can ($2.55 - $2.05), and the contribution margin is 19.6% (($0.50 / $2.55) x 100).
b. The break-even point in cans can be calculated by dividing the total fixed costs ($60,000 + $30,000) by the contribution per can ($0.50). The break-even point is 180,000 cans. In dollars, the break-even point is $432,000 (180,000 cans x $2.40).
c. To achieve a target profit of $150,000, we need to calculate the necessary sales volume in cans. The formula is (Total Fixed Costs + Target Profit) / Contribution per can. Using the given numbers, the necessary sales volume is 480,000 cans.
d. If 100,000 cans of the new lager are sold, the net profit can be calculated as (Unit contribution x Sales volume) - Total Fixed Costs. With the given numbers, the net profit would be $10,000.
e. If Hockley sells 100,000 cans, their market share of craft beer can be calculated as (Sales volume / Total market size) x 100%. With a $20 million market size, their market share would be 0.5%.
f. Hockley's relative market share (RMS) for their Classic Lager can be calculated by dividing their market share by Mill Street Brewery's market share and multiplying by 100. With Hockley's market share of 0.5% and Mill Street Brewery's market share of 2.5%, Hockley's RMS would be 20%.
g. With an RMS of 20% for their Classic Lager, Hockley would be positioned as a significant player in the craft beer market. The recommendation would be to continue investing in and promoting the Classic Lager to further increase its market share.
h. The price elasticity of demand can be calculated using the formula: Percentage change in quantity demanded / Percentage change in price. In this case, the percentage change in quantity demanded is ((100,000 - 95,000) / 100,000) x 100% = 5%, and the percentage change in price is (($2.75 - $2.55) / $2.55) x 100% = 7.8%. Therefore, the price elasticity of demand is 0.64 (5% / 7.8%). With a price elasticity of less than 1, demand for this product is price inelastic, meaning that a price increase led to a proportionally smaller decrease in quantity demanded.
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If the marginal revenue was $5 how many units would be produced to maximize profit?
Answers
The maximum profit can be done if, a firm produces the number of units where marginal cost (MC) equals marginal revenue (MR).
In this case, if the marginal revenue is $5, the firm should produce the quantity of units where the marginal cost is also $5.In general, profit is maximized when marginal revenue (MR) equals marginal cost (MC). This is because at the point where MR = MC, producing an additional unit of output would result in equal additional revenue and additional cost, thus maximizing profit.
Therefore, if you provide the marginal cost function or data, I can help you calculate the number of units that would be produced to maximize profit.
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Liabilities are ______ related to the recognition of expenses. multiple choice question.
Answers
Liabilities are sometimes related to the recognition of expenses.
How are liabilities related to expenses?Sometimes, the liabilities that a company has are related to the expenses that it recognizes. This especially happens when expenses lead to a company owing an amount that they were unable to pay off in the current period, and so had to carry as current liabilities.
For example, when a company is unable to pay for the utilities expenses that it used in 2021, this goes to the Utilities payable account which is a current liability account. This therefore shows that sometimes when expenses are recognized, they will lead a business into incurring liabilities as a result.
In conclusion, the recognition of expenses is sometimes related to liabilities.
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sales last year were $437,264 and sales this year are $486,700. what is the sales dollar variance (difference)? $11.31 ($11.31 )
($49,436.00) $49,436.00
Answers
The sales dollar variance is $49,436.00. The sales last year were $437,264, and sales this year are $486,700. The calculation of sales dollar variance is the difference between the actual sales and the budgeted sales. Sales dollar variance is calculated by subtracting the budgeted sales amount from the actual sales amount.
The formula for calculating sales dollar variance is: Sales dollar variance = Actual sales - Budgeted sales. In the given problem, the sales last year were $437,264, and sales this year are $486,700. So, the calculation of sales dollar variance can be done as follows: Sales dollar variance = Actual sales - Budgeted sales. Sales dollar variance = $486,700 - $437,264 and Sales dollar variance = $49,436.00
Therefore, the sales dollar variance between the two years is $49,436.00.
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Which interest rate will earn the largest return on $1,000?
A. Simple interest at 5 percent
B. Simple interest at 3 percent
C. Compound interest at 3 percent
D. Compound interest at 5 percent
Answers
Answer: A
Explanation:
Innovation Company is thinking about marketing a new software product. Upfront costs to market and develop the product are $4.96 million. The product is expected to generate profits of $1.02 million per year for ten years. The company will have to provide product support expected to cost $95,000 per year in perpetuity. Assume all profits and expenses occur at the end of the year.
a. What is the NPV of this investment if the cost of capital is 6.1%? Should the firm undertake the project? Repeat the analysis for discount rates of 1.9% and 12.6%, respectively.
b. What is the IRR of this investment opportunity?
c. What does the IRR rule indicate about this investment?
Answers
a. The NPV of the investment is: (enter your response rounded to 2 decimal places)NPV = -$4,960,000 + Σ[CFt / (1 + r)t] where CFt = cash flow at time t, r = discount rate.
And t = yearDiscount rate 6.1%Σ[CFt / (1 + r)t] from year 1 to 10 = $5,694,542NPV = -$4,960,000 + $5,694,542 = $734,542Since the NPV is positive, the firm should undertake the project.Discount rate 1.9%Σ[CFt / (1 + r)t] from year 1 to 10 = $6,339,059NPV = -$4,960,000 + $6,339,059 = $1,379,059Since the NPV is positive, the firm should undertake the project.Discount rate 12.6%Σ[CFt / (1 + r)t] from year 1 to 10 = $5,099,532NPV = -$4,960,000 + $5,099,532 = $139,532Since the NPV is positive, the firm should undertake the project.b. The IRR of the investment opportunity is 23.18%.c. The IRR rule indicates that this investment should be accepted since the IRR is greater than the cost of capital.
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Fill the Blank ,the account allowance for uncollectible accounts normally has a _______
Answers
The account allowance for uncollectible accounts normally has a "Credit Balance". Accounts receivable that may not be collected are estimated and recorded using the account allowance for uncollectible accounts.
Sometimes referred to as the allowance for questionable accounts, which is a contra-asset account. The balance sheet shows the allowance account as a decrease from accounts receivable, which represents the anticipated net amount of client payments. Because it lowers the amount of accounts receivable that are recorded on the balance sheet, the allowance account typically has a credit balance. The allowance account balance is deducted and the accompanying accounts receivable balance is credited when a certain account is determined to be uncollectible.
Accounts receivable that may not be collected are estimated and recorded using the account allowance for uncollectible accounts, sometimes referred to as the allowance for questionable accounts, which is a contra-asset account.
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Which financial statement reports an organization's financial position at a point in time?
Answers
Balance sheet is the financial statement reports an organization's financial position at a point in time.
An organization or organization is an entity, such as a company, institution, or association, made up of one or more people and having a specific purpose. The word comes from the Greek word organon, which means tool or instrument, musical instrument or organ.
An organization is an official group of people such as a political party, corporation, charity or association. Most of these technical schools are provided by volunteer organizations. ... Reported by the International Labor Organization. Synonyms: Synonyms for groups, companies, associations, associations, and organizations.
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when an individual deposits money in a bank account using a check, there is a period of time in which this money is not reflected in the bank account. banks use this money freely within this period of time. this is an example of banks using____to their benefit.
Answers
When an individual deposits money in a bank account using a check, there is a period of time in which this money is not reflected in the bank account. banks use this money freely within this period of time. this is an example of banks using "float" period to their benefit
However, the use of float periods by banks has come under scrutiny and criticism. Some argue that banks should not be able to profit from a customer's deposited money without their knowledge or consent.
In response to this criticism, some banks have implemented policies to reduce the float period or provide customers with more information about the use of their deposited funds. This is crucial for all the bank customers to know well.
Overall, the use of float periods by banks is a common practice in the banking industry, but it is important for customers to be aware of the potential implications and to choose a bank that aligns with their values and priorities.
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What is an SCI clearance?
Answers
An SCI clearance, or Sensitive Associated Information clearance, is a type of security clearance used by the United States government. It is one of the highest levels of security clearance and is required to access top secret information. This screening requires a full background investigation, including personal and financial information.
Those who hold this permit are expected to follow strict security protocols and must pass polygraph tests. They are also expected to maintain a high level of confidentiality and discretion when handling sensitive information. SCI permit holders must also keep abreast of safety protocols and be reexamined every five years.
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You can gain access to confidential material that is not visible to the general public if you have SCI clearance.
This can occasionally entail having access to data, knowledge, or even technology that is restricted to individuals with the proper level of clearance. Although information with a SCI clearance has been referred to as being "above Top Secret," any classification level may be present. This material is handled in the same way as collateral Confidential/Secret/Top Secret information when it is "de-compartmented," regardless of classification. The Director of National Intelligence created formal methods to regulate sensitive compartmented information (SCI), a category of classified material.
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What are checks?
I put:
Checks are a small piece of paper that is used to be paid money from another person's account, with their consent of course.
and got 100%
Answers
Answer:
A cheque, or check, is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account where their money is held.
Answer:
Checks are a small piece of paper that is used to be paid money from another person's account, with their consent of course.
Explanation:
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if there is a shortage of 50 units at a price of $3 per unit, the shortage will be less than 50 units at a price of $2 per unit. if there is a shortag
Answers
A shortage of 100 units at a cost of $2 per unit is greater than a shortage of 100 units at a price of $1 per unit. The preceding statement is false.
What is shortage?
A shortage occurs in economic terms when the price doesn't really rise to reach equilibrium for some reason (including such government intervention or seller decisions not to raise prices). In this case, buyers want to buy more at the market price than the available quantity of the good or service, and some non-price method (such as "first come, first continued to serve" or a lottery) determines which buyers are delivered. The only thing that can end up causing a shortage in a perfect market is price. In common parlance, a "shortage" refers to a situation in which most people are not able to discover a desired good at such an affordable price, particularly when supply issues have raised the cost.
A surplus occurs when there is a excess of a commodity's production or supply. Here, because the price is falling, that is, from 100 units at the a price of S2 per unit to 100 units at the a price of $1, it will increase demand for this good (at a lower price, the product's demand will increase) and thus surplus will be less as more quantity will be sold.
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pls refer to photo thank you!
Answers
what are 3 examples of nonprice factors you have experienced as a consumer?
Answers
The three examples are Taste, Brand Loyalty and Fashion. The nonprice factors are the three given above.
Who is a consumer?A consumer is a person who purchases and consumes the product or service that is offered and served by the business. A business offers a product or service and the consumer analyzes the aspects of that specific product or service and then pays the price for that specific product or service and then consumes it.
The customer is King is a well known saying and is always considered when a product is presented in the market. The consumer choice can be based on different factors and it includes nonprice factors too which includes taste of the consumer, Brand image and loyalty and Fashion prevailing in the market. Price factors are those which are related to price.
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Answer:
The three examples are Taste, Brand Loyalty and Fashion. The nonprice factors are the three given above.
Who is a consumer?
A consumer is a person who purchases and consumes the product or service that is offered and served by the business. A business offers a product or service and the consumer analyzes the aspects of that specific product or service and then pays the price for that specific product or service and then consumes it.
The customer is King is a well known saying and is always considered when a product is presented in the market. The consumer choice can be based on different factors and it includes nonprice factors too which includes taste of the consumer, Brand image and loyalty and Fashion prevailing in the market. Price factors are those which are related to price.
Explanation:
how do you start a business successfully
Answers
When the price elasticity of demand for a good equals ____________, the demand curve is ______.
Answers
When the price elasticity of demand for a good equals infinity, the demand curve is perfectly elastic.
In economics, price elasticity of demand (PED) is used to measure the responsiveness of the quantity demanded for a good or service to changes in its price. If the price elasticity of demand for a good equals infinity, the demand curve is perfectly elastic.A good is said to be perfectly elastic if its quantity demanded changes infinitely with even a minute change in price.
In a perfectly elastic demand curve, consumers will not pay higher prices, because even the slightest increase in price would lead to the collapse of the market.
In other words, the elasticity of demand measures how responsive the quantity demanded is to changes in price, with a high elasticity indicating a more significant change in demand in response to price changes.
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If manufacturing overhead has been overallocated during the period, and most of the jobs produced have been sold, then a cost of goods sold should be increased. b.cost of goods sold should be decreased. c. finished goods inventory should be increased, d work in process inventory should be decreased,
Answers
Because manufacturing overhead is applied based on a preset overhead rate, there is a possibility that it will either be underapplied or overapplied. Manufacturing overhead is being overapplied if the account has a credit balance at the conclusion of the quarter.
How are manufacturing overhead expenses divided between the inventory of work-in-progress?A debit to the Manufacturing Overhead account is used to transfer manufacturing overhead expenses to the Work-in-Process Inventory account. Process costing is employed by accounting firms, construction companies, and healthcare organizations.
Each client is viewed as a task by a service provider, such as an accountancy firm. Actual overhead expenses exceeded those that were applied to jobs.
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U.S. is established as a country based on freedom is to the early america era as federal support for the growth of big business is to the?
Answers
U.S. is established as a country based on freedom is to the early America era as federal support for the growth of big business is to the Industrial revolution.
What is American Industrial revolution?The 1870s saw the beginning of the Revolution, also referred to as the American Manufacturing Revolution, which lasted until the conclusion of World War II. During this time, new transport methods like steamships, vehicles, and airplanes were developed along with the mechanization of industry and agriculture.
What are the four root reasons of the American Industrial Revolution?The advent of capitalism, European imperialism, efforts to mine coal, and the effects of the agricultural revolution are some of the factors that historians have recognised as contributing to the Industrial Revolution.
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who death was sadder itachi or minato or Jiraiya
Answers
Answer:
i would say Jiraiya
Explanation:
he was alone when ijt happen and was weak
Mark applies for a credit card using someone else's name and Social Security number. What type of fraud is this? • A. Securities fraud • B. Insurance fraud C. Identity theft D. Tax fraud
Answers
C. Identity theft. Mark's actions of using someone else's name and Social Security number to apply for a credit card constitute identity theft.
What is Identity theft?
Credit card constitute identity theft is a type of fraud involving the unauthorized use of someone's personal information for fraudulent purposes. Securities fraud, insurance fraud, and tax fraud are different types of fraud that involve illegal activities in specific domains such as financial securities, insurance, and taxation, respectively, and are not applicable in this scenario. Identity theft is a serious crime that can result in financial loss and harm to the victim, and it is important to take steps to protect personal information and report any suspected cases of identity theft to the appropriate authorities.
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Many economists believe that the growth of the money supply is A. not related to output growth. B. inversely related to the price level. C. directly related to interest rate growth. D. positively related to the growth of real GDP.
Answers
Answer:
D.
Explanation:
They believe that controlling the supply of money directly influences inflation and that by fighting inflation with the supply of money, they can influence interest rate in the future.
Help me with this please.
Answers
Answer:
its customer service and desion making
Explanation:
hope it help btw i search it up and it said that so its right
What is a benefit of career planning that helps you keep up with rapid change?
O Planning slows down your ability to evaluate how well your career path is working for you.
O Rapid change makes it easy to find information on jobs and companies that interest you.
You can make plans that you will never need to change.
It helps you learn about trends in your career field.
Answers
Answer: It helps you learn about trends in your career field.
Explanation: I took the test |
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