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Michael D. Bayles | the Professional-Client Relationship

question 55

Multiple Choice

Michael D. Bayles | The Professional-Client Relationship
Bayles presents a number of ethical models relevant to the professional-client relationship, based on the proportion of authority and responsibility expected from each: agency, contract, friendship, paternalism, and fiduciary. He concludes with support for a model that gives the most freedom and authority to clients, given their knowledge of the situation, a contract between equals whenever possible, and a paternalistic model only for cases in which a client may be incompetent
-The model that simply assumes the superior position of the professional to the client is

Grasp the implications of discretionary fiscal policy on the economy.

Understand how deficits resulting from discretionary fiscal policies affect interest rates and the sale of government securities.

Identify the political and economic challenges in managing federal budget deficits.

Gain insight into the historical trends of U.S. government spending, revenue, and debt.

Definitions:

Unit Variable Cost

The variable cost incurred to produce one unit of a product, including materials, labor, and variable overhead.

Minimum Required Rate Of Return

This is the lowest return that investors expect for an investment, affecting the value and desirability of an investment opportunity.

Total Fixed Costs

The sum of all costs that do not change with the level of output within a certain range of activity for a specified period.

Average Operating Assets

The average value of the assets used in the normal operations of a business over a period.