Suppose There Are Only Two Firms in an Economy: Cowhide,Inc

question 113

Multiple Choice

Suppose there are only two firms in an economy: Cowhide,Inc.produces leather and sells it to Couches,Inc. ,which produces and sells leather furniture.With each $1,000 worth of leather that it buys from Cowhide,Inc. ,Couches,Inc.produces a couch and sells it for $2,600.Neither firm had any inventory at the beginning of 2015.During that year,Cowhide produced enough leather for 25 couches.Couches,Inc.bought 80% of that leather for $20,000 and promised to buy the remaining 20% for $5,000 in 2016.Couches,Inc.produced 20 couches during 2015 and sold each one during that year for $2,600.What was the economy's GDP for 2015?

• A)$25,000
• B)$52,000
• C)$57,000
• D)$65,000

Recognize the principles of total quality management and its focus on reducing defects.

Understand the concept of deindividuation and its effects on group behavior.

Recognize the prevalence and nature of lying and cheating in various contexts.

Distinguish between injunctive and descriptive norms and their influence on behavior.

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Definitions:

Effective Visual Communication

The practice of using visual elements strategically to convey information, ideas, or concepts in a way that engages and informs the target audience.

Principles

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior.

Visual Elements

Components such as images, graphics, colors, and typography that are used in design and communication to enhance aesthetic appeal and convey messages.

Text Replacement

The act of substituting a portion of text with alternative words or phrases to improve clarity, correct errors, or update information.