Suppose you buy clothes at Mimi's Clothing Shop. Your spending is Mimi's _____.

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Answer 1
Answer: Suppose you buy clothes at Mimi's Clothng Shop. Your spending is Mimi's profit.

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Cartels are corporations that control almost all of the production and sale of a single product.true false

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FALSE. Cartels are NOT CORPORATIONS that control almost all of the production and sale of a single product.

A cartel is an agreement between competing firms to control prices of goods. They may also come into agreement to hinder the entry of a new competitor. 

A cartel rises in an oligopoly. This means that few sellers are in the market and these sellers control the price and production of various goods.

Northeastern cities are important trade centers. Which of the following statements does not correctly describe the economic role of a northeastern city?A)Philadelphia is an important industrial center containing factories producing a variety of goods.
B)New York City is considered the financial capital of the United States.
C)Boston is a leading center for academic research as well as medical schools and hospitals.
D)Providence is a major producer of wheat and other grains.

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Northeastern cities are important trade centers.
The following statement does not correctly describe the economic role of a northeastern city.
D. Providence is a city not a county where there are farms.

Explain briefly what is national federation of independent business v. sebelius

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National Federation of Independent Business v. Sebelius is a landmark case in the United States Supreme Court that dealt with the constitutionality of the Affordable Care Act (ACA) of 2010, also known as Obamacare.

The case was brought by a group of small business owners who argued that the individual mandate, which required individuals to purchase health insurance or pay a penalty, was unconstitutional.In a 5-4 decision, the Supreme Court upheld the constitutionality of the ACA but ruled that the federal government could not withhold Medicaid funding from states that chose not to expand their Medicaid programs under the ACA.

The court also limited the reach of the Commerce Clause of the Constitution, which was used to justify the individual mandate.The case had significant implications for healthcare policy and constitutional law in the United States. It cemented the ACA as a cornerstone of American healthcare policy and established limits on the federal government's power to regulate commerce.

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Abbey Co. sold merchandise to Gomez Co. on account, $25,700, terms 2/15, net 45. The cost of the goods sold was $14,731. Abbey Co. issued a credit memo for $3,100 for merchandise returned that originally cost $1,458. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?

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Answer:

Abbey Co.

Amount of gross profit earned by Abbey Co:

Net Sales =            $22,600

Cost of goods sold  13,273

Gross profit            $8,327

Explanation:

a) Data and Calculations:

Sales = $25,700

Sales returns = 3,100

Net Sales = $22,600

Cost of goods sold =               $14,731

Inventory returned                     1,458

Adjusted cost of goods sold $13,273

The gross profit is a function of sales revenue and cost of good sold.  It is the first profit that is determined in the income statement.  It tells the efforts of management to turn sales revenue into some profits, which will be used to offset the period's expenses before the net income could be arrived at.

Business behavior determines the ethics of society.We can improve society's moral and ethical behavior by first making a commitment to improving business's moral and ethical behaviour

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Answer: The correct answer is False.

Explanation:

Business behavior will not determine the ethics of society. Businesses can't be responsible to change the moral and ethical behaviors of a single person or an entire world. Only a person can change their own behavior. A society in whole can only be changed by each person acting upon their own free will.

If a business is not ethical, then they need to change the way they work and do business and lead by example.

Keran works for a company that does not purchase from suppliers committed to fair trade practices. Keran is considering sending a message concerning this practice to her company buyers but she does not think it will impact the decision as to whether or not to continue purchasing products from these suppliers. What question should Keran ask when deciding whether or not her message has a​ purpose?

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Answer:

The correct answer is: Will anything change as a result of your​ message?