Let X represent how many lottery tickets will be bought this week. None of the following influences randomness the climate.
How likely is it to win if 100 different lottery tickets are bought?The likelihood of winning if you purchased ten tickets is one in 100,000. Your odds grow to 1 in 10,000 if you purchased 100 tickets, and to 1 in 1000 if you purchased 1000 tickets.
Which lottery offers the best chances of success?The odds of winning the Powerball jackpot are 1 in 292,201,338 and the odds of winning the $1 million prize are 1 in 11,688,054. The odds of winning the jackpot in Mega Millions are 1 in 302,575,350 and 1 in 12,607,306, respectively. However, the jackpots might vary greatly depending on the date.
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professor kendall has been researching adolescent maturation around the world. which of the following is she likely to determine has the smallest role in determining group differences in pubertal maturation?
Genetics is likely to determine smallest role in determining group differences in pubertal maturation.
Acute factors may also interfere with pubertal development at the time of puberty's onset. Malnutrition or diseases with systemic effects cause puberty to be delayed. We observed an earlier onset of puberty and early menarcheal onset in girls with low birth weight. A low birth weight was associated with later development in boys. Genetics, however, has very less effect on pubertal maturation.
Adolescence is a stage of physical and psychological development that generally occurs between puberty and adulthood. Adolescence is commonly associated with adolescence, but its physical, psychological, or cultural manifestations can begin earlier and end later. Age is only a rough indicator of adolescence, and scholars have yet to agree on a precise definition.
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FILL THE BLANK A __________ has specific geographic territories and borders within which communication and transportation make it possible for people in a larger geographic area to share a common language and culture.
A nation has specific geographic territories and borders within which communication and transportation make it possible for people in a larger geographic area to share a common language and culture.
The word "nation" is used to refer to a group of people that share a common language and culture, as well as a specific geographic territory and borders. This definition is important because it helps to define a nation as a distinct entity from other nations, and allows for the development of a sense of national identity and pride. Additionally, it allows for communication and transportation to facilitate the exchange of ideas, goods, and services between people in a larger geographic area.
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Compared with other people, those who are very isolated from nature, living in cities, and are rarely going outside, are ____
Individuals who live in cities, are frequently indoors, and are largely cut off from nature are less likely to care about the environment than other people.
What is the environment?Environment can be summed up as the effects of all the living and non-living things that have an impact on human life.
Non-living or abiotic elements include water, land, sunshine, rocks, and air, whereas all live or biotic elements are animals, plants, forests, fisheries, and birds.
Lithosphere, hydrosphere, atmosphere, and biosphere are the four main elements of the environment and stand for, respectively, rocks, water, air, and life.
The crust, or the topmost layer of the earth known as the lithosphere, is composed of several minerals.
Compared to other people, those who live in cities, spend a lot of time indoors, and are largely cut off from outdoors are less likely to care about the environment.
Therefore, individuals who live in cities, are frequently indoors, and are largely cut off from nature are less likely to care about the environment than other people.
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Which of the following statements is consistent with Gibsons ecological view of perceptual Developement in infancy?
Choose matching definition
1. We directly percieve information that exsists in the world around us.
2. The timing of a child's first word and the timing of the vocabulary spurt vary.
3. Do novel things and repeat them often until the infant stops responding
4. An entire hemisphere of the brain can be removed and the other hemisphere will take over functions that the removed hemisphere previously preformed.
His view is that We without delay discover records that exists in the world round us.
What is Gibson's ecological view of perception?His ecological concept of understanding used to be guided via two principles: animal-environment structures and guiding activity. James Gibson idea that to totally apprehend perception the observer had to take into account the perceiver's environment and how they acted inside that environment
Gibson's direct idea of perception is the notion that we become aware of truely with the aid of using the data we acquire via our senses and this is sufficient information for us to make feel of the world around us.
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Co-cultures in north Americana society include categories based on age, race/ethnicity/sexual orientation, nationality, geographic region, physical disability, religion, activity.
What principles underlie co-cultures?A group that differs from the wider culture, of which it is a part and which it has many commonalities, through its values, beliefs, or practices is known as a co-culture. These co-cultures may flourish inside the various subsets that make up cultures. For instance, Chinatowns can be found in many major cities.
What kinds of co-cultures are there?Race, ethnicity, culture, nation of origin, gender, sexual orientation, age, mental and physical ability, class, and religion are just a few examples of co-cultures. Your co-cultures and the reasons you identify with them shape your identity (or personal culture).
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select from the three alternative methods of overhead allocation in the drop down list so that it matches with the provided feature.
Overhead allocation based on one rate Plant wide rate. Overhead allocation based on at least two rates Departmental rate. Overhead allocation using activities that drive costs Activity based costing.
What are plant wide rate, departmental rate and activity based costing?Plant Wide Overhead Rate: When a business allocates all of its production overhead expenses to costs or products, it does so by applying a single overhead rate known as the plant wide overhead rate. It is usually employed in smaller businesses with stable cost structures.
Departmental rate: A departmental rate is the overhead charge per unit of work that is levied by a certain department. This price is exclusive to the production divisions. Due to the fact that administrative departments' expenses are paid on a per-incident basis, they do not have departmental rates.
Activity-based costing (ABC) is a method for distributing indirect costs, such as salaries and energy costs, to the prices of goods and services. The ABC approach to cost accounting is centred on activities, which are viewed as any occasion unit of labour or assignment with a specific goal.
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A psychological contract about the relationship between individuals and employing organizations resides in the minds of
A. employers.
B. job applicants.
C. customers.
D. employees.
E. competitors.
A psychological contract about the relationship between individuals and employing organizations resides in the mind of employees.
The reciprocal beliefs, attitudes, and unwritten commitments between an employee and an employer are represented by a psychological contract, a notion created in recent research by organizational expert Denise Rousseau. It establishes the relationship's dynamics and outlines the specifics of the work that needs to be done. It can be distinguished from the official written contract of employment, which often simply specifies shared obligations and responsibilities in basic terms. In this way, the psychological contract serves as a fundamental yet unspoken agreement that governs relationships between employers and employees. In some cases, these contracts might result in both virtuous and vicious spirals.
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which of the following statements is true of simple supernaturalism? group of answer choices it focuses on p rinciples such as truth, justice, affirmation of life, and tolerance for others. it focuses on impersonal forces that may exist in people or natural objects. it emphasizes that plants and animals are endowed with life forces that have an effect on events in society. it acknowledges specific gods and supernatural spirits.
Simple supernaturalism acknowledges specific gods and supernatural spirits.
Simple supernaturalism is a belief system that acknowledges the existence of specific gods and supernatural spirits, which play an important role in how individuals live their lives. These gods and spirits are viewed as sources of wisdom and knowledge, providing insight into how to navigate the complexities of life.
Additionally, they are seen as protectors, guiding their followers away from harm and providing safety and security in uncertain times. Simple supernaturalism is rooted in tradition and allows individuals to feel connected to their heritage, culture, and history.
Hence, the correct option is "FOURTH".
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Which of the following is NOT a statistic generate by airlines from the data that are gathered to maintain revenue management systems?
Return on investment is not a statistic generate by airlines from the data that are gathered to maintain revenue management system .
A revenue management system is what?In order to forecast demand and make rate recommendations, a revenue management system examines a variety of competitor rates, historical rates, market dynamics, and inventory levels. The complete process will be automated by a good revenue management system, which will also produce rates that can maximize income and profitability. The hotel and airline industries are the two industries where revenue management is used the most frequently. The prices charged for rooms are the hotels' main source of income. The price and volume of the reservations are simply multiplied to produce the revenue.
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from the perspective of the , disability is viewed as a form of deviance. group of answer choices conflict model of disability postmodern model of disability medical model of disability socialist model of disability
from the perspective of the socialist model of disability, disability is viewed as a form of deviance.
The social model provides a radically different way of thinking, one in which disability is seen as the result of an individual's interactions with a setting that does not respect their distinctions. According to the social model, reducing obstacles is the main goal in order to give people with disabilities the same possibilities to participate as others.
To remove the obstacles to community engagement posed by physical, social, and communication constraints, society must adapt. The social model views disability as a component of society's diversity rather than as a "mistake". Disability is viewed as a form of deviance.
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Elongation of the vocal folds plays a critical role in the tension of the vocal folds which regulate fundamental
Elongation of the vocal folds plays a critical role in the tension of the vocal folds which regulate fundamental frequency.
The tension of the vocal folds controls the fundamental frequency, and vocal fold elongation is a key factor in this.
When discussing periodic waveforms, the lowest frequency is known as the fundamental frequency or just the fundamental. The fundamental of a musical note is the perceived lowest subpart of that note.
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emotions may serve to___
multiple choice question a. disguise our intent. b. determine our degree of sexuality. c. shape our future behavior.
d. enhance intelligence.
Emotions may serve to shape our future behavior.
The correct answer is option C.
We could be inspired by our feelings to act in ways that would ensure our survival. A fight, flight, or freeze reaction is one of these. When we encounter injustice, it inspires us to act out our wrath. If we see a bear, our terror makes us want to run away or hide. Our fear may make us hold back from speaking or doing something that could lose us our employment if we have a difficult boss.
We may choose a more suitable course of action when we are aware of whether our current mood is making us want to fight, escape, or freeze. Even positive emotions might keep us from confronting someone or speaking up when we ought to.
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Which of the following provides the best evidence that cell-signaling pathways evolved early in the history of life?
a) They are seen in "primitive" cells such as yeast
b) Yeast cells signal each other for mating
c) Signal transduction molecules found in the distantly related organisms are similar
d) signals can be sent long distances by cells
e) most signals are received by cell surface receptors
The correct answer is b) Yeast cells signal each other for mating. The best proof that cell-signaling pathways evolved early in the history of life is provided by the items listed below. Yeast cells signal one another to mate.
Only cells in direct touch with one other can signal one another: A single type of signalling molecule may activate numerous distinct cell types. Eukaryotic organisms alone are capable of cell signalling. One receptor type can bind and react to numerous distinct hormones. ' AI Recommended Response: True is the third claim.
The signal molecule first attaches to the receptor during receipt. The process of signal transduction follows, in which the chemical signal causes a string of enzyme activations. Finally, the reaction, which are the biological reactions that follow.
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FILL IN THE BLANK ____________ is important to obtain before starting a research study to ensure people know they are involved in the study, what will happen in the study, and understand they can choose to stop participating at any time.
Informed consent is important to obtain before starting a research study to let the people know that they are involved in the study, about the process of the study, and that they can stop participating at any time.
Research should provide value without any harm or risk to the entities involved in the research. Hence, we have founding principles of research ethics that help to safeguard the participants as well as the researchers involved in the research.
The three important principles are listed as follows -
Respect of personsBeneficence JusticeInforming the participants about the process of the research allows them to make a calculated decision if they want to be a part of the research or not. Having Informed consent from them ensures the safety of the researchers minimizing the potential risk.
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a(n) is an identified weakness in a controlled system, where controls are not present or are no longer effective.
A Vulnerability is an identified weakness in a controlled system, where controls are not present or are no longer effective.
Where do control systems find use?An electronic or mechanical set of components known as a control system regulates other components or systems through the use of control loops. Computerized systems are the norm for control systems. In both automation and industry, control systems play a key role.
Nearly all contemporary vehicles on the planet today use control systems, as do residential uses, general industry, and the military. In SCADA and industrial automation systems, control systems are particularly common. In industrial automation, control systems are used to monitor and modify device behavior in real time.
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One important advantage of using a classification and diagnostic system like DSM-5 is that knowing a patient's diagnosis...a) allows patients to participate fully in their own treatmentb)allows the Clinical Psychologist to view the patient as a "fully functioning person"c)permits insurance companies to have access to patient recordsd)helps the Clinical Psychologist develop a treatment plan that is relevant to the patient
Option d) helps the Clinical Psychologist develop a treatment plan that is relevant to the patient is correct.
The Diagnostic and Statistical Manual of Mental Disorders (DSM-5) is a classification system used by mental health professionals to diagnose mental disorders. Knowing a patient's diagnosis allows the Clinical Psychologist to understand the patient's specific symptoms and experiences, which can inform the development of a treatment plan that is tailored to the patient's needs. Additionally, having a diagnosis can also help the patient and their family understand their condition and the treatment options available, which can facilitate their participation in the treatment process. However, it's important to note that a diagnosis alone is not sufficient for treatment and it's crucial that the diagnosis is made by a qualified professional and that the diagnosis is not used to stereotype or stigmatize patients. Furthermore, a diagnosis can also be used by insurance companies to have access to patient records, but this should not be the primary goal of a diagnosis.
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one of the problems of the utilitarian tradition of ethics is multiple choice its reliance on unmeasurable and abstract actions. its tendency to excessively focus on individual welfare. its lack of focus on the possible results of actions. its need to count, measure, compare, and quantify consequences.
One of the problems associated with the utilitarian tradition of ethics is its reliance on unmeasurable and abstract actions .
Option a is correct .
According to utilitarianism, a tradition in normative ethics developed by the English philosophers and economists Jeremy Bentham and John Stuart Mill in the late 18th and early 19th centuries, an action (or type of action) is morally correct if it tends to promote happiness or pleasure and wrong if it tends to cause unhappiness.
When making decisions for themselves alone, people just consider their own personal utility. For instance, according to the utilitarian perspective, if you are choosing an ice cream flavor for yourself, you should choose the one that will make you feel the happiest.
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The proper question is :
One of the problems associated with the utilitarian tradition of ethics is its
A. reliance on unmeasurable and abstract actions
B. need to count, measure, compare and quantify consequences
C. tendency to focus on individual welfare excessively
D. lack of focus on the possible results of actions
copying a quotation from a web site and citing the source downloading a video in the public domain and using it in a presentation receiving permission from a photographer to use one of his photos copying content from a wikipedia article, changing the words, and using the text without citing the source copying a photo from a web site and then using it without requesting permission submit disabled
It is unlawful to use text that has been altered after being taken from a Wikipedia page without citing the original author.
Does it violate the law to edit a Wikipedia page?It can be accessed by anybody and is available for editing by anyone. However, if administrators believe that offensive words or fabrications are routinely posted to certain Wikipedia articles as "vandalism," they may choose to protect those pages from direct editing.
Is it acceptable to copy stuff from Wikipedia?The licenses that Wikipedia uses provide open access to our content in a manner similar to those of free software. Material from Wikipedia may be copied, edited, and redistributed as long as the original authors are acknowledged and the copy is made available to others under the same license. Therefore, except from a few restrictions, the bulk of which safeguard that freedom, copied Wikipedia content will continue to be accessible for use by anyone in accordance with the terms of the relevant license. This ideology is known as copyleft, in contrast to conventional copyright licensing.
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refers to the spatial and social separation of categories of people by race, ethnicity, class, gender, and/or religion. group of answer choices miscegenation ethnonationalismxenocentrismsegregation
Segregation refers to the spatial and social separation of categories of people by race, ethnicity, class, gender, and/or religion.
What role do race and ethnicity play in society?Race is the idea of classifying people into groups according to diverse sets of physical features and the process of giving those groups social significance. The term "ethnicity" refers to the culture of a particular ethnic group, which includes its language, ancestry, religion, and customs.
People have historically been segregated based on their race, gender, or both. Segregation denotes the physical segregation of individuals in daily life, the workplace, and the exercise of civil rights.
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Of the following arguments for higher wages, which one would most likely have been proposed in the late 1920s?
A.
One based on the importance of equality and fairness
B.
One based on the importance of consumers' ability to pay for products
C.
One based on the importance of a minimum standard of living
D.
One based on the importance of providing food and shelter to the needy
The correct statement is, "One based on the importance of providing food and shelter to the needy." So, the correct option is D because for higher wages in late 1920s the proposal for increase in wages was made on the basis of importance of providing food and shelter to the needy.
Raskob and other wealthy white Americans of the "Roaring '20s" lived in a time of extraordinary economic prosperity. But it wasn't for most Americans. For low-wage jobs, the average weekly pay for males was $25 while for women it was $18.
So starting with a nice good-size home the cost was about $6,300. If you got an apartment in NYC the rent was $60 a month. Groceries were cheaper, such as 3 pounds of macaroni was 25 cents, ½ gallon of milk was 33 cents, a dozen eggs cost 47 cents and one pound of round steak was 40 cents.
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1. What pertinent information did you understand about dance from the essence of the War Dance documentary?
2. What examples of dance and music today does the Foli footage demonstrate? Underline those examples.
3. What similar characteristics can be found in the dances of the Maasai, Bwola, gumboot and Zulu tribal movements. Underline the similar characteristics.
4. Choose two artists/groups from the following list and describe the unique efforts that have contributed to the furtherance of the appreciation of the African cultural dance: Asadata Dafora, Charles Moore, Ronald K Brown, Nick Cave, the Muntu Dance, and Chuck Davis Dance Ensemble.
Underline the two artists you choose.
The answers to the questions about war dance and the folli dance, asked here, and their explanation are given in the solution below.
The war dance and folli danceI learned important facts about dancing from the documentary, particularly about the value of harmony. The movements were carefully choreographed and made to look uniform. To improve the quality of the moves, teacher Jolly Okot always looked for uniformed dancing from Patongo.Hip-hop and drumming are two examples of contemporary dance and music that the Foli footage shows. Foli film focuses on how rhythm can be discovered in our daily lives and how every movement has it. Beats are incorporated into hip-hot dance. Each beat lays the foundation for a movement. An example of contemporary music that uses Foli film is drumming. Drumming strongly emphasizes the musical beat. Each beat adds to the overall rhythm of the music by producing the sound of drumming.Bright clothing and quick dancing motions can be observed in the Maasai, Bwola, gumboot, and Zulu tribal routines as commonalities. Sticks are used in Zulu tribal activities, and Bwola wears a white far hat. They move mostly with their feet. Dancers move their feet in a circle or in a straight path.As a concert vocalist, Asadata Dafora has had only modest success as an artist. He was motivated to spread African culture by presenting it. When he was cast as the West African Jabawa, he helped raise awareness of African culture. Asadata Dafora demonstrated the creative value of black dancing as a theatrical force.Learn more on dancing here https://brainly.com/question/1384028
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Which of the following are reasons that the system of government of the US is in some ways seen as more democratic than those of many European countries?
In the US, party candidates for office are chosen in primary elections. The US system has more elections for members in its larger parliamentary chamber.
The correct option is A and C.
What exactly is a democratic nation?A democratic nation is one with a form of government where the populace has the ability to influence policy. Each democracy is distinct and operates differently. Voting on laws and policy ideas allows voters to participate directly in the decision-making process in some democracies (direct democracy).
What do you call a democracy?Republics and democracies both place the people's will above all else in their systems of government. The term "republic" explicitly refers to a form of government where voters choose representatives to serve them and who uphold the law.
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Complete question is:
Which of the following are reasons that the system of government of the US is in some ways seen as more democratic than those of many European countries?
A. The US system uses primary elections to select party nominees for office.
B. can be improved through practicing the use of the tools of political science.
C. The US system elects representatives to its larger legislative chamber more frequently
D. They come from European Enlightenment beliefs about individual worth
when a group of people speak with different accents, people will subconsciously try to smooth out the differences
People will unconsciously attempt to minimise accent differences when a group speaks in them; we imitate accents in an effort to blend in and foster empathy.
The "chameleon effect" is a phenomena that causes people to unconsciously imitate various accents, according to a 2010 study conducted by a research team at the University of California, Riverside. Humans have an innate need to "empathise and identify" with other people, which is what the chameleon effect refers to. The architecture of the auditory cortex in the brain may have a role in certain people's intrinsic ability to mimic an accent, according to recent research.
Many of us will pick up a local dialect when we relocate, and some people have felt compelled to alter their native accents in order to be more understandable.
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When working in the fume hood, it is important to make an effort to minimize clutter. Only keep items in the hood if they are being used for the current experiment. Do not store chemicals in the fume hood unless instructed to do so. When preparing for work in the fume hood, be sure to gather all necessary tools, glassware, and chemicals in advance to minimize the number of times the hood sash is raised and lowered. Work as much as possible in the middle of the work surface to keep the area tidy and promote air flow. If you need to step away from the experiment to obtain another item, lower the sash during this time.
A chemical fume hood is a ventilated enclosure that is used to collect and expel vapors, gases, and nanoparticles.
Most of the time, the exhaust fan is at the top of the building. It draws air through the hood's ductwork before blowing it out into the air.Gather all necessary tools, glassware, and chemicals in advance to cut down on the number of times the hood sash is raised and lowered while working in the fume hood. Work as much as possible in the middle of the work surface to keep the area neat and to encourage air flow.
Lower the sash during this time if you need to leave the experiment to get something else.A chemical fume hood is the most important piece of laboratory equipment that safeguards chemical workers. When used correctly, fume hoods prevent workers from inhaling aerosols, vapors, and chemical gases.
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martha works as a project manager at a bank. due to certain changes in external factors, martha needs to make a few alterations in the tactical goals of her project. in such a scenario, which of the following will best help martha cope with the change?
Martha has to make some changes to her project's tactical goals. In this case, project knowledge will best assist Martha in coping with the transition.
A project would be any individual or team activity that involves study or design and is meticulously planned to attain a certain aim. An alternate approach sees a project organizationally as a series of events: a "collection of connected activities to be accomplished over a definite period and within particular financial and other limits". A project could be a transitory social structure staffed by groups to do specific tasks under time limitations. A project may be part of a larger program or serve as an ad - hoc basis system. Open-source software "project" or musical "projects" by artists may lack specified team membership, clear planning, and/or time-limited lengths. Whenever the English language first used the term, it referred to the a plan for something.
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Researchers realize that an important part of developing research objectives is determining what type of information should be measured. What is the term for multiple characteristics used to measure a concept?
a. A survey instrument
b. A survey measurement
c. Construct measurement
d. A construct
The term construct is used to refer to numerous variables. The validity of a test relates to how well it measures what it is supposed to measure.
Which term can be applied to a definition that allows a concept to be measured?The process of precisely defining variables into quantifiable elements is known as operationalization. The procedure defines fuzzy notions and allows them to be experimentally and statistically measured.
What is the measuring variable called?Measure variables are referred to as scale of measures, and they influence the types of analytical procedures that may be used to data and the conclusions that can be taken from it. Nominal, ordinal, interval, and ratio variables are the four categories of measurement variables.
What is a concept measurement?Conceptual measurement is more than just qualitative estimation; it is the quantification of variables that we feel are substantially connected with overarching ideas such as collaboration, opposition, political ambition, and so on.
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Give an example of a type of crime where an offender makes this type of choice. Analyze the factors that influence this decision and then propose preventative measures that could be taken by law enforcement and local government to influence this decision and cause the offender to decide it is not worth it.
Answer:
A type of crime where an offender makes the choice is robbing a bank. Some factors that influence this decision could be that the person is poor and has no other way to get money, or needs a lot of money right away and thought that they had no other choice but to rob a bank. Preventative measures that could be taken are having more security in the bank to prevent theft and ensuring that all people are provided with money and resources they need so that they don't feel the need to have to rob a bank.
which of the following structural issues shaped these two milwaukee families lives in the 1990's? question 2 options: war on terror poor planning by the families on their futures stagnated wages recession major companies out-sourcing jobs
Divorce was not a significant social issue in the 1990s .
At the time, the war on drugs, terrorism, and the debate over abortion all split the nation into pro- and anti-abortion supporters. The war on drugs and terrorism each have their own unique repercussions.
The privatization of Mexican banks under Carlos Salinas' administration (1988–1994) resulted in a banking crisis based on dishonest and unregulated banking practices, which, among other things (social unrest, geopolitical relationships, and treaties), caused the "tequila crisis" in Mexico, which eventually had an impact on the entire global economy. The Mexican peso saw a considerable devaluation during this time.
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FILL THE BLANK a dual-earner marriage is one in which ___
A dual-earner marriage is one in which both spouses are employed.
My answer is accurate because a dual-earner marriage is defined as a marriage in which both of the spouses are employed, either full-time or part-time. This is a common arrangement among couples today and can provide financial stability and independence for both parties.
Additionally, it can help to increase the couple's overall income and improve their quality of life. By having both spouses employed, it can also help to reduce financial stress and provide more opportunities for leisure and recreational activities.
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y is considerin CASE STUDY: THE HOLIDAY BUSINESS In the UK, increased leisure and increased income has meant a huge growth in the travel industry. Fifty years ago most people had only two weeks’ holiday a year – only a lucky few had three weeks. Yet in the 21st century many people enjoy six weeks’ annual leave, or even seven weeks. At the same time disposable income rose 18% between 1997 and 2001 – and there are only so many household items someone can buy. The surplus income often finds a home in paying for ever more exotic holidays. In the 1950s most British people holidayed within the UK, at resorts such as Blackpool, Brighton, Rhyl, Bognor Regis or Bournemouth. In most cases, these resorts drew their custom from nearby cities – Manchester and Liverpool for Blackpool, London for Bognor Regis and Brighton, and so forth. However, the advent of the jet aircraft made flying much cheaper, and during the late 1950s and early 1960s package holidays to foreign countries began to become popular. Air-inclusive tours (AITs) boomed during the next 20 years, but as travellers became more sopg developing and marketing a new product. It is estimated to be twice as likely that the product would prove to be successful as unsuccessful. It it were successful, the expected profit would be $1,500,000. If unsuccessful, the expected loss would be $1,800,000. A marketing survey can be conducted at a cost of $300,000 to predict whether the product would be successful. Past experience with such surveys indicates that successful products have been predicted to be successful 80 percent of the time, whereas unsuccessful products have been predicted to be unsuccessful 70 percent of the time.(a)Find the optimal policy regarding whether to conduct the market survey and whether to develop and market the new product.(b)What is the maximum cost of survey that makes it worth conducting?(c)What is the survey methods could be improved so that it provides more accurate estimates of market success, what is the maximum cost of such an improved survey
a. The optimal policy regarding whether to conduct the market survey and whether to develop and market the new product is that there'll be an expected loss of $1,800,000.
b. The maximum cost of survey that makes it worth conducting is $300,000.
c. To improve the survey methods so that it provides more accurate estimates of market success, conduct a larger sample size.
What is the policy about?The optimal policy regarding whether to conduct the market survey and whether to develop and market the new product can be determined using a decision tree. If the survey is conducted and predicts success, the expected profit is $1,500,000 with a probability of 0.8. If the survey predicts failure, the expected loss is $1,800,000 with a probability of 0.2. If the survey is not conducted, the expected profit is $1,500,000 x 0.5 = $750,000 and the expected loss is $1,800,000 x 0.5 = $900,000.
Comparing the expected values, it is more profitable to conduct the survey and follow its recommendation. If the survey predicts success, the expected profit is $1,500,000. If the survey predicts failure, the expected loss is $1,800,000.
(b) To find the maximum cost of survey that makes it worth conducting, we need to find the point at which the expected value of conducting the survey is equal to the expected value of not conducting the survey.
Expected value of conducting the survey = 0.8 * $1,500,000 + 0.2 * (-$1,800,000) = $1,200,000
Expected value of not conducting the survey = 0.5 * $1,500,000 + 0.5 * (-$1,800,000) = -$150,000
So, the maximum cost of survey that makes it worth conducting is $300,000, as this is the cost of the survey and at this cost the expected value of conducting the survey is greater than the expected value of not conducting the survey.
(c) To improve the survey methods so that it provides more accurate estimates of market success, there are several steps that can be taken:
Conducting a larger sample size
Conducting the survey in multiple locations
Conducting the survey in different languages
Conducting the survey at different times of the year
Using a more diverse group of participants
Using more advanced survey techniques, such as focus groups or online surveys
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