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Flashcard 1425652976908

Tags
#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows
Question
if the price of exports decreases relative to the price of imports, the terms of trade have [...]
Answer
deteriorated


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if the price of exports decreases relative to the price of imports, the terms of trade have deteriorated because the country will be able to purchase fewer imports with the same amount of exports.

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2.1. Basic Terminology
e to a South African diamond exporter, Britain would classify the cost of the insurance as an export of services to South Africa. Other examples of services exported/imported include engineering, consulting, and medical services. <span>The terms of trade are defined as the ratio of the price of exports to the price of imports, representing those prices by export and import price indices, respectively. The terms of trade capture the relative cost of imports in terms of exports. If the prices of exports increase relative to the prices of imports, the terms of trade have improved because the country will be able to purchase more imports with the same amount of exports.2 For example, when oil prices increased during 2007–2008, major oil exporting countries experienced an improvement in their terms of trade because they had to export less oil in order to purchase the same amount of imported goods. In contrast, if the price of exports decreases relative to the price of imports, the terms of trade have deteriorated because the country will be able to purchase fewer imports with the same amount of exports. Because each country exports and imports a large number of goods and services, the terms of trade of a country are usually measured as an index number (normalized to 100 in some base year) that represents a ratio of the average price of exported goods and services to the average price of imported goods and services. Exhibit 1shows the terms of trade reported in Salvatore (2010). A value over (under) 100 indicates that the country, or group of countries, experienced better (worse) terms of trade rel







Flashcard 1428111363340

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
[...] is used by economists to underscore that the reference is to the price of a good itself and not the price of some other good.
Answer


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utomobile prices are measured in thousands. Note that the sign on the own-price variable is negative, thus, as the price of gasoline rises, per household weekly consumption would decrease by 0.4 gallons for every dollar increase in gas price. <span>Own-price is used by economists to underscore that the reference is to the price of a good itself and not the price of some other good.<span><body><html>

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3.1. The Demand Function and the Demand Curve
e purchased and driven; hence less gasoline will be consumed. As will be discussed later, such a relationship would indicate that gasoline and automobiles have a negative cross-price elasticity of demand and are thus complements. <span>To continue our example, suppose that the price of gasoline (P x ) is $3 per gallon, per household income (I) is $50,000, and the price of the average automobile (P y ) is $20,000. Then this function would predict that the per-household weekly demand for gasoline would be 10 gallons: 8.4 − 0.4(3) + 0.06(50) − 0.01(20) = 8.4 − 1.2 + 3 − 0.2 = 10, recalling that income and automobile prices are measured in thousands. Note that the sign on the own-price variable is negative, thus, as the price of gasoline rises, per household weekly consumption would decrease by 0.4 gallons for every dollar increase in gas price. Own-price is used by economists to underscore that the reference is to the price of a good itself and not the price of some other good. In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value







Flashcard 1429103578380

Tags
#sister-miriam-joseph #trivium
Question
[...] prescribes how to combine sounds so as to form spoken words correctly.
Answer
Phonetics


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Phonetics prescribes how to combine sounds so as to form spoken words correctly.

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Flashcard 1447333596428

Tags
#sister-miriam-joseph #trivium
Question
From the [...] in [...], the intellect abstracts that which is common and necessary to all the phantasms of similar objects (for example, trees or chairs); this is the essence (that which makes a tree a tree or that which makes a chair a chair).
Answer
phantasms in the imagination


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The imagination is the meeting ground between the senses and the intellect. From the phantasms in the imagination, the intellect abstracts that which is common and necessary to all the phantasms of similar objects (for example, trees or chairs); this is the essence (that which makes a tree a tree o

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Flashcard 1448597392652

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
What is the format of the income statement specified by U.S. GAAP?
Answer
There's none you dumbfuck


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The format of the income statement is not specified by U.S. GAAP and actual format varies across companies.

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Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







Flashcard 1450232909068

Tags
#cfa-level-1 #microeconomics #reading-15-demand-and-supply-analysis-the-firm
Question
Total costs increase as the firm [...] and decrease when [...].
Answer
expands output

production is cut


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Total costs (TC) are the summation of all costs, where costs are classified according to fixed or variable. Total costs increase as the firm expands output and decrease when production is cut. The rate of increase in total costs declines up to a certain output level and, thereafter, accelerates as the firm gets closer to full utilization o

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Costs
Total costs (TC) are the summation of all costs, where costs are classified according to fixed or variable. Total costs increase as the firm expands output and decrease when production is cut. The rate of increase in total costs declines up to a certain output level and, thereafter, accelerates as the firm gets closer to full utilization of capacity. The rate of change in total costs mirrors the rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 100 in fixed cost. Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it







Flashcard 1456891628812

Tags
#48-laws-of-power #law-1-never-outshine-the-master #reversal
Question
[...] his strength. If he is weak, discreetly hasten his downfall: Outdo, outcharm, outsmart him at key moments.
Answer
Gauge


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Gauge his strength. If he is weak, discreetly hasten his downfall: Outdo, outcharm, outsmart him at key moments.

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Flashcard 1479834209548

Tags
#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Question
Note that if a contract is [...], there is no difference between the percentage-of-completion and completed contract methods.
Answer

started and completed in the same period


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Under US GAAP, the completed contract method is also acceptable when the entity has primarily short-term contracts.

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3.2.1. Long-Term Contracts
y finished (the remaining costs and potential risks are insignificant in amount), although provision should be made for expected losses. Billings and costs are accumulated on the balance sheet rather than flowing through the income statement. <span>Under US GAAP, the completed contract method is also acceptable when the entity has primarily short-term contracts. Note that if a contract is started and completed in the same period, there is no difference between the percentage-of-completion and completed contract methods. Examples 1,







#belief-revision #doxastic-logic #ramsey-test
AGM is a system for revising about a “static” world (assumed not to change during revision).

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Flashcard 1600485461260

Tags
#belief-revision #doxastic-logic #ramsey-test
Question
How can the "Before" operator be defined in Belief Revision?
Answer
w |= Before B iff s |= B for all s such that w = s ∗ A.


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#belief-revision #doxastic-logic #ramsey-test
These axioms don’t all hold automatically, but we can add them as extra postulates, and they will simply correspond to adding a number of (consistent) semantic constraints.

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#belief-revision #doxastic-logic #ramsey-test
n the previous sections we argue that: (1) in a semantic setting, the only possible interpretation of a Ramsey conditional is as a dynamic-doxastic operator (encod- ing the agent’s belief-revision dispositions); (2) classical AGM postulates cannot be applied to an object-language containing doxastic operators (and hence, in partic- ular, to one containing Ramsey conditionals), unless the (Non-)Vacuity postulate is restricted (obtaining “Epistemic AGM”); (3) the only n atural semantics for the- ory revision operator T ∗ A for such (theories formulated in) languages containing doxastic operators is a “stat ic” one (encoded in our “correct definition” ab ove): interpreting T s ∗ A as the agent’s revised beliefs (after revision with A) about the original state of the world s (as it was before revision)

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