Early history[ edit ] Ancient China was the first country in the world that implemented a nationwide standardized test, which was called the imperial examination. The main purpose of this examination was to select able candidates for specific governmental positions. England had adopted this examination system in to select specific candidates for positions in Her Majesty's Civil Servicemodeled on the Chinese imperial examination.
The reason why the father wished to close down the branch was that it appeared to be making a loss.
However, it is quite the reverse; if the branch was closed then, the positive contribution from the branch would be lost and overall profits would fall. This is because the indirect costs of production do not vary with output and, therefore, closure of a section of the firm would not lead to immediate savings.
This may mean that closing the branch would be a mistake on financial grounds. This mistake is made due to a misunderstanding of nature of cost behavior. If the branch is closed then the only costs that would be saved are the costs directly related to the running of the branch: The costs are indirect in nature, in this example the marketing and central administration costs, would still have to be paid as they are unaffected by output.
For this decision to be made, we should use contribution as a guide for deciding whether or not to close a branch. This can also be applied to the production of certain product lines, or the cost effectiveness of departments. On financial grounds, contribution is therefore, a better guide in making decisions.1.
Introduction “What is it that monetary policy-makers do and how do they do it?The simple answer is that a central banker moves interest rates ”. Cecchetti (). The policy tool emphasised over the past half-century by conventional economics and central bank publications is the interest rate, also known as the ‘price of money’.
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