Protectionism is the act of using quotas or tariffs to shield one or more industries within a country's economy from foreign competition.
Answer:
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Explanation:
Answer:
Unit product cost= $84
Explanation:
Giving the following information:
Units produced 8,700
Direct materials $13
Direct labor $55
Variable manufacturing overhead $1
Fixed manufacturing overhead $130,500
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary fixed overhead= 130,500/8,700= $15
Unit product cost= 13 + 55 + 1 + 15= $84
Average income is important because it tells us the income of an average person and gives an idea about the rising standard of living of people.
Average income is basically income earned per person in a given area in a specific year. More income means more money to fulfill your needs and wants. It is believed that the prosperity of a country depends on it. Money is considered an important factor in the development of a country. If the average income of a country increases there are chances of an increase in the development of that country. If the average income is lower there are fewer chances of development.
A country with high average income is considered rich and low average income country is considered poor. The World Bank also uses the average income to measure the development of any country. Therefore average income is considered a very important criteria for development.
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