Answer:
c. value of all final goods and services produced within a country in a given period of time.
Explanation:
GDP is the value of all final goods and services produced within a country in a given period of time.
GDP = Consumption + Investment + Government Spending + Net Exports
GNP is the value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
Answer:
$731,000 and $684,000
Explanation:
The computations are shown below:
For cost of goods manufactured
= Direct materials used + Direct labor cost + Manufacturing overhead incurred + opening work-in-process inventory - closing work-in-process inventory
= $271,000 + $126,000 + $359,000 + $193,000 - $218,000
= $731,000
For cost of goods sold
= Opening finished goods Inventory + Cost of goods manufactured - Ending finished goods Inventory
= $395,000 + $731,000 - $442,000
= $684,000
Answer:
Follows are the solution to the given points:
Explanation:
In point a:
Formula:
In point b:
Formula:
In point c:
Formula:
In point d:
Formula:
In point e:
Formula:
Answer:
d. Making choices based on comparing marginal benefits with marginal costs
Explanation:
Opportunity Cost Marginal Analysis in Economics helps managers to understand the idea of opportunity cost in making an additional input for output. Presume a manager realizes that there is space in the budget to employ an additional worker. Marginal analysis tells the manager that an additional worker provides net marginal benefit or not and the manager then decides if to hire one more worker or forgo it for an alternative.
