Answer:
1. Private Good: A snow cone
2. Public Good: A community fireworks display
3. Common Resource: An Alaskan king crab
4. Club Good: Satellite Television
Explanation:
Goods can be categorized into four distinct categories as show above. This distinction is based mainly on two things:
A. Excludability: Whether others can be prevented from consuming them.
B. Rivalrousness: Whether consumption reduces the availability for consumption by others.
1. Private Goods: They are both excludable and rivalrous. They have to be purchased in order to be consumed. Anyone who cannot afford it, is excluded from consuming it. Similarly, the purchase of it by one person reduces the availability for another person, proving rivalry.
2. Public Goods: They are both non-excludable and non-rival. Anyone can consume it and one person’s consumption does not reduce what is available for another person.
3. Common Resource: They are non-excludable but are rival products. They are available to be utilized by anyone but one person’s consumption will reduce what is available for another person.
4. Club Goods: These are excludable but non-rival goods. Individuals can be prevented from consuming them if they don’t purchase it, but one person’s consumption won’t impact the consumption of another person.
Instead of joining groups to learn more about the two fields, Janice should job shadow in the medical career and also her family members on the job. By job shadowing, she would get a better feel for what the work environment and everyday life would be like in that career instead of just what some groups teach about the different fields. Medical and farming are two large career fields with any different smaller job opportunities within.
In one unit of time, that country cannot produce more of any product than the competing country.
Let Country 1 (C1) produce either 1 of product X or 1 of product Y in 1 day.
Let Country 2 (C2) produce either 2 or product X or 2 of product Y in 1 day.
C1 has the absolute disadvantage in both products because it cannot produce more than C2 in either product at the end of the day.
Answer:
The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150. The right answer is d.
Explanation:
In order to prepare The journal entry to record the monthly payroll on April 30 we would have to calculate the Salaries Payable as follows:
Salaries Payable=Salaries-FICA taxes withheld+Income taxes withheld+Medical insurance deductions
Salaries Payable=$12,000-$900+$2,500+$450
Salaries Payable=$8,150
Therefore, journal entry to record the monthly payroll on April 30 would be as follows:
Debit Credit
Salaries $12,000
FICA withheld $900
Income taxes withheld $2,500
Medical insurance deductions $450
salaries payable $8,150
So, The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150
