Opportunity costs are the measures of things you must give up when you make a certain decision.
In this case, if country A decides to produce all petroleum, they are choosing not to produce 8 units of seafood. This is their opportunity costs because they are giving up the 8 units of seafood to make petroleum.
The same is true for country B. If they choose petroleum, they are giving up the ability to make 8 units of seafood.
Answer:
If a person wants to start a business but the limit the amount of liability he is responsible, Option D, Corporation would be most appropriate.
Explanation:
In corporation or a limited liability corporation, one doesn’t need to liquidate his/her personal assets to cover the debt in case the business goes bankrupt. A corporation is a company or group of people that can act legally as a person or single entity. Because of this, the owners of the corporation have limited amount of legal liability for the corporation's business activities and debts.
In sole proprietorship, person who owns the business is responsible for his debts and has unlimited liability. Similarly, in partnership and joint venture also, person is liable for the debts. So, out of the given options, Option D is the correct answer if person wants to limit his liability.
Answer:
$510,130
Explanation:
Costs can be classified into two categories: Product Costs and Period Costs. Product costs are the manufacturing costs that are incurred in the production of goods and services. Under absorption costing, product costs include direct materials, direct labor, indirect materials, indirect labor, and other factory overhead. These costs are capitalized and expensed out when related goods and services are sold out.
On the other hand, period costs are selling & administrative expenses. These costs are never capitalized and expensed out in the statement of profit or loss as soon as incurred. Examples of period costs are advertisement expenses, depreciation expenses (not related to factory), sales commissions, administrative salaries and wages.
<u>Calculation of Period Costs</u>
Advertising costs $12,000
CEO's salary 460,000
Delivery vehicle depreciation 1,230
Administrative wages and salaries 36,900
Total Period Costs $510,130
Explanation:
The government may also adjust spending, tax rates, or introduce tax incentives. ... As a result, these elected members of the government have a great deal of influence on the economy. Fiscal and monetary policies are intended to either slow down or ramp up the speed of the economy's rate of growth
Providing the customer a choice between a refund or a replacement
