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3 years ago

How does specialization benefit both producers and consumors in a free market economy?

1 answer:

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Through specialization, both producers and consumers benefit. On the producer side, specialization allows producers to best use their resources in the most efficient manner possible by playing to their strengths, thus maximizing profit. On the consumer side, the fact that producers are specialized and thus efficient in their production ensures lower production costs than if products were made by less-specialized producers, translating into lower consumer-facing prices.

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In the United States, ownership of intellectual property rights is established by "prior use versus registration" which implies

timurjin [86]

Answer:

D. prove the ownership of a trademark in a court of law

Explanation:

The intellectual property laws in the united states is under the Federal laws and are directly followed by the constitution for the copywriter and the patents and only the federal govt has the power to make laws and the ability to regulate commerce.

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3 years ago

Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses a

Ivenika [448]

Answer:

$11,400

Explanation:

The expenses are allocated to different department based on different suitable allocation basis. These basis are also known as the cost drivers.

As per given information

Office Expenses Total Allocation Basis

Salaries $42,000 Number of employees

Depreciation $30,000 Cost of goods sold

Advertising $64,000 Net sales

Item Drilling Grinding Total

Number of employees 1,200 1,800 3,000

Net sales $370,000 $555,000 $925,000

Cost of goods sold $125,400 $204,600 $330,000

Depreciation is allocated to department based on the cost of goods sold by each department.

Depreciation expense allocation

To drilling department = Depreciation expense x Cost of goods sold ratio = $30,000 x $125,400 / $330,000 = $11,400

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3 years ago

The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013

timofeeve [1]

Answer:

2013: $490,000 2012: $561,000

Question:

Errors in inventory count the following information was taken from the record of Spencer Enterprises

2013 2012

Beginning Inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory $93,000 $63,000

Cost of goods sold $518,000 $528,000

The following two errors were made in the physical inventory counts:

1. 2012 ending inventory was overstated by $33,000

2. 2013 ending inventory was understated by $28,000.

Compute the correct cost of goods sold for both 2012 and 2013.

Explanation:

Computation of cost of goods sold for the year 2016 and 2015

Particulars 2013 2012

Beginning inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory (corrected) $121,000 $30,000

Cost of goods sold (corrected) $490,000 $561,000.

note:

In 2013 new ending inventory = $93,000 + $28,000 = $121,000

In 2012 new ending inventory = $63,000 - $33,000 = $30,000

Beginning inventory + Cost of goods purchased = Cost of goods available for sale

Cost of goods available for sale - Ending inventory = Cost of goods sold

3 0

3 years ago

Depreciation is a process by which: A. replacement funds are accumulated for plant and equipment B. the decline in market value

krok68 [10]

Answer:

C. The cost of plant and equipment is allocated to expense over its useful life.

Explanation:

Depreciation is defined as the fall in value of an asset; how an asset value declines or falls overtime. Causes of depreciation are wear and tear, obsolescence etc.

Depreciation is also a process, where the cost of assets(plants, equipments and machineries) are allocated to expense over their useful life. It is computed as ; cost minus scrap value divided by lifetime [ (Cost - Scrap value)] /life time

5 0

3 years ago

Which feature of a customs union differentiates it from a free trade area? A. Harmonization of members' tax ratesB. A common cur

kolbaska11 [484]

Answer: The correct answer is choice c.

Explanation: The feature that differentiates a customs union from a free trade area is that a customs union requires all members to have a common external trade policy toward non members. Free trade areas are permitted to negotiate different tariffs with different countries, contrary to the operation of a customs unions.

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4 years ago