Answer:
a) encourage people to search longer for a job.
c) prolong the amount of time a person stays out of work.
d) increase the number of workers looking for work.
Explanation:
This legislation is called the Fair Labor Standards Act.
This act gives rights to United States workers. Among these rights are child labor laws, the requirement of employers to pay overtime to workers who work over 40 hours per week and also sets a minimum wage that must be paid to employees.
The answer is true because it is true
Answer:
C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
Explanation:
<em>Comparative advantage</em> is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.
For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per <em>Comparative Advantage</em> concept.
Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per <em>Comparative Advantage </em>model.
Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.
<em> In this way nations can gain from specialization and trade by making use of Comparative Advantage theory</em>.
It is to be noted that <em>Absolute Advantage model </em>of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the <em>Comparative Advantage Model </em>developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.
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Answer:
The Journal entries are as follows:
(a) On Feb 1,
Cash A/c (5,000 × $15) Dr. $75,000
To common stock $75,000
(To record the issue of shares)
(b) On May 15,
Cash A/c (500 × $12) Dr. $6,000
To Preferred stock (500 × $10) $5,000
To Paid in capital in excess of par $1,000
(To record the issue of preferred shares)
(c) On Oct 1,
Dividend Expense A/c (5,500 × $0.75) Dr. $4,125
To Dividend Payable $4,125
(To record the declaration of dividend)
(d) On Oct 15,
No Journal entry would be passed.
(e) On Oct 31,
Dividend Payable A/c Dr. $4,125
To cash $4,125
(To record the payment of dividend)
