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3 years ago

How do comparative advantage and absolute advantage differ?

1 answer:

3 0

Absolute advantage is the ability to produce a good using fewer inputs than another producer, while comparative advantage is the ability to produce a good at a lower opportunity cost than another producer (reflecting the relative opportunity cost). One key difference is that one person can have an absolute advantage in both goods, but it is impossible for one person to have a comparative advantage in both goods due to the opportunity cost of a product being the inverse of the opportunity cost of the other.

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Why is the separating of recordkeeping from the custody of assets a limitation of an internal control system?

yanalaym [24]

The separating of recordkeeping from the custody of assets a limitation of an internal control system because:

In example above, fraud could occur only if the two employees collude (agree to work together to commit fraud)
Employee maintaining accounting records has no incentive to falsify records.
Employee controlling asset will know if another person is maintaining records or not.
The employee who controls/has access to an asset should not maintain that asset's accounting records.

<h3>What is meant by Internal Control?</h3>

Internal controls are the mechanisms, rules, and procedures implemented by a corporation to ensure the integrity of financial and accounting information, promote accountability, and stop fraud.
Internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting, besides complying with laws and regulations and preventing employees from stealing assets or committing fraud.

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2 years ago

During a pandemic, an economy goes into a recession due to a decrease in aggregate demand. Assume the government creates a progr

den301095 [7]

The spending that would occur during the third round of spending if the marginal propensity to consume (MPC) was 0.6 will be $420 billion.

Increase in expenditure = $700 billion.

Marginal propensity to consume = 0.6

The amount of spending based on the information given will be:

= 0.6 × $700 billion

= $420 billion.

Therefore, the correct option is $420 billion.

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brainly.com/question/17012549

7 0

2 years ago

What impact did the rise of the middle class in the late nineteenth century have on the demand for consumer goods?

RoseWind [281]

Answer:

The middle class created a high and sustained demand for consumer goods

Explanation:

Before the advent of the industrial revolution, the social stratification of society is such that either you are in the lower class of the poor or you are part of the rich in the upper class. The industrial revolution of late 18th and early 19th centuries saw the springing up from the lower class a new set of wealthy and educated individuals which were later termed the middle class

This reach men and women are able to buy goods needed to satisfy their newly found social status which boost demand for new and quality goods produced as a result of industrial revolution.

7 0

3 years ago

Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (cpi) is currently 125. t

Zigmanuir [339]

Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (cpi) is currently 125. This indicates the price of the market basket of goods is now $275.

Inflation is a boom within the standard fee stage. The respectable inflation price is tracked with the aid of calculating changes in a degree called the consumer price index (CPI). The CPI tracks modifications in the cost of residing through the years. Like different financial measures it does a quite precise job of this.

The consumer price index is referred to as that index that is utilized in calculating the retail inflation within the economic system by monitoring the modifications in costs of most normally used goods and services. In other words, the patron charge index calculates the changes in the rate of a common basket of products and offerings.

The CPI tracks the change in retail fees of products and offerings which families buy for or their daily intake. To degree inflation, we estimate how a great deal CPI has accelerated in terms of percentage change over the identical length of the preceding 12 months. If expenses have fallen, it is referred to as deflation (negative inflation).

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5 0

1 year ago

The atomic number of an element represents the number of:

NeX [460]

Answer:

protons

Explanation:

By definition the atomic number of an element is the number of protons.

The protons are the positevely charged particles in the nucleus of the atom.

The atomic number of an element is what uniquely identifies it. There are 118 known elements and all of them are represented in the periodic table. Then, there are 118 different atomic numbers.

The elements are arranged in the periodic table in increasing order ot atomic number.

For instance:

The element with atomic number 1 is hydrogen (H). It is the first element in the periodic table, located in the upper left corner of the table. It has one proton. NONE other element has just one proton.

The element with atomic number 2 is helium (He). It has two protons, is located at the upper right corner of the periodic table and NONE other element has just two protons.

The element with atomic number 118 is Oganesson (Og). It is the last element in the periodic table. It is located in the bottom right corner of the periodic table. It has 118 protons and NONE other element has atomic number 118.

4 0

3 years ago