Which of these are types of retail ownership? (Select all that apply.)

What roles do specialization and division of labor play in economists’ support of free trade?.

Svetlanka [38]

Through free trade, countries specialize in the goods for which they have a comparative advantage and trade for those in which they do not. Specialization allows a country to divide labor among the various production segments, which results in higher productivity and greater economic growth for the involved countries.

What Are the Economic Impacts of Specialization?

Specialization, along with the complementary concept of the division of labor, occurs when the innate inequalities of human productive output are intensified along different skills. An individual becomes economically specialized when he focuses his productive efforts on an increasingly narrow range of tasks. The most obvious economic impact of specialization can be seen in the tendency for individuals to choose different vocations that are more in line with their interests, skills, opportunities, and education.

Division of labor:

The division of labor is the separation of the tasks in any economic system or organisation so that participants may specialize (specialization). Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialized capabilities may include equipment or natural resources as well as skills and training and combinations of such assets acting together are often important. For example, an individual may specialize by acquiring tools and the skills to use them effectively just as an organization may specialize by acquiring specialized equipment and hiring or training skilled operators. The division of labor is the motive for trade and the source of economic interdependence.

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5 0

2 years ago

Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accoun

Art [367]

Answer:

the Cost of Goods Sold balance after the proration is $56,140 (none of the suggested solutions)

Explanation:

Step 1 Consider whether there was an Over or Under Application of Overheads.

Applied Manufacturing Overhead $98,400 > Actual Manufacturing Overhead $93,000

Overheads were thus Over-Applied by $5,400

Step 2 Allocate the Over- Application of Overheads to Closing Inventory in proportion to their weightings

Item Total Weight % Allocation

Cost of Goods Sold $59,400 60.37% 3,260

Finished Goods Inventory accounts $39,000 39.63% 2,140

Total $98,400 100.00% 5,400

Balances after allocation :

Cost of Goods Sold = $59,400 - $3,260 = $56,140

6 0

4 years ago

Read 2 more answers

The downward-sloping demand curve of a monopolistic competitor Multiple Choice A. reflects product differentiation.

True [87]

Answer: The answer is A. Reflects product differentiation.

Explanation: In a monopolistic competition, companies offer products that are not equal. This product differentiation gives companies power in the market and causes each company to face a demand curve with a downward slope (if it raises the price of its product it will sell less and if it lowers it will sell more). Unlike a perfect competition market where companies face a horizontal demand curve.

8 0

4 years ago

Taylor Company had a salaries payable balance of $18,000 on December 31, 2014. During 2015, it paid $50,000 in cash as salaries,

Flura [38]

Answer:

$18,000

Explanation:

Given data for Taylor Company;

Salaries payable at the beginning of 2015 (end of 2014) = $18,000

Salary expense during the year (2015) = $50,000

Salaries paid during the year = $50,000

Salary payable at end of year (2015) = ?

Let the salary payable at end of year= S

Using the formula

Salaries payable at the beginning of the year + Salary expense during the year - Salaries paid = Salary payable at end of year

$18,000 + $50,000 - $50,000 =S

S = $18,000

Salaries payable as at December 31, 2015 is $18,000.

8 0

3 years ago

In a closed economy, saving and investment must be equal, but this is not the case in an open economy. In the following problem,

Leni [432]

Answer:

Y = C + I + G + NX

S = Y - C

S = I + G + NX

Explanation:

National Income Y = C + I + G + NX ; {where consumption, investment, government purchases, net exports ie exports - imports are corresponding expenditure of households, firms, government, rest of the world}

National Saving (S) is income (Y) left after paying for consumption (C) . So, S = Y - C

Using above equations, Y = C + S , Y = C + I + G + NX

C + S = C + I + G + NX

So, S = I + G + NX

4 0

3 years ago