A country that has an absolute advantage in producing corn does not necessarily have a comparative advantage in producing corn - this statement is true.
<h3>What are absolute advantages and comparative advantages?</h3>
Comparative advantage exists when a country produces a good or service for a more subordinate opportunity cost than other countries. Opportunity cost estimates a trade-off. A nation with a comparative benefit creates the trade-off worth it. Absolute advantage is an economic concept that exists utilized to refer to a party’s superior production capability. Specifically, it directs to the ability to produce a particular good or service at a lower cost.
Comparative advantage exists concerned with producing at a lower opportunity cost Having absolute advantage doesn’t necessarily indicate an economy should produce that good. It is not advisable to try and produce everything. Absolute Advantage: The ability of an actor to produce better of a good or service than a competitor. Comparative Advantage: The capability of an actor to produce a good or service for a lower opportunity cost than a competitor.
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The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours
<h3>What is
manufacturing?</h3>
Manufacturing is the process of creating or producing goods using equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the economy's secondary sector.
The Manufacturing Principles are a set of elements shared by all manufacturing industries that revolve around the concepts of flow and variation. These principles have emerged as a result of close collaboration with the manufacturing industries at both the research and operational levels.
API production entails a wide range of complex chemical or biological processes. API synthesis from raw materials necessitates multi-step procedures involving a variety of high-tech processing technologies.
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If the exchange rate rises, then the quantity of dollars demanded decreases because with the higher u. S. Exchange rate, u. S. Exports decreases.
What happens when the exchange rate decreases?
- A fall in the exchange rate is known as a depreciation in the exchange rate (or devaluation in a fixed exchange rate system).
- It means the currency is worth less compared to other countries.
- For example, a depreciation of the dollar makes US exports more competitive but raises the cost of importing goods into the US.
What does a rise in exchange rate mean?
- When an exchange rate changes, the value of one currency will go up while the value of the other currency will go down.
- When the value of a currency increases, it is said to have appreciated.
- On the other hand, when the value of a currency decreases, it is said to have depreciated.
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Firefighter in my personal opinion
Answer:
uncertainty
Explanation:
Uncertainty basically means an occurrence is lacking in assurance or certainty. Uncertainty in accounting refers to the inability to predict outcomes or results, because there is a lack of knowledge or foundations from which to create some assumptions.
The concept is often commonly used by the financial reporting, particularly given that there are many things outside the influence of a business that can significantly affect its activities. Because financial choice taking during times of uncertainty is much harder, many business owners avoid making one to avoid creating issues.
