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3 years ago

2) If a country, like the US, can produce all of the goods and services needed by

Business

1 answer:

WITCHER [35]3 years ago

5 0

Answer:

See below

Explanation:

Specialization means a company or country concentrating on producing few commodities. In practice, a state or company will focus on the products it can produce more efficiently. It means focusing on goods they can manufacture at a lower cost compared to other countries.

The USA can specialize in the goods and services it can produce at a lower cost than other nations. It can then export these products to other countries at competitive prices. For products that are costly to manufacture in the USA, it is prudent to import them from countries that can produce them at lower costs.

Some products manufactured in other countries at a lower cost may be sold in the USA at fair prices than when produced in the USA.

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The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your e

Aleks [24]

Answer:

10% of exam score

Explanation:

Opportunity Cost is the cost of next best alternative, foregone (sacrifised) while making a choice.

Example : If a person has option to have an apple or an orange, & choses to have apple. The opportunity cost of having an apple is the sacrifised orange.

Given : A night before mid time exam, spent while watching movies - later lead to fall in exam grade from 70 % to 60%

The opportunity cost of movies watched, is the sacrifised grade of exam, which would have gotten, if the time would have spent in studying. The corresponding grade lost = 70% grade achievable - 60% grade achieved. Hence, the opportunity cost = 10% of exam score.

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3 years ago

When U.S. goods become more expensive relative to foreign goods, exports will __________ and imports will __________.

ipn [44]

Answer:

fall, rise

Explanation:

US goods will become less expensive

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3 years ago

As societies become larger humans devised new cultural systems to ____

Aloiza [94]

Group Cohesion This can be termed as a bond that pulls individuals toward enrollment in a specific gathering and opposes separation from that gathering.

3 0

3 years ago

In Poland's free-market, Felix Siemienas is making a fortune in cold cuts. Prices are much higher than formerly. Siemienas says,

rjkz [21]

The correct answer would be, The Law of Demand.

Prices are much higher than formerly. Siemienas says, 'Yes my prices are high, if nobody buys, i bring my prices down. This is the market rule'. This rule best describes The Law of Demand.

Explanation:

In the field of economics, there are two basic concepts of Demand and Supply.

According to The Law of Demand, When the price of the good or service increases, the demand for that product or service decreases, and if price of the good or service decreases, the demand for that product or service increases, keeping all other factors constant.

So this is what Siemienas says that if the demand for his product will decrease, he will decrease the price of the product in order to maintain the sales of his company.

Learn more about The Law of Demand at:

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3 years ago

1. Which of the following accounts are NOT likely appear in a job order cost system of a service business

Burka [1]

A finished Goods account would most likely not appear in a job order cost system of a service business.

Finished Goods are products that are at a stage in the manufacturing process that is readily available to consumers. Businesses use formulas to calculate finished goods and products to create inventory percentages that determine the value of the goods sold.

The cost of the finished product includes all costs along the way and includes the three main components used in the production of the goods: direct labor, direct materials, and overhead costs. In addition, storage costs will be incurred when purchasing finished products.

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2 years ago