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Nimfa-mama [501]
3 years ago
8

According to the PPC, as we produce more military goods and our resources remain constant, what will happen to the production of

consumer goods?
Business
1 answer:
nevsk [136]3 years ago
3 0

Answer:

Production of consumer goods will be reduced

Explanation:

A Production possibility curve depicts all the possibilities of production of two goods in an economy wherein to produce an extra unit of one good, some part of production of second good needs to be sacrificed.

If an economy produces only two kinds of goods such as military goods and consumer goods, extra production of any of the two would require a corresponding sacrifice of the other. This points towards opportunity cost.

A typical production possibility curve is concave to the origin depicting opportunity cost.

If an economy decides to produce more of military goods with available resources remaining constant, it can only be achieved by sacrificing on the production of consumer goods.

Thus, production of consumer goods will reduce if more military goods are produced.

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Answer:

<em>On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts</em>

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Explanation:

<em>On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts</em>

<u>Recording of revenue:</u>

Cash $490 (debit)

Revenue $490 (credit)

<em>We Recognise Revenue to depict transfer of control of mower</em>

<u>Recording of Warranty granted :</u>

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00  (credit)

$490 × 10% = $49.00

<em>There is no option for customer to take the warranty or not, so this is a service warranty.The warranty is measured at the best estimate of expenditure required to settle the obligation that is at 10% of sales.</em>

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<u>When warranty is subsequently received:</u>

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

<em>Utilise the Warranty Provision when the warranty claim is subsequently received</em>

<em></em>

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