Answer:
1. A. Time spent studying & C. Cost of the trip home
2. A. Cost of maintaining the bicycle & D. Time spent on other leisure activities
Explanation:
For each of the following, describe some of the potential opportunity costs
1. Going home for Thanksgiving vacation will have all three opportunity costs because:
A. Time spent studying: The time spent on the thanksgiving vacation could have been spent in school studying
C. Cost of the trip home: Another applicable opportunity costs is the money spent on the trip which could have been saved if the trip is suspended.
2. Riding your bicycle 20 miles every day.
A. Cost of maintaining the bicycle: Riding your bicycle for 20 miles will warrant high maintenance costs because it covers a significant distance daily. If you do not ride the bicycle, you will not incur such costs
D. Time spent on other leisure activities: The time spent on riding the bicycle to cover 20 kilometers could have been spent on other leisure activities which have to be forgone in order to have time for cycling.
Answer:Yes.
Explanation:The only accounting you will ever do unless it's private for yourself is going to be for a business learning how they work can help you.
Answer:
the farmer gained 6 hours worth of production and the rancher gained 8 hours worth of production.
Explanation:
Labor Hours to Make 1 lb. of lbs. Produced in 24 Hours
Pork Tomatoes Pork Tomatoes
Farmer 6 3 4 8
Rancher 4 4 6 6
If both decide to specialize in producing only one good, the farmer will produce 8 pounds of tomatoes per day and the rancher will produce 6 pounds of pork per day.
This way when the rancher trades 4 pounds of pork in exchange for 6 pounds of tomatoes, he is gaining 2 pounds of pork which is equivalent to 8 labor hours.
When the rancher trades 6 pounds of tomatoes in exchange for 4 pounds of pork, he is gaining 2 pounds of tomatoes which is equivalent to 6 labor hours.
The biggest differences between the two are that GDP no longer counted foreign activities of American businesses located in other nations.
GDP is a hallmark of the nearby/countrywide economy, GNP represents how it is nationals are contributing to the country's economy. For instance, united states of America-based information reporter sent to South Korea and sends her Korean earnings home, they make contributions undoubtedly to the united states' GNP. GDP excludes goods and offerings which can be produced out of doors in the economic system while GNP excludes items and offerings which might be produced by way of foreigners living inside u. s . a .. GDP measures best home manufacturing whereas GNP measures handiest the manufacturing by using nationals.
GDP seems for the amount of monetary activity within a state's economic system, whilst GNP appears on the price of the economic hobby generated with the aid of the state's human beings. which means GNP will matter to the monetary activities of expatriates and different residents out of doors u. s. a .'s borders but GDP will now not. GDP will recall the activities of noncitizens within those borders, however, GNP will now not.
GNP can be calculated by adding intake, authorities spending, capital spending with the aid of agencies, internet exports, and net income with the aid of domestic citizens and companies from distant places investments. This discern is then subtracted from the internet profits earned with the aid of foreign citizens and agencies from home investment.
Learn more about the Gross National Product here: brainly.com/question/1383956
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Answer:
E. Total costs are equal for two alternative locations.
