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velikii [3]
3 years ago
7

We typically hear of the gains from trade coming through specialization wherein each nation produces more of and exports that go

od which it produces at relatively less cost, and produces less of and imports that good which it produces at relatively higher cost. Indeed, classical trade theory is based on the benefits from such specialization in production. But, what if the nation cannot move any resources from the production of one good to the production of other and therefore cannot specialize in production
Business
1 answer:
Brut [27]3 years ago
7 0

Answer:

Generally theoretical models work only in theory. E.g. perfect competition models exist in theory but no market is really a perfect competition market.

The Ricardian model or the H-O model, or other trade models make the mistake of assuming that resources can be allocated at will and almost immediately, e.g. a fisherman can immediately become an engineer and start developing apps. Or a farmer that produces corn or rye (very popular examples) can suddenly start working at a factory producing bluejeans.

In real life, it doesn't happen. Also, trade models never consider natural trade barriers and extra costs related to trade. E.g. it is not the same to sell $10,000 worth of corn (you need a very large truck) than selling $10,000 worth of jeans (all you need is a small delivery van). In real life, trade is not simple, it is actually extremely complicated.

E.g. everyone knows that manufacturing goods in America is not efficient, at best companies can be less inefficient, but no manufacturing company in America is really efficient if we compare them to foreign companies. Even people who work in manufacturing industries know this, but they want to continue working in them. They want the companies to keep producing in America and they want to keep their jobs. Not everyone in America has a college degree in computer programming, finances, is able to design robots, or is a doctor, etc.

In real life, efficient industries have to exist alongside inefficient industries, and the whole economy suffers from it. But it is unavoidable. In the long run, the economy will eventually shift resources to more efficient industries,  but it takes a long time, and a lot of people and companies will be against it. E.g. every year there are less shoe manufacturers in America, and eventually sometime in the future there will be none.

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TB MC Qu. 3-209 Chavez Corporation reported the ... Chavez Corporation reported the following data for the month of July: Invent
ss7ja [257]

Answer:

The cost of goods manufactured for July is $ 232,000

Explanation:

<u>Raw Materials Inventories Utilized In Production</u>

Beginning Raw materials        $ 41,000

<em>Add</em> Purchases                        $ 73,000

Less Ending  Raw materials   ($ 37,000)

Used in Production                  $ 77,000

<u>Cost of goods manufactured</u>

Raw Materials                              $ 77,000

Direct labor cost                          $ 98,000

Manufacturing overhead            $ 65,000

Total Cost of Manufacturing     $ 240,000

<em>Add </em>Opening Work in process  $ 23,000

<em>Less</em> Ending Work in process    ($ 31,000)

Cost of goods manufactured   $ 232,000

Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost

5 0
3 years ago
During the first month of​ operations, ​, ​Inc., completed the following​ transactions:
forsale [732]

Answer:

General Ledger

Jul 2

Cash $68,000 (debit)

Common Stock $68,000 (credit)

<em>Cash received in exchange for common stock</em>

Jul 3

Supplies $700 (debit)

Equipment $11,800 (debit)

Accounts Payable $12,500 (credit)

<em>Supplies and Equipment purchased on credit</em>

Jul 4

Cash $5,400 (debit)

Service Revenue $5,400 (credit)

<em>Cash received for service rendered</em>

Jul 7

Land $33,000 (debit)

Cash $33,000 (credit)

<em>Cash paid for acquisition of Land</em>

Jul 11

Accounts Receivable $4.100 (debit)

Service Revenue $4.100 (credit)

<em>Service rendered on credit</em>

Jul 16

Accounts Payable $11,800 (debit)

Cash $11,800 (credit)

<em>Settlement of Account Receivable</em>

Jul 17

Advertising Expense $570 (debit)

Cash $570 (credit)

<em>Cash paid for Advertising</em>

Jul 18

Cash $2,000 (debit)

Account Receivable $2,000 (credit)

<em>Cash received from Account Receivable</em>

Jul 22

Water and Electricity Expenses $400 (debit)

Cash $400 (credit)

<em>Cash paid for utilities</em>

Jul 29

Cash $2.700 (debit)

Service Revenue $2.700 (credit)

<em>Cash received for Services Rendered</em>

Jul 31

Salaries Expenses $2,300 (debit)

Cash $2,300 (credit)

<em>Cash paid for Salaries</em>

Jul 2

Dividends $2,500 (debit)

Cash $2,500 (credit)

<em>Dividends paid in cash</em>

Explanation:

See the Journals and narrations that i have prepared above.

4 0
3 years ago
As the number of firms in an oligopoly increases, a. the total quantity of output produced by firms in the market gets closer to
Aleksandr [31]

Answer:

A is the correct answer.

Explanation:

Oligopoly is the market form in which a small number of large sellers dominate. It results in the reduction of the competition and leads to higher prices for consumers. they have their market structure. In oligopoly each firm stays aware of others,  hence their decisions influence others and vice versa. The developed economies are dominated by Oligopolies. For example, if the total market share of the American telecom companies (Verizon wireless, AT and T and T mobile ) is combined, it comes out to be more than ninety percent.

4 0
3 years ago
To be effective as a successful general manager of a hotel, the manager should exhibit all of the following traits except: Group
Masja [62]

Answer: The manager should exhibit all the traits except computer programming skills.

Explanation: A successful general manager or a manager that is striving to be successful will/should possess the following traits:

1. Attention to detail; this is a very important trait and could be the difference between keeping a client and losing one. This is because clients want to feel and be treated specially and uniquely. Therefore an attention to detail will help the manager ensure that each client is treated specifically and differently from the next client.

2. Follow through leadership: this trait is very important in order to maintain cohesion among the team members and subordinates.

3. People skills: this is a very important trait because it is very vital in person-to-person interactions, especially when interacting with hotel guests.

4. Effective delegation: one person cannot perform all the tasks in a hotel, therefore it falls on the general manager to be able to assign roles to individuals that are best suited to perform the tasks. This is a very important trait and will ensure that resources are properly utilized.

Computer programming skills is not a trait requires of a hotel general manager. This is because the role can be assigned to a computer programmer while the general manager faces other tasks that require his/her attention.

8 0
3 years ago
What is a trailing stop loss
Sveta_85 [38]

A trailing stop-loss order is a special type of trade order where the stop-loss price is not set at a single, absolute dollar amount, but instead is set at a certain percentage or a certain dollar amount below the market price. A trailing stop-loss is sometime referred to simply as a trailing stop.

4 0
3 years ago
Read 2 more answers
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