Answer:
all of the above are likely to occur
Explanation:
Import restrictions would limit the amount of goods imported into the US
as a result of the restriction, the amount of goods sold to the US by its trade partners would fall, as a result, the income of US trade partners would reduce.
Also, the quantity of goods available in the US would fall and consumption would fall.
Import restrictions might lead to US producing goods and services for ehuch it has no comparative advantage in its production. This would lead to ineeficent allocation of resources.
I would say that the effects of such positive benefits as health insurance or paid parental leave will make the workplace much more attractive and cause a big rush to obtain employment at such places. It is well to remember that without the sacrifice of labour unions including jailings, beatings and even deaths these benefits would not be there ie they would not come just out of the goodness of someone's heart.
Answer:
B. $36 billion
Explanation:
Since we were asked to calculate Wages. We can't use the Expenditure method of GDP. Method to be used would be the Income approach. In doing so, the values of export and import would be excluded. Therefore,
Given that
GDP = 65 billion
Profits = 7 billion
Rent = 7 billion
Interest payments = 15 billion
Recall that,
GDP = sum of income earned (profits, wages, rents, interests)
Thus,
Wages = GDP - Profits + rents + interests
= 65 - (15 + 7 + 7)
= 65 - 29
= 36 billion
Hence, wages during 2011 was $36 BILLION.
Note: Parameters used are based on the information in the question. It is important to note that income earned when using income approach could be more than the 4 stated parameters of wages, rent, profits and interests.
Answer:
$64,500= purchases
Explanation:
Giving the following information:
beginning inventory= $18,000
Ending inventory= $21,500
Cost of goods sold= $61,000.
To calculate the purchases during the year, we need to use the following formula:
COGS= beginning inventory + purchases - ending inventory
61,000= 18,000 + purchases - 21,500
64,500= purchases
Answer:
1. to gain a comparative advantage
2. to increase efficiency
Explanation:
Specialization involves concentrating on producing a few items that once can produce better than others.
Specializing in producing a few preferred goods and services makes a person, company, or country more efficient in resource usage. They consume fewer inputs, such as labor, while making the goods and services. The use of fewer inputs is increasing efficiently, which makes their products cost less compared to competitors.
Specialization makes a company or individual an expert in what they do. Experts make quality products. High quality at competitive prices gains a country or company comparative advantage over the others.
