Answer:
US specialisation in TV can be stated on the basis of Absolute Advantage, not comparative advantage.
Explanation:
Absolute Advantage is when a country can produce more output per input of a commodity, than other country.
Comparative Advantage is when a country can produce a good at lower opportunity cost (in terms of other sacrifised)
China can produce more (ie 5 units television) per hour employed, compared to US able to produce lesser (3 units) in the same time. So, on the basis of Absolute Advantage, it can be stated that US should specialise in TV production.
However, since other good's details have not been given. So, we cannot attain the relative opportunity costs. Hence, specialisation on the basis of comparative advantage can't be stated.
Answer:
$2,500,000
Explanation:
Break Point = Level of debt / Weight of debt
(100%-40%)
=60%
Hence:
= 1,500,000 / 60%
= $2,500,000
Therefore the debt breakpoint in the MCC schedule will be $2,500,000
Answer:
Businesses in free enterprise systems compete with each other to produce better products at better prices. Competition leads to innovation, new ideas and a more competitive market. Competiting allows businesses to control themselves and their ideas in an <em>efficent manner. </em>
<em>However, competition in the free enterprise systmem leads to lower wages and income.</em> It leads to the best product at the lowest price. It leads to a variety of products available to the consumer.
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Answer:
1.71 household items
Explanation:
In this question, we learn that the family will only consume two goods: outings and household items. The family can either have access to 14 outings or 24 household items. This means that:
opportunity cost of 14 outings = opportunity cost of 24 household items
Therefore,
opportunity cost of 1 outing = 1.71 household items
