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Alja [10]
3 years ago
15

Brazil can produce one unit of sugar cane for one unit of labor and one iPod for eight units of labor, and China can produce one

unit of sugar cane for two units of labor and one iPod for four units of labor. Which of the following is true? Before trade, China's opportunity cost of one unit of sugar cane is two iPods. China has an absolute advantage in sugar cane production. Both parties benefit if they specialize and trade at terms of one unit of sugar cane for two iPods. With trade, Brazil should specialize in sugar cane and China in iPods.
Business
1 answer:
jeyben [28]3 years ago
6 0

The statement that is true is with trade Brazil should specialize in sugarcane and China in i-pod

Explanation:

When the trade conditions are examined Brazil must specialize in sugarcane and China must specialize in the trade of i-pods because each country has their trained set of labors in each production

Hence they must make more effort to make their country specialized in the following commodities in which they are more trained and this will promote the economy of their country

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Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million
rusak2 [61]

Answer:

The answer is: $9 million

Explanation:

The gross domestic product includes all the final and legal goods and services produced in an economy during one year.

Michigan Cranberry produced $10 million worth of cranberries, but in doing so, it imported $1 million worth of supplies from other countries. Cross border labor is included in the GDP.

The net addition of Michigan Cranberries to the US GDP is: $10 million - $1 million (imported supplies) = $9 million

8 0
3 years ago
State and explain the law of diminishing marginal return
Vlad [161]

In economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.

3 0
3 years ago
Conductors are assigned a ? ampacity that reflects the insulation's ability to handle and dissipate heat under ? conditions.
givi [52]

Answer:

Specific; Varying

Explanation:

Conductors are assigned a <u>specific</u> ampacity that reflects the insulations ability to handle and dissipate heat under <u>varying</u> conditions. As the ampacity concerning a conductor is based on those physical as well as electrical properties of the element as well as the formulation of the conductor including its ambient temperature, insulation, and environmental conditions proximate toward the conductor as well.

6 0
3 years ago
A company pays $379.50 for its employees to attend a luncheon. If the cost is $8.25 per person, how many employees does the comp
solmaris [256]
379.50/8.25 = 46
Meaning the company had 46 employees at the luncheon.
Hope this helps :)
5 0
3 years ago
Read 2 more answers
Mr. Isaac is lending Gh₵20000 to Mr. Hayford, to be repaid over five years. Mr. Isaac would like to effect a policy on Mr. Hayfo
Alla [95]

Question:

Mr. Isaac is lending Gh₵20000 to Mr Hayford, to be repaid over five years. Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die. Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early.

(a)​ What is the extent of insurable interest in each case?

(b) ​Consider any necessary action if the loan was later repaid earlier than anticipated what happens to the policy?

Answer:

To answer the question (a), one must first understand the concept of <em>Insurable Interest.</em>

A policyholder is said to have an insurable interest in a subject matter whenever the subject matter of a contract provides some financial gain to them and would lead to a financial loss if damaged, destroyed, stolen or lost.

For example, if I purchase a car for my use for $10,000, theft of or damage to that car will translate to financial loss to me. Therefore, I have an insurance interest in the car. This qualified me to Insure the car against loss arising from any form of insurable damage, or theft.

In question (a) there are two cases.

<em>Case I - Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die.</em>

Mr Isaac, in this case, has full insurable interest on Mr Hayfords life. If Mr Hayford dies,  Mr Isaac will be put in a financial loss to the tune of Gh₵20000.

<em>Case II - Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early. </em>

Mr Hayford does an insurable interest on Mr Isaac's life. This insurable interest arises due to the possibility (as given in the question) that Isaacs family have the power to request for the loan earlier than it ought to have been paid.

The insurable interest arises because paying back the loan earlier than anticipated, may put Mr Hayford in financial distress and may lead to financial and economic loss. If the loan is meant for the running of his business, the business may fold up, and he may forfeit all the assets of the business.

In a real-life scenario, this can all be prevented by ensuring that the terms of the loan are documented in a contract which must be ratified by both parties. In this contract, clauses preventing the lender from cutting short the tenure of the loan can be inserted. This is less expensive and easier to administer.

(b) In each of the cases above, if the loan is paid back earlier than anticipated:

i. Under duress from the family: The provision of the policy protecting the interest of Mr. Hayford kicks in and makes good the loss to mitigate it and terminates afterwards.

ii. By volition by Mr Hayford: The policy terminates immediately as the insurable interest he has on Mr Isaac's life becomes extinct.

Cheers!

6 0
3 years ago
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