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3 years ago

Which of the following is NOT one of the three basic economic questions?

1 answer:

4 0

The answer s "How to Produce it".
This is not one of the three basic economic questions.
Mostly what they usually asks is what to produce base on the needs of the consumers, where to produce it in where people really are needing it and who will consume what is produced, they may be rich people, etc.

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Alabama and Mississippi each have 9 units of labor. They can use their units of labor for the production of chickens and cotton.

Alekssandra [29.7K]

Answer and Explanation:

As it is given that

1. For each unit of labor, Alabama will generate 3 units of chicken.

Thus Alabama can produce a maximum of 27 units of chicken with 9 units of labor.

2. With every unit of labor, Alabama will generate 7 units of cotton.

Thus Alabama can produce a maximum of 63 units of cotton with 9 units of labor.

For each unit of labor, Mississippi will generate 4 units of chicken.

Therefore Mississippi can produce a maximum of 36 units of chicken with 9 units of labor.

For each unit of labor, Mississippi will produce 6 units of cotton.

While Mississippi can produce up to 54 units of cotton with 9 units of labor.

Alabama could be seen producing more cotton than Mississippi using all the labor while using all the labor Mississippi can produce more chicken than Alabama.

Hence,

For producing chicken, Mississippi has the absolute advantage

For producing cotton, Alabama has the absolute advantage

Now

Albama's opportunity cost for generating a chicken unit is

= (7 ÷ 3)

= 2.33 units of cotton.

Albama's opportunity cost for generating a cotton unit is

= (3 ÷ 7)

= 0.43 units of chicken.

Mississippi's opportunity cost for generating a chicken unit is

= (6 ÷ 4)

= 1.50 units of cotton.

Mississippi's opportunity cost of generating a cotton unit is

= (4 ÷ 6)

= 0.67 units of chicken

Therefore

Alabama can produce cotton relatively to Mississippi at a lower cost of opportunity.

In comparison with Alabama, Mississippi can produce chicken at lower opportunity costs.

Hence, we can conclude that

Mississippi has a competitive advantage for chicken production.

Alabama has a competitive advantage in cotton production.

Mississippi is supposed to grow chicken and Alabama is supposed to make cotton.

6 0

3 years ago

When someone takes out a mortgage loan to buy a house, the mortgage lender can take possession of the house and sell it if the b

AnnZ [28]

Answer:

A. Collateral

Explanation:

A collateral is a valuable item, a property or an asset that is offered by a borrower of a loan to the lender of the loan as a form of loan security, such that the lender can take possession of the asset, monetize the asset and recover the losses. Collateralized loans includes car loans and mortgages.

Lending such as those given in business credit card does not require loan securities

8 0

3 years ago

According to the Business Case for CSR, a reason companies are becoming more socially responsible is all of the following except

denis-greek [22]

Answer:

d. Access to capital

Explanation:

Corporate social responsibility (CSR) is characterized as a program of activities to lessen external costs. it is also an approach, practice, speculation and solid outcome sent and accomplished by a business organization in the quest for its partners' interest.

3 0

3 years ago

Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, a

umka2103 [35]

Answer:

Cash Flow

year 1: cash generated in operating activities: 35,000

year 2: cash used in operating activities (28,000)

Receivables:

year 1: 23,000

year 2: 40,000

Net Income

year 1: 32,000

year 2: 59,000

Explanation:

Cash flow:

operating activities: year 1

collected from client 170,000

salaries paid to employees (100,000)

utilities (35,000)

insurance policy (63,000)

cash used in operating activities (28,000)

operating activities: year 2

collected from client 200,000

salaries paid to employees (110,000)

utilities (55,000)

cash generated in operating activities: 35,000

receivable:

billed - collected

year 1 receivables 193,000 - 170,000 = 23,000

year 2 receivables 240,000 - 200,000 = 40,000

Income Statement year 1

fees revenues 193,000

salaries (100,000)

utilities (40,000) (incurred cost)

insurance (21,000) (63,000 for three years, the value of 1 year is 21,000)

net income 32,000

Income Statement year 2

fees revenues 240,000

salaries (110,000)

utilities (50,000) (incurred cost)

insurance (21,000) (63,000 for three years, the value of 1 year is 21,000)

net income 59,000

5 0

3 years ago

In Free Market Environmentalism, economists Terry Anderson and Donald Leal write, "Subsidized irrigation encourages farmers to b

Soloha48 [4]

Answer:

Explanation:

7 0

3 years ago