Answer:
True
Explanation:
the country with the lower opportunity cost in producing a good is more efficient in production and should specialise in production of that good. While the country with the higher opportunity cost is inefficient in the production of the good and should import from the country with the lower opportunity cost.
Let's illustrate with an example
Scenario A
Country X's opportunity cost in the production of good A = 12 units of B
Country Y's opportunity cost in the production of good A = 2 units of B
Country Y is more efficient and should specialise in the production of good A
Scenario B
Country X's opportunity cost in the production of good A = 12 units of B
Country Y's opportunity cost in the production of good A = 12 units of B
Both countries have the same opportunity cost, so, we can't decide which country should specialise
Answer:
7.5 million equivalent full-time volunteers
Explanation:
The total hours volunteered is 3 hours * 100 million volunteers = 300 million hours
If you assume a full-time work week of 40 hours, divide the hours volunteered to find the equivalent number of full time workers.
300 million / 40 = 7.5 million
Answer:
$275,000
Explanation:
The computation of the total overhead cost is shown below:
= Variable overhead cost + fixed overhead cost
where,
Variable overhead cost equals to
= (Total estimated overhead cost ÷ fixed direct labor hour hours) × flexible budget labor hours
= ($200,000 ÷ 40,000) × 37,000
= $185,000
And, the fixed overhead is $90,000
ow put these values to the above formula
So, the value would be equal to
= $185,000 + $90,000
= $275,000
In a business, the useful life of a machinery depends on its usage.
Let us assume that the useful life of the machine is 5 years.
cost of 500,000 ; useful life - 5 years ; further assume that there is no salvage value and no section 179 election and no out of bonus depreciation.
We will use the straight line method of depreciation. It is dividing the cost by its useful life.
500,000 / 5 years = 100,000 depreciation expense per year.
Since he only bought it on July 1, it can only be depreciated for 6 months.
100,000 * 6/12 = 50,000 depreciation expense for year 2015.
<span>This is, in fact, true. Smith believed that private individuals who were left free to seek out their own interests in a free market would eventually be led to further the public welfare by an invisible hand, this was his defense of free markets on the grounds of utilitarianism.</span>