Answer:
The correct answer is option d.
Explanation:
The law of comparative advantage states that a country will be able to benefit from international trade if it produces and exports the good that it has a comparatively lower opportunity cost in producing.
Comparative advantage refers to comparatively lower opportunity costs. A country will specialize in the production of a good that it can produce at a lower opportunity cost.
Both the countries will be able to benefit from trade and jointly increase their production and consumption if they export goods they can produce at lower opportunity cost and import goods they can produce at higher opportunity cost.
Answer:
The correct answer is letter "C": Each batch of production, known as a job or lot.
Explanation:
Job order cost systems are used to accumulate the cost per unit of items that are different enough, each one having significant costs. Under this costing system each item produced is given its direct material costs, labor costs, and overhead. Clothing, food, and aircraft manufacturing companies use the job order cost system.
<em>Unitary costs are accumulated per batch of productions under this type of costing system.</em>
People are lazy. And it's cheap and quick for the company.
Answer:
The correct answer is A.
Explanation:
Giving the following information:
During the year, 200,000 picture frames were produced.
Materials and labor standards for producing the picture frames are as follows:
Direct labor (2 hours e $12)
Its actual labor hours were 320,000 hours at a wage rate of $13.
We need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (12 - 13)*320,000= $320,000 unfavorable