Answer:
Free trade of goods and services benefits all countries in the world. This is because of the concept of comparative advantage that tells us that some countries are better at providing specific goods and services than others.
For example, Japan is made up of relatively small islands that are very mountainous, forested, and lacking in natural resources. Besides, the country has a large population concentrated in the few flat areas. This essentially means that Japan is severly lacking in agricultural land and raw materials, and has to import most of its food, oil, natural gas, among other things. This is why the country has specialized in electronics, automobiles, and pharmaceuticals.
Brazil is the opposite: a very large country with hundreds of thousands of square miles fit for agricultural production. The country is a great exporter of soy, rice, sugar, and oil. However, the brazilian industry is not competitive, and most of its exports are to neighboring Argentina.
Without free trade, Japan could hardly feed itself, or it would do so with great difficulty. At the same time, Brazil would have a large surplus of food and raw materials, but its citizens would lack access to high-tech Japanese goods such as Toyota cars, or Sony electronic devices. Both countries would be worse-off.
Answer:
$580 billion
Explanation:
Given that
GNP = $600 billion
Receipts of factor income from the rest of the world = $50 billion
Payments of factor income to the rest of the world = $30 billion
So, The computation of the GDP is shown below:
= GNP - Receipts of factor income from the rest of the world + Payments of factor income to the rest of the world
= $600 billion - $50 billion + $30 billion
= $580 billion
Answer:
Followings are the example of new reality of American life during the Depression or war year is given below in the explanation part
Explanation:
The example is given below:
- Millions of American people made slum areas over the America in free land and fields because they lost their homes
- country people tried to find jobs in other countries, they did not find the job there.
- Faintness inverted people from farms to cities
Depression completely changed the way of Americans live
Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= 
= $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= 
= $77,700
