Answer:
Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. Most nations operate largely as a command or market economy but all include aspects of the other.
Answer:
Break-even point (dollars)= $9,976.25
Explanation:
Giving the following information:
Fixed costs:
Rent $2,500
Utilities $500
Interest $750
An insurance premium of $200
Advertising on local bus $250 a month
Total= $4,200
A small bucket of take-out chicken, the only menu item, is priced at $9.50. Unit variable costs for the bucket of chicken are $5.50.
To calculate the break-even point in dollars, we need to use the following formula:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 4,200/ [(9.5 - 5.5)/9.5]
Break-even point (dollars)= 4,200/0.421
Break-even point (dollars)= $9,976.25
Answer:
1. Specific Bequest
2. Residuary
3. Abatement
4. A person must have testamentary capacity and intent which means that the testator must be of a proper sound mind and legal age at the time when the will is made. The will should be in writing and duly signed by the testator.
5. Oral Will
Explanation:
1. Specific bequest is a gift of particular and specific items or assets that is named to a certain person. This is generally a gift given in a will which is mostly a personal property.
2. The remaining assets or items that is left even after all the specific gifts are given and all the due debts are paid is termed as 'Residuary' of the estate.
3. When the assets of any deceased person is not sufficient enough to pay the dues to the respective creditors and satisfy their requirements, then abatement takes place.
4. A person must have testamentary capacity and intent which means that the testator must be of a proper sound mind and legal age at the time when the will is made. The will should be in writing and duly signed by the testator.
5. Any will that has been made orally and is not written is termed as a 'Nuncupative' will.
Answer: (D) Globalization of production
Explanation:
The globalization of the production is the process of sourcing the various types of products and the services which involve the capital flows and the trading worldwide.
The production of the various types of products and the services at very low cost is one of the main advantage of the globalization.
According to the given question, the globalization of production is one of the practicing that helps in demonstrating the given west electronic corporation situation.
Therefore, Option (D) is correct answer.
