The <u>law of increasing relative cost </u>states that the opportunity cost of producing a good always rises as one produces more of it.
According to the law of increasing costs, production eventually loses efficiency as it grows. The labor expenses for each additional item will increase, for instance, if increased production requires overtime work from your workforce.
Opportunity cost is the value of other commodities or services you must forgo in order to get your desired item. The term "cost" as used by economists often refers to opportunity cost. Cost is frequently mentioned in conversations or on the news.
According to the law of increasing opportunity cost, the cost of manufacturing the next unit rises as you keep up with the production of a given good.
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Answer:
d. debit to an expense account and a credit to an asset account.
Explanation:
When a prepayment is made, the entries recorded are Debit prepaid expense and credit Cash account to recognize the amount prepaid.
As time passes and the expenses are incurred, the entries required are debit expense account and credit prepaid expense (an asset) with the amount of the expense incurred as a result of the passage of time.
Answer:
B. £0.2055/$
Explanation:
Given that
An Ounce of gold cost = $20.67 in US dollars
An ounce of gold cost = £4.2474 in British pounds.
Therefore,
Exchange rate per 1 dollar
= 4.2474 ÷ 20.67
= 0.20548
= 0.2055.
This means that 1 dollar is equivalent to 0.2055 British dollars at that time using that exchange rate.
£0.2055/$
Answer:
Students believe that if the initiative does not happen, the funds for the initiative will not be spent elsewhere.
Explanation:
The visual appearance is both non rival and non excludable I.e. Pure public good
Benefit is 17*490=8.330
Benefit is greater than cost so college administrators should undertake the beautification initiative
Answer:
Ethics Code and Features
Ethics Codes
Features Integrity-
Based Ethics Codes Based Ethics Codes
Ideal: Accountability, decision Education, reduced employee
processes, controls discretion
Objective: Enable responsible employee Avoid criminal misconduct
conduct
Leader: Managers Lawyers
Methods: Conform to outside standards Conform to outside standards
and chosen internal standards
Explanation:
Codes of ethics refer to the governing principles and expectations that regulate the behavior of individuals and organizations in the conduct of their professional responsibilities and business activities. Two broad categories have been identified for written codes of ethics. They are compliance-based (rules-based) codes and integrity-based (principles-based) codes. Rules-based or compliance-based codes emphasize prevention, while principles-based or integrity-based codes provide guidance.
