Answer:
D. both a and b.
Explanation:
The marginal cost of production is the marginal private cost. When an individual or a firm spend extra cost for an extra unit of good or service, it is called marginal private cost. The marginal social cost of production is the cost that an entire society pays for the consumption of an extra unit of goods or services.
The extra benefit a consumer gets from the use of extra good is referred to as the marginal private benefit. When there is a change in benefit due to the extra unit of consumption, it is the marginal social benefit. It includes an extra benefit.
The economic efficiency of a market equilibrium deters the marginal private cost and benefit. Externalities affect that market equilibrium.
So, both a and b is the answer.
Answer:
d. segregation of duties
Explanation:
Segregation of duties defines that when a different number of people doing their duties for the same purpose. For example a person receives an envelope of cheque and another person records in accounting system.
According to the given situation, one person who is bookkeeper prepared cash deposit and another person records the collection of journal and ledger. So, this indicates the segregation of duties
Answer:
"trading fortress."
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Firms outside of trading areas run the risk of being shut out of the single market by the creation of a "trade fortress." A trade fortress serves as a barrier for the exchange of goods and services.
Free trade policy includes the adoption and implementation of tariffs and quotas between countries.
Trade policies tariffs and quotas will most likely benefit domestic producers of the protected good and harm domestic consumers of the protected good as they're made to pay for the consumption of imported products. Hence, under free trade there are more societal benefits due to the specialization of domestic goods.
Tariffs can reduce both the volume of exports and imports in a country.
Answer:
The total surplus from Andrew's sale to Nick is $35.
Explanation:
The total surplus is the sum of producer surplus and consumer surplus.
The consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the price he/she actually has to pay.
While producer surplus is the difference between the minimum price a producer is willing to accept for a product and the price he/she actually gets.
Consumer surplus for Nick
= $80 - $60
= $20
Producer surplus for Andrew
= $60 - $45
= $15
Total surplus from generated from Andrew's sale to Nick
= $20 + $15
= $35
I believe this shouldn't affect him since he is 75 years old, past the 65 retirement age. So the $50K from this IRA can be withdrawn tax free. If he moved the funds to a checking account BEFORE 65, then it would be taxable. Check with a financial advisor.
