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3 years ago

In general, individuals and nations should specialize in producing those goods for which they have a(n):

Business

1 answer:

lesya [120]3 years ago

8 0

Answer:

Comparative advantage.

Explanation:

Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.

The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.

In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation." Also, the principle of comparative advantage states that, nations (countries) can become better off than their contemporaries through the process of specializing in what they know how to produce or do best.

This simply means that, any country applying the principle of comparative advantage, would enjoy an increase in output and consequently, a boost in their Gross Domestic Products (GDP).

In general, individuals and nations should specialize in producing those goods for which they have a comparative advantage.

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If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the

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Question:

If the marginal product of capital net depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the rate of labor-augmenting technical progress equals 2 percent, to reach the Golden Rule level of the capital stock, the ____ rate in this economy must be _____.

A) saving; increased

B) population growth; decreased

C) depreciation; decreased

D) total output growth; decreased

Answer

The correct answer is A) <u>Saving</u> rate of the economy must be i<u>ncreased</u> in order for the economy to reach the Golden Rule Level of the Capital Stock.

Explanation

Golden Rule Level of the Capital Stock is the level at which

MPK = δ,

Where MPK is Marginal Product; and δ the depreciation rate;

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In the Solow growth model, a <em>high saving rate results in a large steady-state capital stock and a high level of steady-state output.</em> A low saving rate results to a small steady state capital stock and a low level of steady-state output. Higher saving leads to faster economic growth only in the short run. An increase in the saving rate raises growth until the economy reaches the new steady state. That is, if the economy retains a high saving rate, it will also maintain a large capital stock and a high level of output, but it will not maintain a high rate of growth forever .

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3 years ago

The Foundational 15 [LO7-1, LO7-2, LO7-3, LO7-4, LO7-5][The following information applies to the questions displayed below.]Dieg

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Answer:

See attached file

Explanation:

To obtain sales, the quantity sold is multiplied by the sale price in each of the regions.

Variable costs are multiplied by each of the quantities

Fixed costs are distributed according to what the company determined

From the difference between sales and variable costs we get the Contribution Margin. If the fixed costs are subtracted, the Segment Margin of each sector is obtained. Subtracting fixed costs that cannot be distributed, gives the Net Income.

The Fixed manufacturing overhead $ 800,000 was distributed between 40.000 units (produced units) not 35.000 (sold units)

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3 years ago

If the price of walnuts rises, many people would switch from consuming walnuts to consuming pecans. But if the price of salt ris

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Answer:

Explanation:

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3 years ago

If publishing at a newspaper company is arranged so that editors, editorial assistants, and reporters coordinate to determine wh

Paha777 [63]

The community arrangement of a newspaper company publication that was organized in a coordinated way by editors, editorial assistants and reporters, this arrangement will align with the ideas brought by Mary Parket Follet.

<h3 /><h3>Mary Parker Follet Theory</h3>

The American author became known as the "Management Prophet" because her theory was based on a broader idea of organizational democracy, going beyond the concepts of economic man, to develop concepts whose focus was human relations.

Therefore, Mary Parker Follet's theory is based on the development of man as a social and cooperative being, which develops from his relationships and behavior patterns, being contrary to Taylorism and based on the appreciation of each individual and integration of work.

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2 years ago

The earned value system starts with the time-phased costs that provide the project baseline, which is called the ___________.a.

nikklg [1K]

Answer:

A. Planned budgeted value of work scheduled.

Explanation:

Earned Value system is a technique used in project management in estimating how well a project is doing in terms of the project budget and allocated schedule. It is used in estimating project efficiency in terms of the estimated deliverables. It helps in checking of the project is going according to "plan". Project efficiencies are measured against the baseline of a project which is the planned budgeted value of work with the aid of earned value system in order to quickly track any deviations in the project.

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