Answer:
International trade is the exchange of capital, goods, and services across international borders or territories.
Each nation should produce goods for which its domestic opportunity costs are lower than the domestic opportunity costs of other nations and exchange those goods for products that have higher domestic opportunity costs compared to other nations.
Benefits of trade include lower prices and better products for consumers, improved political ties among nations, and efficiency gains for domestic producers.
International trade is the exchange of capital, goods, and services across international borders or territories. Trading-partners reap mutual gains when each nation specializes in goods for which it holds a comparative advantage and then engages in trade for other products. In other words, each nation should produce goods for which its domestic opportunity costs are lower than the domestic opportunity costs of other nations and exchange those goods for products that have higher domestic opportunity costs compared to other nations.
Explanation:
In economics, the production possibility frontier (PPF) is a graph that shows the combinations of two commodities that could be produced using the same total amount of the factors of production. It shows the maximum possible production level of one commodity for any production level of another, given the existing levels of the factors of production and the state of technology.
PPFs are normally drawn as extending outward around the origin, but can also be represented as a straight line. An economy that is operating on the PPF is productively efficient, meaning that it would be impossible to produce more of one good without decreasing the production of the other good. For example, if an economy that produces only guns and butter is operating on the PPF, the production of guns would need to be sacrificed in order to produce more butter. If production is efficient, the economy can choose between combinations (i.e., points) on the PPF: B if guns are of interest, C if more butter is needed, or D if an equal mix of butter and guns is required.
Answer: variable budget
Explanation: In simple words, variable budget refers to the budget statement which shows how much different costs would vary if the level of activity as per standards set increases or decreases.
These are also called flexible budget and are made on the basis of current level of output. These budgets provides flexibility to the management with respect to both best case and worst case scenarios.
From the above we can conclude that the correct answer is variable budget.
Answer and Explanation:
The Journal entry is shown below:-
Bad debts expense Dr, $2,000
To Accounts receivable-Hopkins $2,000
(Being write off is recorded)
Here we debited the bad debt expenses as it increased the expenses and we credited the accounts receivable as it reduced the assets so that the proper posting could be done
Answer:
Structural unemployment
Explanation:
James is going throughout a non voluntary unemployment because there is a "gap" between his skills and the market demanded skills. To minimize this gap, James should improve his skills sets, or take a job with less requirements
Answer:
The correct answer is A.
Explanation:
Giving the following information:
June 1: $780/150 units= $5.2 per unit
June 10: $1,170/200 units= $5.85 per unit
June 15: $1,260/200= $6.3 per unit
June 28: $990/150= $6.6 per units
A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.
Units sold= total units - ending inventory
Units sold= (150 + 200 + 200 + 150) - 210= 490 units
<u>The method with the lowest cost of goods sold will have the highest income:</u>
FIFO (first-in, first-out):
COGS= 150*5.2 + 200*5.85 + 140*6.3= $2,832
LIFO /last-in, first-out)
COGS= 150*6.6 + 200*6.3 + 140*5.85= $3,069
Weighted-average:
Weighted-average price= (5.2 + 5.85 + 6.3 + 6.6)/4= 5.99
COGS= 490*5.99= $2,935.1
The inventory method that will provide the highest gross profit is FIFO.
