The law of comparative advantage implies that a nation, individual, or region should produce those economic goods for which it is a low opportunity cost producer.
Explain the law of comparative advantage with an example.
The capacity of an economy to produce a certain item or service at a lower opportunity cost than its trade counterparts is known as comparative advantage. It explains why businesses, nations, or people might gain from trade.
For instance, a nation that generates a lot of oil would charge a local chemical industry less for their product since it is less expensive to sell them the oil than to send it elsewhere. The chemical producer may sell their completed products for cheaper than other nations since they are paying less for the raw resources required to make chemicals. As a result, they are more competitive in the market for producing chemicals. As a result, this business has an edge over other businesses that produce chemicals.
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Achieving the best possible balance among several goals when making decisions is known as ______.
Achieving the pleasant possible stability amongst numerous goals whilst making decisions is called optimizing.
A decision can be described as a path of action purposely selected from a set of options to gain organizational or managerial goals or desires. decision-making procedure is a non-stop and vital element of managing any enterprise or business activities.
A decision rule is a manual for choice making that's designed to make certain that accounting choices are regular, effective, and according to the concepts of the business. In control accounting, selection‑making may be truly described as choosing a route of action from among options. If there aren't any alternatives, then no choice is required. A foundation assumption is that the fine choice is the one that involves the maximum sales or the least amount of value.
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Before the industrial revolution, per capita gdp in nations differed by a factor of:_______-
Before the industrial revolution, per capita GDP in nations differed by a factor of little over time and across countries.
The first three industrial revolutions that had an impact on our contemporary society are listed above. The steam engine, the age of science and mass production, and the rise of digital technology were three innovations that fundamentally altered the world as we knew it.
Agriculture and handicrafts-based economies were replaced by economies based on large-scale industry, mechanized manufacturing, and the factory system during the Industrial Revolution. Existing industries became more productive and efficient as a result of new equipment, power sources, and organizational techniques.
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If the market price of the item rises to $7 per unit, what is the daily mrp of the fourth (4) worker?
If the market price rises to $7, the fourth worker's marginal revenue product (MRP) will be equal to 80 units multiplied by $7 a day, which comes to $140.
Therefore, the fourth employee will have a marginal revenue product (MRP) of 140 per day.
What is MRP?
The maximum retail price (MRP), which is determined by the manufacturer, is the most that can be charged for a good sold in Bangladesh and India.Retailers may, however, decide to mark down their items' prices below the MRP. MRP varies from systems that employ a suggested retail price because in those systems, the manufacturer's price is merely a guideline and not an enforceable legal requirement.In India, the MRP must be displayed on every retail item. Customers cannot be charged more than the MRP by stores. To get more customers into their businesses, certain stores may price a little less than MRP. Consumers are frequently charged unlawfully above the MRP in some remote places, tourist hotspots, and in circumstances where a product is challenging to procure.To learn more about MRP visit:https://brainly.com/question/28346825
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laand, originally purchased for $27,358, is sold for $77,125 in cash. what is the effect of the sale on the accounting equation?
The effect of the sale on the accounting equation is that assets increase $49767; owner's equity increases $$49767.
How to illustrate the information?The relationship between an entity's assets, liabilities, and owner's equity is represented by the basic accounting equation, often known as the balance sheet equation. It serves as the system's cornerstone for double-entry bookkeeping. The total debits for each transaction equal the total credit.
In this case, the firm originally purchased for $27,358, is sold for $77,125 in cash.
The effect of the sale on accounting equation = ($77125 - $27358)
= $49767
Therefore, assets increase $49767; owner's equity increases $$49767.
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a vertical supply curve represents: group of answer choices an inverse relationship between price and quantity supplied. an independent relationship between price and quantity supplied. an independent relationship between price and supply. a direct relationship between price and quantity supplied.
A vertical supply curve represents: an independent relationship between price and quantity supplied.
What is a vertical supply?In a vertical supply, the amount that is being supplied is fixed and does not fluctuate when the price does. Because there is never any change in the quantity, the vertical supply is also known as a perfect inelastic supply
The supply's response to changes in price is measured by the price elasticity of the supply. It is determined by dividing the proportional change in the price by the proportional change in the amount delivered.
What Elements Might Impact the Supply Curve?The supply curve can alter depending on a variety of variables, such as changes in production costs (such as those of labor and raw materials), advancements in technology, the amount of rivalry among sellers and manufacturers, and the regulatory and tax environment.
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what is the efficient markets hypothesis (emh), and what are its three forms? what evidence supports the emh? what evidence casts doubt on the emh
The Efficient Markets Hypothesis (EMH) states that stocks are listed and traded at fair value on stock exchanges, allowing for the purchase and selling of those shares at prices below and above the market price.
These are its three forms:
first, weak form The Efficient Markets Hypothesis states that a stock's price and rate of return are unaffected by its price and rate of return in the past, and that the rate of return in the past has no bearing on future returns mildly robust shape .The Efficient Markets Hypothesis states that it is pointless to predict stock price or return using publicly accessible information (such as financial statements).Future prices and interest rates are predicted by the Strong Equilibrium Markets Hypothesis Stock price return predictions based on both unpublished and disclosed information is ineffective. According to the efficient markets hypothesis (EMH), there is no room for investment to produce extra returns because everything is already fairly and accurately priced. This means that your chances of exceeding the market are slim, but passive index investing can still help you generate returns that are comparable to those of the market.To learn more about Efficient Markets Hypothesis visit:https://brainly.com/question/14311423
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suppose that quantity demand rises by 10% as a result of a 15% decrease in price. the price elasticity of demand for this good is
The price elasticity of demand for this good is inelastic and equal to 0.67.
A good in economics is any item or product that is useful. A commodity is one kind of true. a good that can't be used by clients at once, consisting of a workplace building or capital gadget, can be referred to as a great because it is able to be beneficial if it's miles sold.
Examples of goods. goods are cloth objects that you can purchase. anything that you can find in a grocery store, farmer's market, shopping mall, domestic improvement save, or some other shop is good. The charges of products are in large part decided by the supply and call for an economic system.
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A+product+has+demand+during+lead+time+of+100+units,+with+a+standard+deviation+of+25+units.+what+safety+stock+provides+(approximately)+a+95%+service+level?
If service level is 95%, then it is 0.95.
Z value can be found using MS Excel's NORMSINV function.
NORMSINV = Z (Service level)
NORMSINV = Z (0.95)
Z = 1.64
A safety stock is an extra quantity of a product kept in the inventory to lower the possibility that it will run out. It serves as a buffer stock in the event that sales are higher than anticipated or the supplier is unable to supply the extra units on time.In order to calculate safety stock,
Safety stock = Z x Standard deviation.
Safety stock = 1.64 x 25.
Safety stock = 41.
Complete Question: A specific product has demand during lead time of 100 units, with a standard deviation of 25 units. What safety stock (approximately) provides a 95% service level? A) 41 B) 55 C) 133 D) 140 E) 165
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if the beginning capital balance is $3,500, net income is $5,500, and the owner withdrawals $2,400, what is the ending capital balance?
With the beginning capital balance of 3500 and income of 5500 and a withdrawal of 2400 will result in ending capital balance of 6600. (3500+5500-2400=6600)
More about capital balance:
The capital account in accounting depicts the total value of a business at a particular point in time. It appears in the bottom section of the balance sheet and is referred to as founder's equity for a sole proprietorship or stakeholders' equity for a corporation. The term "balance" in bookkeeping refers to the difference between the total number of debit entries and credit entries made into an account during a certain financial period.
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Jackson enjoys seeing the end result of his hard physical labor. the interest area that he should consider careers in would be _____. a. business b. crafts c. science d. office operations please select the best answer from the choices provided a b c d
Jackson enjoys seeing the end result of his hard physical labor. the interest area that he should consider careers in would be craft.
A craft or trade is leisure or profession that calls for specific abilities and expertise in specialized work. Sculpture, metalwork, knitting, and printing are just a few of the creative forms that are included in crafting.
Craft competence is best understood as a complex of mental and physical accomplishments, of which manual skill is merely one component.
Features of craft are:
It is a fundamental human quality.We perform our best work in this manner.It accepts the conditions and environment in which it lives.Despite the laws and structures we establish, the craft still persists.Everything we do can be affected by it.Learn more about Craft here:
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What is the order amount? 10 what is the state? wi the subtotal is $10.00. the tax is $0.55. the total is $10.55.
What is the order amount? 10 what is the state? wi the subtotal is $10.00. the tax is $0.55. the total is $10.55.
The total is $10.00.
Whether municipal, regional, or federal, taxes are mandated payments made by individuals or businesses to the government. Government programmes like Social Security and Medicare as well as public infrastructure and services like roads and schools are funded by tax income. Taxes are borne by whoever bears the cost of the tax, whether this is the entity being taxed, such as a business, or the final users of the items produced by the firm. Taxes of all kinds, including payroll taxes, federal and state income taxes, and sales taxes, need to be taken into account from an accounting standpoint. Tax payers can manage their finances to lessen the impact of taxes by being aware of the factors that lead to a tax situation.
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indicate how each account normally should be categorized on a classified balance sheet. also indicate whether the account normally has a debit or credit balance.
The following are several of the accounts included in a recent balance sheet:
1. Accrued Liabilities CL Credit
2. Prepaid Rent CA Debit
3. Cash CA Debit
4. Common Stock SE Credit
5. Notes Payable NCL Credit (long-term)
6. Equipment NCA Debit
7. Retained Earnings SE Credit
8. Accounts Payable CL Credit
What is a Balance Sheet?A balance sheet is a financial statement that lists the assets, liabilities, and shareholder equity of a corporation at a certain point in time. Balance sheets serve as the foundation for calculating investor return rates and assessing a company's financial structure.
The balance sheet, or statement of financial position, is a summary of the assets and liabilities of a corporation as well as the amount of shareholder investment. To do fundamental analysis or determine financial ratios, balance sheets can be utilized alongside other significant financial accounts.
A summary of a company's financial situation at a specific point in time is provided by the balance sheet. It cannot, by itself, convey an understanding of the trends developing over a longer time frame.
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when looking for pre-approval on a car loan you should not... look for the lowest interest rates you can find. get a loan from the car dealer directly to keep things simple. compare pre-approval offers and select the one that is best for you. select the loan that has right repayment period for you.
When looking for a pre-approval on a car loan, a person should not get a loan from the car dealer directly to keep things simple. Therefore, the option B holds true.
What is the significance of a car loan?A car loan can be referred to or considered as a loan that is taken for the purpose of purchasing a car now, and making repayments over the span of years in the future.
When someone takes a car loan directly from the car dealer, he may miss out on offers related to pre-approval car loan, and will also be having limited choices at the sacrifice of keeping things simple.
Therefore, the option B holds true and states regarding the significance of a pre-approval car loan.
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Answer:
get a loan from the car dealer directly to keep things simple
Explanation:
In the balanced scorecard, cycle time, employee skills, and productivity are part of the ______ perspective.
In the balanced scorecard, cycle time, employee skills, and productivity are part of the customer perspective.
What is skills?
The term skills refer to the person ability and talent that comes to the master own her work. A person is an expert in a particular profession if they can readily solve difficulties and work efficiently.
The internal metrics of the firm, such as the scorecard, staff skills, productivity, and cycle time, have a bigger impact on the customer perspective. Customer satisfaction is the product of the business's internal processes.
As a result, the balanced scorecard, cycle time, employee skills, and productivity are part of the customer perspective.
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The marketing strategy that focuses on measuring, managing, and analyzing market performance is referred to as?
The marketing strategy that focuses on measuring, managing, and analyzing market performance is referred to as marketing analytics.
The analysis of data for marketing purposes is known as marketing analytics. Businesses are able to better understand what motivates consumer behavior, hone their marketing strategies, and maximize their return on investment by applying technology and analytical procedures to marketing-related data.
In order to generate actions, marketing analytics looks for trends in marketing data. In actuality, the notion of marketing analytics can include anything from modeling and machine learning to statistics. It aids companies in better understanding their clients, goods, selling points, and other things.
Because they work defined hours and get weekends off, many marketing analysts are able to maintain a healthy work-life balance. Due to the fact that most businesses require their services, they also frequently have good job security.
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which model suggests that corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities that are built upon a firm's economic performance?
According to The Pyramid of Corporate Social Responsibility, a company's economic performance serves as the foundation for its economic, legal, ethical, and charitable duties.
What are the four CSR pyramids?
In essence, Carroll's CSR pyramid and the four-part definition of corporate social responsibility (CSR) provide an organizational conceptual framework that includes the economic, legal, ethical, and philanthropic or discretionary responsibilities.The first and most evident is the financial obligation to make a profit. The second is the obligation under the law to abide by the rules that society has established. The third is the ethical obligation, which is closely related to the second. Specifically, it means acting morally even when doing so is not required by law.
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using the rule of 70, a population growth rate of 2% annually will result in doubling a population in 35 years.
The answer is it will take 35 years for your population to double at a 2% growth rate.
Recognizing Growth Rates
The simplest application of growth rates is to show the annual percentage change in a variable. An economy's growth rate, for instance, is determined by the annual rate of change at which a country's GDP increases or decreases. To evaluate the state of an economy, one uses the rate of expansion or contraction. A country is said to be in a recession if its income drops for two consecutive quarters.
On the other hand, a nation is said to be expanding if its gross domestic product has increased for two straight quarters.
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a(n) is an outsourcing fee model that charges a variable fee based on the volume of transactions or operations performed by the application.
A Transaction model is an outsourcing fee model that charges a variable fee based on the volume of transactions or operations performed by the application.
What is a Transaction model?A transaction model of subscriptions is set up such that a variable fee will be charged to the client based on the volume of operations they perform.
Essentially, the frequency of the usage of the application by the user will determine the fee paid. This is preferred by a lot of people because it means that they will only pay for what they use.
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The standard and poor's 100 index option contract is traded on the? a new york stock exchange b american stock exchange c chicago board options exchange d chicago mercantile exchange
The standard and poor's 100 index option contract is traded on the Chicago Board Options Exchange.
When the VIX is low, look out below!" tells us that the market is on the point of fall which implied volatility goes stock exchange to increase. When implied volatility is predicted to rise, an optimal bearish options strategy is to be delta negative.
Index options are options contracts that utilize a benchmark index, or a derivative instrument stock exchange supporting that index, as its underlying instrument. Index options are typically European style and settle in cash for the worth of the index at expiration. Investors can use numerous strategies with index options.
The simplest strategies involve buying a call or placing it on the index. to form a punt the amount stock exchange of the index growing, an investor buys a call option outright. to form the alternative game the index happening, an investor buys the put option. VIX options are cash settled.
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to maximize utility, a consumer with a fixed budget will purchase quantities of goods so that the ratios of the marginal utility of each good to its group of answer choices price are the greatest total utility are the greatest. price are equal price are equal to one total utility are the same
The correct answer is Price are equal.
An individual has a finite amount of money available to meet all of their needs, based on their income. The budget constraint is the maximum amount of money that customers can spend on the purchase and consumption of various product bundles, given their individual pricing.
Spending money on the item that offers the highest marginal utility per dollar of spending is the best way for consumers to optimise their overall utility for every dollar they spend.
The majority of people take a step-by-step method to select their utility-maximizing mix of options. This methodical technique is centred on examining the trade-offs of consuming more of one good and less of another, as assessed by marginal utility. This methodical approach can be compared to the maxim of "most bang for the buck."
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consider the following statements and indicate if each of the statements is normally true or false for wach type of business
The following question has to do with the various exposures to liability of the different types of corporate entities.
What is Corporate Entity?A corporate entity is a business structure formed specifically to carry out activities such as operating a business or holding assets. A corporation is a legal entity in and of itself, even if it is made up of individual directors, officers, and shareholders.
What is limit of liability?A restriction of liability clause is a contract term that restricts a company's risk in the event that a lawsuit is filed or another claim is made. A limitation of liability clause, if deemed to be enforceable, might "cap" the amount of possible damages to which a firm is exposed.
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Full Question:
See the attached image.
in terms of the number of buyers, business marketers typically deal with far (more/fewer) buyers than consumer marketers.
There are fewer but larger purchasers in business markets. Customers from businesses are more regionally concentrated. Demand from business buyers is derived from demand from final consumers.
Who are Customers ?A customer is a person or business who buys products or services from another business. Customers are important since they bring in money; without them, businesses couldn't thrive.
A customer is defined as a person who patronises a restaurant, store, or other retail establishment to purchase goods or services. Someone who visits an electronics store and buys a TV is an example of a customer.
A customer is the recipient of a good, service, product, or idea that is acquired from a seller, vendor, or supplier through a financial transaction or exchange for money or another valuable consideration
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You sold a futures contract on corn at a futures price of 331, and at the time of expiration, the price was 343. what was your profit or loss?
If we sold a futures contract on corn at a futures price of 331, and at the time of expiration, the price was 343. The loss incurred will be -$600
What is a contract?In essence, an agreement with legal enforceability is said to be a contract. The term "contract" is defined as a binding agreement between two or more parties. It establishes and clarifies the responsibilities and obligations of all parties.
An agreement that is legally enforceable qualifies as a valid contract.
A contract that is no longer upholdable in a court of law is deemed to be void.
A contract is said to be voidable if one of the parties has the option to opt-out of carrying out their obligation under it. When a party's consent is not voluntary, the contract may be dissolved at the displeased party's discretion.
Thus, the contract must satisfy the given two conditions.
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which one of the following statements about difficulties of cost estimation is true? a. linear relationships between total costs and activity levels may exist b. inflation c. data may not be based on normal operating conditions d. none
the answer for the given question is option c.
The fact that the data may not be based on normal operating conditions complicates cost estimation.
What exactly is cost estimation?
Cost estimation entails making a rough prediction about future costs.
In this question, we must identify the statement that causes problems with cost estimation. The (c) in the given statement makes cost estimation difficult. Because it is necessary to have data based on normal operating conditions in order to estimate costs.
Option (a) is incorrect because it makes cost estimation difficult.
Option (b) is incorrect because it makes cost estimation difficult.
Option (d) is incorrect because it makes cost estimation difficult.
Therefore, the correct answer to this question is option (c)
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consider cases where the number of withholding allowances is less than 6. which will cause the amount of federal income tax withheld to increase?
The amount of federal income tax withheld to increase Gross pay increases by increasing $20 and withholding allowances stay the same.
The extra allowances you declare the tons much less tax will be withheld from each paycheck. the less allowances claimed the bigger the withholding amount which can also bring about reimbursement. To avoid being stuck off protect by using a sudden tax bill or a huge tax refund you could want to alter your withholdings on your paycheck.
The more tax allowances you claim the fewer profits tax can be withheld from a paycheck the less allowances you declare the more tax may be withheld. the fewer allowances you declare the income tax may be withheld out of your paycheck. that would suggest you overpay your taxes at some point of the yr getting smaller paychecks but you may maximum probably get compensation after submitting your tax go back.
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real measurements are expressed in current dollars. expressed in current dollars. expressed in percentages. expressed in percentages. expressed using today’s currency. expressed using today’s currency. expressed in constant dollars.
The answer is expressed in constant dollars.
Real measurements are represented in constant dollars. For example, nominal GDP is the market worth of all products and services produced in a country at current prices. Real GDP is the market worth of all goods and services produced in a country at a constant price.Furthermore, real measurements are adjusted for inflation, which is why real measurements are measured at constant prices.The same number is referred to as the real value once it has been adjusted for inflation. We will describe how this is done in more detail later, but for now, just know that real values are calculated using prices from a particular year, say 2015. In other words, real GDP in 2016 is calculated by multiplying the quantity of each final good and service produced in 2016 by the price in 2015. As a result, real data is frequently referred to as "constant dollars" or "2015 dollars." As a result, whenever you see a table or graph of economic statistics with the title "billions of 2015 dollars," you know you're looking at actual data.Thus this is the meaning of real measurements.
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When a firm does not have core competencies in an area needed to produce certain products, it may choose to rely upon a(n)____?
When a firm does not have core competencies in an area needed to produce certain products, it may choose to rely upon a analysis of supplier power. When analyzing supplier power in an industry, low supplier power generates a more appealing industry with higher profit potential because customers are not bound by suppliers.
As customers rely more heavily on suppliers, high supplier power makes the business less appealing and reduces profit potential. Suppliers have the potential to impact both pricing and availability of products resources. Providers are most powerful when businesses rely on them and are unable to move to other suppliers.
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an economy has 410 people divided among the following groups: 60 have full-time jobs, 90 have one part-time job, 30 have two part-time jobs, 35 would like to work and are looking for jobs, 15 would like to work but are so discouraged they have given up looking, 80 are running their own businesses, 40 are retired, and 60 are small children.
An economy includes clients who purchase services and products, corporations who appoint clients and make items, and the authorities at numerous degrees who each purchase products, appoint labor, and levy taxes. Their collective interactions create a simplified economy.
A. Labor force = 25 + 20 +5 + 10+10 = 70
Adult population = 100 - children = 100 - 10 = 90
Labor force participation rate =Labor force / Adult population
LFPR = 70 / 90 = 77.78%
B. Unemployed = 10
Unemployment rate = (10/90)×100 = 11.11%
C. Employment through household survey =
Full-time + part-time jobs + looking for job + own business
= 25 + 20 + 5 + 10 + 10 = 70
Establishment survey the unpaid workers and the self owned business are not included in the employed. Under this survey it is not restricted by any age.
Employment = 25 + 20 + 5 = 50
Unemployed = looking for job + own business + discouraged worker + retired + small children = 10 + 10 + 10 +10 +10 = 5
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It is less important to account for factors like warranties and durability when purchasing a.
It is less important to account for factors like warranties and durability when purchasing a: C. nondurable good.
What is a product?A product can be defined as any physical object (tangible item) that is typically produced by a manufacturer so as to satisfy and meet the demands, needs or wants of every consumer (customer). Some examples of a product include the following:
CokeTelevisionMicrowave ovenPencilComputerShampooAutomobile vehicleMobile phones or SmartphonesRefrigeratorWhat is a nondurable good?A nondurable good can be defined as a type of good (product) that consumers buy often and usually with the plan to use only within a short period of time because they are perishable such as:
Disposable food productsPlastic cup and platesPaperIn conclusion, we can reasonably infer and logically deduce that warranties and durability are less important to account for when purchasing a nondurable good.
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Complete Question:
It is less important to account for factors like warranties and durability when purchasing a
A. durable good
B. long-term product
C. nondurable good
D. very expensive item
John buys a used car for $5,400 and spends $600 on new parts, made in the u.s., to fix the car. the end result of these two transactions is?
The end result of these two transactions is that U.S. consumption purchases increase by $600 and U.S. GDP increases by $600
Gross domestic product is defined as the sum of final goods and services produced in an economy in a given period. It counts all the output generated within the borders of the country.
GDP is basically the monetary value of final goods and services.
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.
Items that aren’t included in the calculation of GDP includes:
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