Answer:
Then Iowa has a comparative advantage.
Explanation:
She if able to produce more corn at a less opportunity cost in comparison to Oklahoma. Therefore it implies that she has an advantage of producing more for less than Oklahoma.
If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, Iowa has a comparative advantage in the production of corn. Hence, Option (b) is correct.
Opportunity cost refers to the value of the next best alternative that must be forgone when choosing one option over another.
If Iowa's opportunity cost of producing corn is lower than Oklahoma's, it means that Iowa gives up less in terms of alternative goods or services when allocating resources to corn production.
By having a lower opportunity cost of producing corn, Iowa can produce corn more efficiently relative to Oklahoma.
This implies that Iowa has a comparative advantage in corn production.
Comparative advantage is based on the concept that countries or entities should specialize in producing goods or services where they have a lower opportunity cost, and then trade with other entities to maximize overall efficiency and welfare.
Thus, if Iowa's opportunity cost of corn is lower than Oklahoma's, Iowa has a comparative advantage in the production of corn.
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If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, then Iowa has a:
A)absolute advantage in the production of corn.
B)comparative advantage in the production of corn.
C) absolute advantage in the production of wheat.
D)comparative advantage in the production of wheat.
The global market is a chain of u. S. Grocery stores where customers can purchase foods, beverages, and canned goods from other countries. Global market is an example of a company that:.
Global market is an example of a company that: Imports.
What is Importation?Importation is a business model that is focused on buying goods and services from other nations to resell in one's own country.
Given the business structure of Global Market, we can infer that they are a business that is focused on imports.
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Help me with this one two , still not sure what to do here
Answer:
NEED CORRECT IN FORMATION BECAUS NOT EASY TO SOLVE
Explanation:
The financial records of Sheffield Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $99,360 and decreased 20% during the current year. 2. Sales discounts amount to $18,700. 3. 19,090 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,400. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $460,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
SHEFFIELD INC.
Income Statement
Based on the information given SHEFFIELD INC. income statement is $133,630.
Income statementSHEFFIELD INC. income statement for the year ended December 31 2020
Revenues
Net sales $1,131,300
[(20%×$460,000)÷8%-$18,700[]
Expenses
Cost of goods sold $460,000
Selling expenses $368,000
[(5×$92,000)-$92,000]
Administrative expenses $92,000
(20%×$460,000)
Interest expense $20,400
Total expense $940,400
Income before income tax $190,900
( $1,131,300-$940,400)
Income tax expense $57,270
(30%×$190,900)
Net income/Loss $133,630
($190,900-$57,270)
Earning per share $7
( $133,630/$19,090)
Inconclusion SHEFFIELD INC. income statement is $133,630.
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When more firms enter an industry:_____.
a. the industry supply curve will shift right.
b. the amount produced by each of the new firms will be less than the amount produced by each of the original firms.
c. the amount produced by each of the new firms will be greater than the amount produced by each of the original firms.
d. the industry supply curve will shift left.
Answer:
A, the industry supply curve will shift to the right
Explanation:
due to the increase in firms, the suppliers will have to produce more product for these firms.
g If Marjorie Wilcox borrows $300 for one year with an APR of 21% and an annual service fee of $6, what is her total cost of credit
Based on the information given her total cost of credit is $69.
Total cost of creditUsing this formula
Total cost of credit =(Amount borrowed×APR)+Annual service
Where:
Amount borrowed=$300
APR=21%
Annual service=$6
Let plug in the formula
Total cost of credit=($300×21%)+$6
Total cost of credit =$63+$6
Total cost of credit=$69
Inconclusions her total cost of credit is $69.
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A system that a country chooses to allocate its resources and distribute its goods and resources.
Answer: Your answer is an economic system.
Hope this helped!
A hailstorm destroys almost all of the wheat in Minnesota. What will happen to the price and quantity of wheat sold in the U.S.
As a result of the hailstorm, the price of wheat will increase and the quantity of wheat sold would decrease.
What would be the impact of the hailstorm on the supply of wheat?As a result of the hailstorm, wheat farms would be negatively affected. The hailstorm would most likely destroy wheat farms. As a result, the supply of wheat would decline and the price of wheat would increase.
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Marjorie's Mugs sold 300 mugs last year for $20 each. Variable costs were $7 per mug and total fixed costs were $1,700. Marjorie's Mugs' profit was ______. Multiple choice question.
Answer: $2200
Explanation:
profit= 300 * (20 - 7) - 1700 = 2200
The company shipped merchandise valued at $75,000 F.O.B. destination on December 23, year 2, and recorded the sale and relief of inventory on that date. The customer received the merchandise on December 31, year 2. The merchandise has a profit margin of 10%. Record the necessary year 2 adjustments, if any.
Answer:
A is the answer through Alex
How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy? (1 point)
Expansionary fiscal policy should be used to increase government revenue and contractionary fiscal policy should be
used to increase consumer spending.
Expansionary fiscal policy should be used to combat high inflation and contractionary fiscal policy should be used to
increase government revenue.
Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal
policy should be used when there is high inflation.
Expansionary fiscal policy should be used to decrease the unemployment rate and contractionary fiscal policy should
be used when economic growth is too fast.
The right option is that Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation.
How is expansionary fiscal policy compare to contractionary fiscal policy?Contractionary fiscal policy is known to be a policy that applies when the government taxes are said to be more than what they spends.
The Expansionary fiscal policy is known to be when the spending of the government is said to be more than the government taxes.
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Over the next few years, many organization will be collecting vast amounts of data on their employees ranging from engagement to
Over the next few years, many organizations will be collecting vast amounts of data on their employees ranging from engagement to well-being.
How is Big Data Collected?Much of the big data that employees, persons, organizations generate come from three major sources:
Machine DataTransactional DataSocial DataData collection and analysis provide insights that are useful for strategic decision-making. This is why organizations are looking to collect and analyze them.
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Danny mentions that he is only in business if his employees are happy to come to work. Based on mcgregor’s work, danny would have a ________ view of his employees.
Based on mcgregor’s work, danny would have a Theory Y view of his employees.
What is Theory Y?Theory Y view based on mcgregor’s theory means that for an employee to be motivated to come to work or for an employee to be productive at workplace the manager must provide a good and healthier working environment for their employee.
In Theory Y employees tends to take full charge of full responsibility at work place and they are often productive because they are happy to work due to the fact that they enjoy their job.
Inconclusion based on mcgregor’s work, danny would have a Theory Y view of his employees.
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if i have a 38% on my final grade and i get a 100% on an assigment what will my grade be now!?
When interest rates are high, consumers have a greater incentive to ______ more, but when interest rates are low, consumer have a greater incentive to ______. M
a. buy; sell
b. borrow; save
c. sell; buy
d. save; borrow
When interest rates are high, then the consumers have a greater incentive to save more, but when interest rates are low, consumer have a greater incentive to borrow more.
What is Interest Rate?This refers to the charge which is given for a particular loan which is replayed after a certain time.
With this in mind, high interest rates are not appealing to customers so they rather save and then borrow when the interest rates are low.
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What are extension strategies?
➣ Extension strategies are marketing techniques that seek to improve sales to extend the life of a product before decline begins.
➥ I hope I have helped you, greetings! Atte: ღTheGirlSadღAnswer:
Extension strategies are marketing techniques that seeks to improve sales to extend the life of a product before decline begins .Ion Co. purchased land for $190,000. Ion also paid $5,000 in real estate commissions, $1,000 in legal fees, and $500 in title insurance fees. Ion should record the cost of this land at:
Answer:
196,500
Explanation:
I hope this helps. :)
PT should record the cost of the land for $196,500.Since land is not depreciated, it is always reported on the balance sheet at its historical cost and would remain there.
Find the solution ?Since land is not depreciated, it is always reported on the balance sheet at its historical cost and would remain there.Additionally, until the land is sold or included in a transaction, there is no fair value adjustment.Data provided in the question :
Purchasing cost of the land = $190,000
Closing costs paid = $5000
Total regarded cost of the land = $1500
PT should record the cost of the land for
= Purchasing cost of the land + Closing costs paid + Total regarded cost of the land
= $190,000 + $5000 + $1500
= 196500
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Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
I would expect supply to play a more significant role in determining the price of a basic necessity.
Why would supply play a more significant role in determining the price of a basic necessity?
A basic necessity is a good that is needed by the population. For example, food is needed for survival. As a result, the demand for a basic necessity is usually inelastic. This means that the quantity demanded is not sensitive to price changes.
This means that supply would play a more significant role in determining the price of a basic necessity because of the inelasticity of demand for basic necessities.
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An organization's approach to reuse must be matched to its: objectives. strategic business goals. staffing. budget. business process.
It should be noted that an organization's approach to reuse must be matched to its strategic business goals.
What is strategic business goals?This are goals that is been set by the organization so that the organization can achieve their task.
Strategic goal can as well be regarded as long-term objective for a business,this is because it addresses long term challenge rather than a short-term tactic.
With theses strategies the business can improve the way it operates.
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Use the information in the table to decide which of the following statements is true. A. The payment amount changes each month. B. The amount applied to the principal is decreasing each month. C. The amount applied to the principal is increasing each month. D. The amount applied to interest is increasing each month.
Loan amortization schedule shows the summary regarding periodic loan payment. The given statment shows that the amount applied to the principal is increasing each month.
What is Loan Amortization Schedule?The loan amortization schedule is a schedule that shows the periodic loan payment of principal along with the interest after the end of each period.
The amount of payment for each month is same whereas the amount of principal and interest may vary.
The given schedule is a loan amortization schedule for three years. The principal amount in the 13th month is $325.82, 14th month is $328.19, 15th month is $330.57 and it keeps on increasing till the 19th month.
Therefore the correct statement is C.
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Answer: C The amount applied to the principal is increasing each month.
Explanation:
100% Edge
When people from the United States travel to countries in Europe, they might check to see how the U.S. dollar compares to the euro. In doing so, they are checking ______.
People often travel a lot. In doing the above, they are checking the currency exchange rate.
What is the currency exchange rate?An exchange rate is known to be the value of a country's currency versus. that of any other country or economic zone.
A lot of exchange rates are said to be free-floating and will sometimes rise or fall due to supply and demand in the market.
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Which of the following describes the
situation in which a business cannot sell all of
the products it has produced?
A. consumer surplus
B. producer surplus
D. profit surplus
C. demand surplus
Answer:
consumer surplussurplussurplus
Explanation:
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True or false: A company may use LIFO or weighted average for financial reporting even if its goods flow physically on a FIFO basis.
It is true to the claim that a company may use LIFO or weighted average for financial reporting even the needed goods flow physically via FIFO means.
What are LIFO and Weighted Average?The weighted average approach, which is primarily used to allocate the average cost of production to a certain product, is most usually used when inventory items are so interconnected that assigning a precise cost to an individual unit becomes problematic.
The first-in, first-out (FIFO) approach depends on a cost flow assumption that eliminates expenses from the inventory account.
The Last in, first-out (LIFO) accounting presupposes that the most recently purchased products are the first to be sold.
However, it is true to the claim that a company may use LIFO or weighted average for financial reporting even the needed goods flow physically via FIFO means.
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The production possibilities frontier will shift outward Part 8 A. if resources are not used in production. B. . C. if resources are used to produce consumption goods. D. . E. if production occurs outside the production possibilities frontier.
The production possibilities frontier will shift outward if resources are used to produce capital goods.
What makes the production possibilities curve to shift outward?The Outward or inward shifts in the PPF is known to be influenced by a lot of changes in the full amount of the needed production factors. It can also be due to advancements in technology.
When the total amount of production factors like labor or capital is known to go up, then the economy is said to be able to make more goods at any point.
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Dr. Gonzales is concerned that including income, education, and occupational status, but not wealth, into a measure of socioeconomic status is problematic. Which type of validity is Dr. Gonzales concerned with?
The type of validity is Dr. Gonzales concerned wit is known as Content validity.
What is Content validity?Content validity is known to be one that is interested in coverage, or how well a specific element is taking all the different meanings of a single idea.
A multidimensional concept is one that is based on a key challenge to valid measurement..
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Jeff drives his car and travels 60 km east, then comes
back and travels 30 km west all in 2 hours. Find the –
´ Total
distance covered,
´ Average
speed,
´ Total
displacement, and
´ Average
Velocity
wrong or nonsense = report
Answer:
Average speed
Explanation:
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The _ leader is never able to completely turn loose of the decision making authority of the management position.
It should be noted that Consultative leader is never able to completely turn loose of the decision making authority of the management position.
What is Consultative leadership?Consultative leadership can be regarded as a leadership style which focus on team building as well as making skills of others in making decisions.
Therefore, with Consultative leadership, decision can be made.
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Which statistical function will be most helpful to a cost accountant trying to determine the best cost driver for an activity?.
The statistical function that will help to determine the best cost driver for an activity is called Activity Cost Driver.
What is an Activity Cost Driver?This is an accounting term. It describes the factor which increases or decreases the cost of specific business activity such as labor, maintenance, and other variable costs.
Examples of Activity Cost Drivers are:
Machine setupspower consumedquality inspectionsproduction orders etc.See the link below for more about Activity Cost Driver:
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Describe your most recent customer service experience in detail and what skills do you think could be applied to this position?.
A recent customer service experience could be described as one in which the representative served a meal with a smile on his/her face. Skills that could be applied to this position are patience, kindness, and empathy.
What is Customer Service?Customer service refers to the measures that are employed in delivering optimum service to customers.
The quality of service rendered will determine if the customer will want to patronize the business again. Effective communication and empathy are some skills required for this role.
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1.4 Why is Canada considered to have a branch-plant economy?
Answer:
Manufacturing companies set up branch plants to serve the Canadian market, thereby avoiding high freight costs and import duties.
Explanation:
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How does the existence of substitutes for a product affect the product’s price elasticity of demand?.
The existence of substitutes for a product makes the elasticity of demand more elastic.
What are substitutes?
Substitute goods are goods that can be used in place of another good. If the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
What is elastic demand?Demand is elastic if the quantity demanded is highly sensitive to price changes. The coefficient of elasticity is usually greater than one.
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