Use the Following Information for Questions

question 39

Multiple Choice

Use the following information for questions. On April 1, Harmonica Corp.consigned 50 handcrafted benches to Organ Co.Harmonica's cost was $350 per bench.Total freight costs were $700, which were paid by Organ.On August 1, Harmonica received a cheque for $14,100 from Organ which included the following information: Revenue Recognition 6 - 21
-Flute Construction Corp.has consistently used the percentage-of-completion method. During 2014, Flute entered into a fixed-price contract to construct an office building for $6,000,000.Information relating to the contract is as follows: Under the earnings approach, contract costs incurred during 2015 were

• A)$1,440,000.
• B)$1,485,000.
• C)$1,575,000.
• D)$2,160,000.

Analyze the shortsightedness effect and its impact on political decision-making and economic policy.

Explain the dynamics of representative democracy and its potential to lead to inefficient government programs due to the distribution of costs and benefits.

Understand the lack of incentives for operational efficiency in the public sector and the factors contributing to it.

Recognize the predictable side effects of increased government activity, such as rent-seeking behavior.

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Definitions:

Conception

The moment when a sperm fertilizes an egg, leading to the beginning of pregnancy.

Testicular

Related to the testes, the male reproductive glands that produce sperm and testosterone.

Uterus

A female reproductive organ in mammals, including humans, where offspring are conceived and in which they gestate before birth.

Genetic Defect

A hereditary condition resulting from an abnormality in an individual's DNA.