The Alex Company,a consulting firm,recorded the following selected business transactions during May,2011.Indicate whether each transaction would increase,decrease,or have no effect on the total assets of the company. 1. Issued capital stock in exchange for cash contributed by owners 2. Paid cash on accounts payable to a supplier. 3. Loaned money to an employee 4. Borrowed money from the bank on a promissory note payable 5. Collected cash on accounts receivable 6. Purchased a building by using cash and signing a mortgage payable 7. Purchased office supplies on credit 8. Purchased office supplies for cashIncrease 1No effect 8Increase 7Decrease 2No effect 5Increase 4No effect 3Increase 6
Calculate opportunity costs and identify comparative advantages from given data.
Understand the conditions under which countries can benefit from trade.
Interpret economic data tables to assess the outcomes of different trade scenarios.
Explain the economic rationale behind exporting and importing goods.
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