If the Internal Px/Py Is Lower in Nation 1 Than

question 4

Multiple Choice

If the internal Px/Py is lower in nation 1 than in nation 2 without trade:

• A)nation 1 has a comparative advantage in commodity Y
• B)nation 2 has a comparative advantage in commodity X
• C)nation 2 has a comparative advantage in commodity Y
• D)none of the above

Construct and analyze sample spaces for various scenarios and calculate probabilities based on these spaces.

Apply the multiplication principle to calculate the total number of possible outcomes in a given scenario.

Calculate probabilities of specific outcomes or events happening in a given scenario.

Distinguish between dependent and independent events and calculate their probabilities accordingly.

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Definitions:

Direct Costs

Costs that can be directly traced to a specific cost object, such as a product, service, or department.

Indirect Costs

Costs that cannot be directly attributed to the production of goods or services, such as overhead and administrative expenses.

Departmental Net Income

The net income generated by a specific department within an organization, after accounting for direct and allocated expenses.

Expenses

Expenses are the costs incurred in the process of generating revenues, encompassing costs like rent, utilities, salaries, and supplies.