-The Above Figure Shows the Supply and Demand Curves for Rice

question 103

Multiple Choice

-The above figure shows the supply and demand curves for rice in the U.S.and in Japan.Assume there is no trade between the two countries.If bad weather causes the supply curves in each country to shift leftward by the same amount,then

• A) the price will increase the same amount in both countries.
• B) the price will decrease the same amount in both countries.
• C) the price will increase more in Japan than in the U.S.
• D) the price will decrease more in Japan than in the U.S.

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Definitions:

Wage Payable

The amount of salary or wages that a company owes to its employees at the end of a financial period but has not yet paid.

Manufacturing Overhead

Indirect costs related to manufacturing that cannot be directly traced to specific products, such as factory rent, utilities, and equipment maintenance.

Overtime

Additional time worked beyond the standard working hours, usually compensated at a higher rate than regular hours.

Cost of Goods Manufactured

The total production cost of goods that were completed during a specific accounting period, including materials, labor, and overhead.