The Table Given Below Represents the Output Per Hour of Cookies

question 61

Multiple Choice

The table given below represents the output per hour of cookies and chilies in Ohio and Iowa.Table 2.4

-The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called:

• A)comparative advantage.
• B)a tradeoff.
• C)marginal cost.
• D)opportunity cost.
• E)gains from trade.

---

Definitions:

Journalize

The process of recording financial transactions in a company’s accounting records, or journal, in chronological order.

Units

A measurement of quantity, such as items, hours, or other measures, used in the organization or operation of businesses.

Direct Labor

The wages and benefits paid to employees who are directly involved in the production process of a company's products or services.

Factory Overhead

Any costs related to the production process that are not directly tied to the creation of the product, such as utilities, maintenance, and wages for non-production staff.