Suppose That a Worker in Country a Can Make Either

question 33

Multiple Choice

Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year.Country A has 100 workers.Suppose a worker in Country B can make either 2 iPods or 10 tablets each year.Country B has 200 workers.Suppose Country B's population of workers increased to 600.Now we can say:

• A)Country B now possesses the absolute advantage in the production of both goods.
• B)Country B now possesses the absolute advantage in tablets only.
• C)Country B now has the comparative advantage in iPod production.
• D)Country B has no need to trade now.

Understand and apply the concept of trade discounts and their effects on merchandise costs.

Calculate and understand the effects of sales discounts, returns, and allowances on gross profit.

Recognize the importance of the cost of merchandise sold and its calculation under perpetual and periodic systems.

Understand the preparation and components of a multiple-step income statement for a merchandising company.

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Definitions:

Digital Technology

Refers to electronic tools, systems, devices, and resources that generate, store, or process data.

Self-regulation

The process by which individuals or organizations monitor and control their own behavior, actions, and standards.

Fairly

In a manner that is just, equitable, and in accordance with accepted standards of behavior or treatment.

Geek Squad

A service provider specializing in tech support and technology solutions for individuals and businesses, often associated with Best Buy.