Table 3-7 Assume That Japan and Korea Can Switch Between Producing Cars

question 73

Multiple Choice

Table 3-7
Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate.

-Refer to Table 3-7.Without trade,Japan produced and consumed 50 cars and 6 airplanes and Korea produced and consumed 27 cars and 7 airplanes.Then,each country agreed to specialize in the production of the good in which it has a comparative advantage and trade 28 cars for 8 airplanes.As a result,Japan gained

• A) 0 cars and 2 airplanes and Korea gained 1 car and 1 airplane.
• B) 2 cars and 2 airplanes and Korea gained 1 car and 1 airplane.
• C) 28 cars and 8 airplanes and Korea gained 28 cars and 8 airplanes.
• D) 52 cars and 8 airplanes and Korea gained 28 cars and 8 airplanes.

Grasp the legal responsibilities and rights of both agents and principals within an agency relationship.

Distinguish between employees and independent contractors in the context of agency law.

Understand the significance of an agent’s authority and the effects of actions within and beyond this scope.

Learn about the duties of loyalty, notification, obedience, and performance in agency relationships.

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Form 941 Taxes

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The maximum amount of earnings on which an employer is required to pay State Unemployment Tax Act taxes.