Suppose That a Worker in Radioland Can Produce Either 4

question 81

Multiple Choice

Suppose that a worker in Radioland can produce either 4 radios or 1 television per year,and a worker in Teeveeland can produce either 2 radios or 4 televisions per year.Each nation has 100 workers.Also suppose that each country completely specializes in producing the good for which it has a comparative advantage.If Radioland trades 100 radios to Teeveeland in exchange for 100 televisions each year,what is each country's maximum consumption of new radios and televisions per year

• A)300 televisions and 100 radios in Radioland, and 300 radios and 100 televisions in Teeveeland
• B)300 televisions and 100 radios in Teeveeland, and 300 radios and 100 televisions in Radioland
• C)100 televisions and 200 radios in Radioland, and 100 radios and 200 televisions in Teeveeland
• D)400 televisions and 100 radios in Teeveeland, and 400 radios and 100 televisions in Radioland

Identify the key factors that motivate individuals to start their own business.

Distinguish between managerial knowledge and entrepreneurial spirit.

Evaluate the role of research in starting a business in a new country.

Comprehend the significance of having a vision for long-term opportunities when immigrating for business purposes.

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Definitions:

Master Budget

A comprehensive financial planning document that includes all of the subsidiary budgets within an organization, projecting its financial activities for the period.

Raw Materials Production Needs

The quantity and type of raw materials required to meet production schedules for finished goods.

Finished Goods

Products that have completed the manufacturing process but have not yet been sold or distributed to the end consumer.

Raw Materials Cost

The expense associated with the raw materials consumed in producing a finished product.