According to the Following Table,if the US Trades 9 Bushels

question 51

Multiple Choice

According to the following table,if the US trades 9 bushels of wheat to the UK for 9 yards of cloth,the US gains from trade will equal: $\begin{array}{|l|c|c|}\hline &\text { U.S. }&\text { U.K.} \\\hline \text {Wheat (bushels/hr) }& 9 & 3 \\\hline\text { Cloth (yards/hr) }& 5 & 4 \\\hline\end{array}$

• A)4 bushels of wheat
• B)3 yards of cloth
• C)4 yards of cloth
• D)5 bushels of wheat

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Definitions:

Joint Product

A product that is produced simultaneously with one or more other products in a single production process, where the costs of production cannot be individually attributed to each product.

Relative Sales Value Method

A method used to allocate joint costs based on the relative sales values of different products produced from the same process.

Unit Fixed Costs

Costs that remain constant for a product regardless of how many units are produced or sold.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.