Overfishing Along the Coastline of Helsking Village Led the Government

question 10

Multiple Choice

Overfishing along the coastline of Helsking village led the government to impose a fee on the boats used for fishing. The fishermen were charged $50 on each boat they sent out for fishing. The following table shows the total pounds of fish caught per hour and the number of boats used for fishing.Table 13.2

-One of the reasons that communism failed in the Soviet Union is that, under communism:

• A)no one had property rights, so there was little incentive to use resources efficiently.
• B)there were high rates of unemployment and homelessness accompanied by a high rate of inflation.
• C)planners did not have all the information necessary to make efficient decisions.
• D)there was a high degree of political freedom.
• E)there was a high degree of economic freedom.

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Definitions:

Process Costing System

A system of accounting used in manufacturing environments where products are mass-produced and costs are accumulated over a period, rather than per job.

Processing Department

A division within a factory where a specific stage of production is completed, often involving a particular set of processes or operations.

Conversion Costs

The total expenses of direct labor plus the manufacturing overhead required to transform raw materials into completed products.

Ending Inventory

The total value or quantity of goods in stock at the end of an accounting period, reflecting purchases, sales, and adjustments during the period.