Use the Following to Answer Questions

question 102

Multiple Choice

Use the following to answer questions:
-(Figure: The Production Possibility Frontiers for Jackson and Tahoe) Use Figure: The Production Possibility Frontiers for Jackson and Tahoe.In autarky,Jackson produces and consumes 30 head of cattle and 80 kilograms of wheat,while Tahoe produces and consumes 80 head of cattle and 60 kilograms of wheat.If both nations specialize completely in the good of their comparative advantage and Jackson exports 120 kilograms of wheat to Tahoe in exchange for 60 head of cattle,then the new consumption point for Jackson after trade is _____ kilograms of wheat and _____ head of cattle.

• A) 120;30
• B) 120;60
• C) 80;60
• D) 200;100

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Definitions:

Journal

A chronological record of all financial transactions, used to transfer information to the general ledger in the accounting process.

Journal Entries

Records of financial transactions in the accounting system, ensuring that the debit and credit balance.

Debit

A financial record that leads to a rise in assets or a reduction in liabilities on the balance sheet of a company.

Credit Accounts

Accounts within financial accounting that are increased with a credit entry, carrying a balance that could be beneficial (revenue, gains) or detrimental (liabilities, expenses).