Table 2-5 Table 2-5 Shows the Number of Labor Hours

question 5

Multiple Choice

Table 2-5
Table 2-5 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-Refer to Table 2-5.Does either Estonia or Finland have an absolute advantage and if so,in what product?

• A)Finland has an absolute advantage in lumber.
• B)Estonia has an absolute advantage in lumber.
• C)Finland has an absolute advantage in both products.
• D)Estonia has an absolute advantage in cell phones.

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Definitions:

Selling Expenses

Costs directly associated with the marketing and selling of products or services.

Bank Reconciliation

The process of comparing and adjusting the balance shown in an organization's bank statement, with the balance shown in its own financial records.

Deposits In Transit

Funds that have been deposited in a bank account but not yet recorded by the bank in the account balance, often due to timing differences.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn against, leading to a "non-sufficient funds" status.