Refer to the Following Table When Answering the Following Questions

question 61

Multiple Choice

Refer to the following table when answering the following questions.
Table 19.1: East and West Fish and Chip Production
-Consider Table 19.1. In the West, with autarky, total fish production is ________ kilos and per person fish consumption is ________ kilos, assuming people spend half their incomes on each good.

• A) 22,500; 75
• B) 10,000; 5,000
• C) 10,000; 100
• D) 5,000; 2,250
• E) Not enough information is given.

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Definitions:

Historic Rate

The exchange rate used to convert foreign currency transactions to the reporting currency at the date of the transaction, for accounting purposes.

Income Statement Items

Elements found in the income statement, including revenues, expenses, gains, and losses, which together determine the net income of a company.

Average Rate

The mean amount at which something can be bought or sold, calculated over a specified period or under certain conditions.

Functional Currency

The primary currency used by a business or unit in its financial statements, reflecting the main economic environment in which it operates.