A Simple Economy Consists of Two Industries: Agriculture and Manufacturing

question 160

Multiple Choice

A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.2 unit of agricultural products and 0.4 unit of manufactured goods. ​
Find the gross output of goods needed to satisfy a consumer demand for $100 million worth of agricultural products and $100 million worth of manufactured products. Round answers to two decimal places.
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• A) $275.31 million and $300.00 million worth of agricultural goods and manufactured products respectively
• B) $275.31 million and $323.99 million worth of agricultural goods and manufactured products respectively
• C) $266.67 million and $300.00 million worth of agricultural goods and manufactured products respectively
• D) $266.67 million and $323.99 million worth of agricultural goods and manufactured products respectively

Describe the processes involved in hemostasis.

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Outline the structure and function of different white blood cells.

Understand the physiological responses to infection and injury.

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Definitions:

Period Costs

Expenses that are not directly tied to production activities, typically including selling, general, and administrative expenses.

Income Statement

An Income Statement is a financial document that shows a company's revenues and expenses over a specific period, highlighting its profit or loss.

Expenses

The costs incurred in the process of earning revenue, categorized as operating or non-operating depending on their nature.

Product Costs

Costs that are incurred to acquire or manufacture a product and include direct materials, direct labor, and manufacturing overhead.