Which of the following BEST describes the term "economic system"?
A. A nation's system for allocating resources among its citizens
B. The value of all of the products a nation exports minus the economic value of its imported products
C. The total value of all goods and services produced by a national economy within a given period
D. A nation's policy to smooth out fluctuations in output and unemployment and to stabilize prices
E. The system for controlling the size of the nation's money supply
Ans: A. A nation's system for allocating resources among its citizens
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Product costs are:
A. treated in the same manner as period costs. B. expensed when incurred. C. treated in the same manner as advertising costs. D. subtracted from cost of goods sold. E. inventoried.
Scrum does not use any of the conventional project management tools like Gantt charts or network diagrams.
Answer the following statement true (T) or false (F)
Which of the following measures by a government constitutes a subsidy?
a. Making loans at more than the prevailing commercial interest rates b. Not collecting taxes otherwise due c. Purchasing goods from firms at a lower price than what would be paid in the marketplace d. All of the above
A staff assistant at Warrington Corporation recently determined that the first five units completed in a new manufacturing process took 500 hours to complete, or an average of 100 hours per unit. The assistant also found that when the cumulative output produced doubles, the average labor time declines by 20%. On the basis of this information, how many total hours would Warrington use if it produces a cumulative amount of 40 units?
A. 2,048. B. 160. C. 128. D. 1,280. E. None of the answers is correct.