All of the following statements regarding comparative advantage are true EXCEPT which?
What will be an ideal response?
Answer: Many island economies consider that tourism has a comparative advantage because of their currency exchange rate
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Avoid _________________ acronyms, especially if your readers are unlikely to be very familiar with them
a. corporate b. overusing c. scientific d. familiar
Mary contracts to sell Rachel her violin for $10,000, based on an appraisal of the instrument. Their contract provides that even if the appraisal is later found to be mistaken, the sale price will not be altered. One month after the sale, Rachel learns that the violin is only worth $5000. Which of the following is true: A) Because the contract specified what would happen in the case of a mistake,
the sale price will not be altered. B) Mary must refund Rachel $5000, because the appraisal was mistaken. C) The contract is unenforceable, because the appraisal was mistaken. D)The contract is void, because the sale is fraudulent.
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$90 Units in beginning inventory 0Units produced 3,400Units sold 3,000Units in ending inventory 400 Variable costs per unit: Direct materials$21Direct labor$38Variable manufacturing overhead$6Variable selling and administrative expense$4Fixed costs: Fixed manufacturing overhead$54,400Fixed selling and administrative expense$3,000 What is the unit product cost for the month under absorption costing?
A. $85 per unit B. $69 per unit C. $81 per unit D. $65 per unit
ABC Corp. received a 3-month, 8% per year, $1,500 note receivable on December 1. The adjusting entry on December 31 will include a:
A. debit to Interest Receivable of $10. B. credit to Interest Revenue of $30. C. credit to Interest Receivable of $20. D. debit to Interest Revenue of $10.