"The equilibrium relative commodity price at which trade takes place is determined by the conditions of demand and supply for each commodity in both nations. Other things being equal, the nation with the more intense demand for the other nation's exported good will gain less from trade than the nation with the less intense demand." This statement was first proposed by
a. Alfred Marshall with offer curve analysis.
b. John Stuart Mill with the theory of reciprocal demand.
c. Adam Smith with the theory of absolute advantage.
d. David Ricardo with the theory of comparative advantage.
b. John Stuart Mill with the theory of reciprocal demand.
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Pomander Inc had the following information related to last year's sales: Cash sales $107,500 Credit sales 250,000 Accounts receivable - beginning 10,000 Accounts receivable - ending 14,000 What amount would be reported as "cash collections from customers" on the statement of cash flows using the direct method?
A) $254,000 B) $381,500 C) $111,500 D) $353,500
An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:
A. Customer orientation. B. Theory of constraints. C. Total quality management. D. Just-in-time manufacturing. E. Continuous improvement.
In high power distance cultures, there is a wider gap between the powerful and the powerless.
a. true b. false
Which of the following is the proper treatment for a contingency that is probable but the exact amount of which is not known? The amount can be estimated
A) The liability should be doubled following conservatism. B) The liability should be estimated and recorded. C) The liability should be ignored. D) The liability should be reported in the notes to the financial statements.