Suppose that a worker in boatland can produce either 5 units of wheat or 25 units of fish per year, and a worker in farmland can produce either 25 units of wheat or 5 units of fish per year. there are 10 workers in each country. political pressure from the fish lobby in farmland and from the wheat lobby in boatland has prevented trade between the two countries on the grounds that cheap imports would kill the fish industry in farmland and the wheat industry in boatland. as a result, boatland produces and consumes 25 units of wheat and 125 units of fish per year while farmland produces and consumes 125 units of wheat and 25 units of fish per year. if the political pressures were overcome and trade was to occur, each country would completely specialize in the product in which it has a comparative advantage. if trade were to occur, the combined output of the two countries would increase by

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Consider derek's budget information: materials to be used totals $64,750; direct labor totals $198,400; factory overhead totals $394,800; work in process inventory january 1, $189,100; and work in progress inventory on december 31, $197,600. what is the budgeted cost of goods manufactured for the year? a. $1,044,650 b. $649,450 c. $657,950 d. $197,600

Which of the following would classify as a general education requirement