The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,378,600
Gross profit 372,200
Indirect labor 124,100
Indirect materials 51,000
Other factory overhead 23,400
Materials purchased 703,100
Total manufacturing costs for the period 1,522,000
Materials inventory, end of period 51,000

Using the above information, determine the following amounts:

a. Cost of goods sold$
b. Direct materials cost $
c. Direct labor cost $

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

1) u.s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u.s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.