Homework Answers
Aunty Sandy's Jammin Jellies ( the business): Entrepreneurs. Entrepreneurship brings the other factors of production - land, labor and capital - together.
Anika- a server at Sonic Drive-in : Labor. Labor is what people contribute to produce goods and services.
Your favourite bar tender : Labor as he or she contributes labor.
Ore. Land. Land and anything that comes from land. Natural resource, which is used to produce goods and services, is land.
Mauricio's Taco Truck (the idea): Entrepreneurs.
Lake Elsman: Land as it is a natural resource.
Rio Grande: Land as it is a natural resource.
Your coworkers : Labor as they contribute towards production of goods and services.
Mauricio's Taco Truck (the truck): Capital as this is used to produce goods and services.
Farmer Tanner's tractor: Capital since it helps produce crops.
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Classify each resource used in production as land, labor, capital, or entrepeneurs. Land Labor Capital Entrepreneurs...
Answer Bank Mauricio's Taco Truck (the idea) The Rio Grande Aunt Sandy's Jammin Jellies (the business)...
Answer Bank Mauricio's Taco Truck (the idea) The Rio Grande Aunt Sandy's Jammin Jellies (the business) ore your coworkersyour favorite bartenderFarmer Tanner's tractorMauricio's Taco Truck che truck iselLakeEan Anika, a server at Sonic Drive-In We were unable to transcribe this imageWe were unable to transcribe this image
Sort the resources used in production into the appropriate bin then answer the multiple choice question....
Sort the resources used in production into the appropriate bin then answer the multiple choice question. Land Labor Capital Entrepreneurial ability Your coworkers Your favorite bartender Cassidy's Taco Truck Lake (the truck itself) Farmer Cameron's tractor The Rio Grande Aunt Sandys Jammin Jelles Alexis, a server at (the business)Sonic Drive-In Which resource earns profits? O entrepreneurial ability O land O capital O labor
Sort the resources used in production into the appropriate bin then answer the multiple choice question....
Sort the resources used in production into the appropriate bin then answer the multiple choice question. Land Labor Capital Entrepreneurs Mark's Taco Truck (the truck itself) Lake Mead Your favorite bartender Ore Farmer Tanner's tractor The Rio Grande our the idea) (the business) Sonic Drive-In Which resource earns profits? O labor capital O entrepreneurs O land
Economists classify resources, or factors of production, into four general categories. Take a look at the...
Economists classify resources, or factors of production, into four general categories. Take a look at the statements about resources below. Determine whether each statement is true or false and drag the appropriate label into each box. rue 1. The resource category "land" refers to all natural resources including fertile land, forests, mineral deposits, solar and wind energy, and water. False 2. The resource category "labor" refers to the mental and physical productivity of workers. 3. The resource category capital" refers...
Assume that the aggregate production is given by the following: Y stands for output, K stands...
Assume that the aggregate production is given by the following: Y stands for output, K stands for the capital stock, N stands for the number of the people employed, L stands for the quantity of land used in production, and A stands for a measure of labour efficiency. a and B are parameters whose values are between 0 and 1 We were unable to transcribe this imaged) Suppose labour efficiency declines to A 1, what happens to the equilibrium levels...
In Home and Foreign, there are two factors each of production, land and labor, used to...
In Home and Foreign, there are two factors each of production, land and labor, used to produce only one good. The land supply in each country and the technology of production are exactly the same. The marginal product of labor in each country depends on employment as follows: Number of Workers Employed Marginal Product of Last Worker 1 20 2 19 3 18 4 17 5 16 6 15 7 14 8 13 9 12 10 11 11 10 Initially,...
The following information relates to Marshall Manufacturing's current accounting period: Raw materials used Direct labor wages...
The following information relates to Marshall Manufacturing's current accounting period: Raw materials used Direct labor wages Sales salaries and commissions Depreciation on production equipment Rent on manufacturing facilities Administrative supplies and utilities Sales revenue Units produced Units sold $ 16,000 32,000 24,000 2,900 3,900 4,000 95,000 3,000 3,000 Based on this information, what is the company's net income? (Do not round intermediate calculations.) Multiple Choice $14,900 $30,200 We were unable to transcribe this image
Chic Design allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the...
Chic Design allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 2,000 flower pots: 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Direct materials ............... . Purchased 27,900 pounds at a cost of $3.40 per pound; Used 27,400 pounds to produce 2,000 pots Direct labor Worked...
When the direct write-off method is used: Multiple Choice 0 the estimated amount of bad debts...
When the direct write-off method is used: Multiple Choice 0 the estimated amount of bad debts is debited to Bad Debt Expense. 0 the estimated amount of bad debts is debited to Allowance for Doubtful Accounts the estimated amount of bad debts is debited to which account Accounts Receivable. 0 bad debts are not estimated 0 A company bought land and a building for $128,000. The building has a useful life of 20 years. Why should the company split the...
Check my work Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes...
Check my work Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes production activities of Mercer Manufacturing for the year Ketual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51.000 Budgeted standards for each unit produced are 0.50 pound of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AH - Actual Hours SH...
Answer Bank Mauricio's Taco Truck (the idea) The Rio Grande Aunt Sandy's Jammin Jellies (the business) ore your coworkersyour favorite bartenderFarmer Tanner's tractorMauricio's Taco Truck che truck iselLakeEan Anika, a server at Sonic Drive-In We were unable to transcribe this imageWe were unable to transcribe this image
Sort the resources used in production into the appropriate bin then answer the multiple choice question. Land Labor Capital Entrepreneurial ability Your coworkers Your favorite bartender Cassidy's Taco Truck Lake (the truck itself) Farmer Cameron's tractor The Rio Grande Aunt Sandys Jammin Jelles Alexis, a server at (the business)Sonic Drive-In Which resource earns profits? O entrepreneurial ability O land O capital O labor
Sort the resources used in production into the appropriate bin then answer the multiple choice question. Land Labor Capital Entrepreneurs Mark's Taco Truck (the truck itself) Lake Mead Your favorite bartender Ore Farmer Tanner's tractor The Rio Grande our the idea) (the business) Sonic Drive-In Which resource earns profits? O labor capital O entrepreneurs O land
Economists classify resources, or factors of production, into four general categories. Take a look at the statements about resources below. Determine whether each statement is true or false and drag the appropriate label into each box. rue 1. The resource category "land" refers to all natural resources including fertile land, forests, mineral deposits, solar and wind energy, and water. False 2. The resource category "labor" refers to the mental and physical productivity of workers. 3. The resource category capital" refers...
Assume that the aggregate production is given by the following: Y stands for output, K stands for the capital stock, N stands for the number of the people employed, L stands for the quantity of land used in production, and A stands for a measure of labour efficiency. a and B are parameters whose values are between 0 and 1 We were unable to transcribe this imaged) Suppose labour efficiency declines to A 1, what happens to the equilibrium levels...
The following information relates to Marshall Manufacturing's current accounting period: Raw materials used Direct labor wages Sales salaries and commissions Depreciation on production equipment Rent on manufacturing facilities Administrative supplies and utilities Sales revenue Units produced Units sold $ 16,000 32,000 24,000 2,900 3,900 4,000 95,000 3,000 3,000 Based on this information, what is the company's net income? (Do not round intermediate calculations.) Multiple Choice $14,900 $30,200 We were unable to transcribe this image
Chic Design allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 2,000 flower pots: 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Direct materials ............... . Purchased 27,900 pounds at a cost of $3.40 per pound; Used 27,400 pounds to produce 2,000 pots Direct labor Worked...
When the direct write-off method is used: Multiple Choice 0 the estimated amount of bad debts is debited to Bad Debt Expense. 0 the estimated amount of bad debts is debited to Allowance for Doubtful Accounts the estimated amount of bad debts is debited to which account Accounts Receivable. 0 bad debts are not estimated 0 A company bought land and a building for $128,000. The building has a useful life of 20 years. Why should the company split the...
Check my work Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes production activities of Mercer Manufacturing for the year Ketual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51.000 Budgeted standards for each unit produced are 0.50 pound of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AH - Actual Hours SH...
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