TRUE/FALSE

When a country allows free trade of a good, if the world price is higher than the domestic price

TRUE/FALSE

If a country’s domestic price of a good is lower than the world price, then that country has a comparative advantage in producing that good.

TRUE/FALSE

When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off

TRUE/FALSE.

If a small country imposes a tariff on an imported good, domestic sellers will gain producer surplus, the government will gain tariff revenue, and domestic consumers will gain consumer surplus.

Suppose there are two firms, Boors and Cudweiser, each selling identical-tasting nonalcoholic beer. Consumers of this beer have no brand loyalty so market demand can be expressed as P= 5−.001(QB+ QC). Boors’ marginal revenue function can be written MR= 5−.001(2QB+ QC)and symmetrically for Cudweiser. Boors operates with out-of-date technology and has constant cost of $2 per unit , whereas Cudweiser has constant cost of $1 per unit. How many “units” of beer will Cudweiser produce in the Nash equilibrium?

Shower Power, Inc., a firm in monopolistic competition, produces shower radios. The company's economists know that it can sell no radios at $80, and for each $10 cut in price, the quantity of radios it can sell increases by 50 a day. This relationship continues to hold until the price falls to $20. The firm's total fixed cost is $3,000 a day. Its marginal cost is constant at $20 per radio.

a)Draw the demand curve faced by the firm and its marginal revenue curve. Also, draw ShowerPower's marginal cost and average total cost curves.

Please explain

At the end of its first year of business, Fred Company reported $120,000 of unearned subscription revenues. This unearned revenue was Fred’s only temporary difference. In its second year of business, Fred reported pretax financial income of $200,000. At the end of Fred’s second year, the unearned subscription revenues account decreased to $90,000 and Fred estimates it will reverse in year 3. The enacted tax rate for every year is 20%. Prepare the journal entry to record Fred’s income tax expense, deferred taxes, and income taxes payable for its second year.

Jet Company's summarized financial statement information for the beginning of the year is as follows:

Marketable Securities $50,000

All Other Assets $150,000

Total Liabilities $80,000

Total Stockholders' Equity $120,000

During the year, Jet had Revenue of $77,000, Expenses of $46,000 and paid cash dividends of $7,000. Marketable Securities increased in value by 16% , liabilities remained unchanged for the year and Jet had 15,000 shares outstanding all year. Calculate the information that Jet would report on its financial statements at the end of the year.

TOTAL ASSETS =

TOTAL EQUITY =

Record the below transactions including adjustments as + and - entries under the below accounting equation sheet.

Edit question Record the below transactions including adjustments as + and - entries under the below accounting equation sheet.