The republic of argonia, owing to its vast resources of arable land and freshwater, is an agrarian nation. it exports agricultural products and in turn imports products that it does not produce such as oil, machinery, computers, and electronic devices. the result is that it spends more on imports than it gains from exports. which of the following theories prohibits such international trade?

a. new trade theory
b. product life-cycle theory
c. mercantilism
d. heckscher-ohlin theory
e. theory of national competitive advantage

Hank itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. the following are required for production of a 70-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 77 pounds of granulated sugar at $0.43 per pound 133 lemons at $0.79 each 350 yeast tablets at $0.24 each 350 nutrient tablets at $0.14 each 2,500 ounces of water at $0.001 per ounce hank estimates that 4% of the grape concentrate is wasted, 9% of the sugar is lost, and 32% of the lemons cannot be used. compute the standard cost of the ingredients for one gallon of wine. (round intermediate calculations and final answer to 2 decimal places, e.g.