The Main Idea of Fairness Is Based on Which of the Following

question 60

Multiple Choice

The main idea of fairness is based on which of the following rules? a.The state must enforce laws that establish and protect private property.
B.Goods and services that produce externalities must be owned by the state,monopolies must be eliminated,and common resources must follow the rules of the competitive market.
C.The state must enforce tax laws so that after taxes are paid and benefits are received,the gap between rich and poor is as small as possible.
D.Private property may be transferred from one person to another only by voluntary exchange.

• A)Rules a and d
• B)Rules b and d
• C)Rules b and c
• D)Rules a and c
• E)The main idea of fairness is not based on any of these rules.

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Definitions:

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government, including balance sheets, income statements, and cash flow statements.

Units

Basic quantities or measurements, often expressed as part of a system of counting or measuring that is used to quantify material or immaterial objects.

Period Costs

Costs that are expensed in the period in which they are incurred, as opposed to being capitalized or allocated to the cost of goods sold.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and regulators, outlining revenue, expenses, assets, and liabilities.