Goods That Can Be Produced Using Rare Productive Resources Have

question 78

Multiple Choice

Goods that can be produced using rare productive resources have a ________ elasticity of supply.The greater the amount of time available after a price change,the ________ is the elasticity of supply.

• A)low;smaller
• B)high;greater
• C)high;smaller
• D)low;greater
• E)high;more inelastic

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Definitions:

Internal Control

Internal control constitutes the procedures and mechanisms implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cash Disbursements Procedure

A systematic method followed by a business to process and document the outflow of cash for various expenditures.

Bank Error

Mistakes made by a bank in recording transactions in a customer's account, requiring correction to reflect the accurate balance.

Check Printing Charge

Fees incurred for the printing of checks, often charged by banks or printing companies.