-Jordan Has Two Goods That He Consumes This Week

question 101

Multiple Choice

-Jordan has two goods that he consumes this week. He can choose to go to the arcade and play video games or he can purchase baseball cards. The price of each video game is $.50 and each pack of baseball cards is $1. Jordan will spend all his allowance this week on these two goods. Jordan's consumption possibilities are listed in the table above. For Jordan, what is the opportunity cost of moving from consumption possibility D to E?

• A) one set of baseball cards
• B) three sets of baseball cards
• C) four video games
• D) two video games

Understand the effect of government policies on consumption based on price elasticity.

Interpret graphical representations of demand to determine elasticity.

Determine the effects of price changes on quantity demanded.

Understand the basic concepts and effects of hypnosis, including its real and demonstrable effects.

---

Definitions:

Income Summary

An account used in the closing process that summarizes revenues and expenses to determine the net income or loss for a period.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left-hand side.

Utilities Expense

Utilities Expense refers to the cost incurred from the consumption of utilities services like electricity, water, and gas in the course of business operations.

Post-Closing Trial Balance

A list of all accounts and their balances after closing entries are made, verifying the equality of debits and credits.