A Factor of Production That Cannot Be Used Outside of a Particular

question 7

Multiple Choice

A factor of production that cannot be used outside of a particular sector of an economy is a(an)

• A) variable factor.
• B) export-competing factor.
• C) mobile factor.
• D) import-competing factor.
• E) specific factor.

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Definitions:

Depreciation Method

An accounting technique used to allocate the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.

Adjusting Journal Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accumulated Depreciation

The aggregate depreciation cost that has been accounted for a particular asset since its first operational use.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life for accounting purposes, reflecting wear and tear.