Which of the Following Is True When an Economy Is

question 73

Multiple Choice

Which of the following is true when an economy is producing efficiently?

• A)The economy is producing on the production possibilities curve.
• B)The economy is producing outside the production possibilities curve.
• C)The economy is getting the fewest goods and services from the available resources.
• D)Everyone in the economy is happy.

---

Definitions:

Notes Receivable

Formal promises in writing that obligate the signer to pay the holder a specified sum of money either on demand or at a future date.

Accounts Receivable

Funds that customers owe to a business for products or services that have been provided but remain unpaid.

Journal Entry

A written record in accounting that documents a business transaction in the ledger.

Net Realizable Value

The estimated selling price of goods minus the cost of their sale or completion.