What Type of Statement Is "When the Price of Tuition

question 134

Multiple Choice

What type of statement is "When the price of tuition goes up, fewer people will attend post-secondary institutions"?

• A) a positive economic statement
• B) an educated statement
• C) a normative economic statement
• D) a welfare statement

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Definitions:

Financial Statements

Formal records that outline the financial activities and condition of a business, including balance sheets, income statements, and cash flow statements.

Adjusted Trial Balance

A list of all account titles and balances after adjustments are made, used to verify the equality of debits and credits and prepare financial statements.

Consistency

An accounting principle that requires accounting methods to be applied in a similar manner from period to period.

Accounting Principles

The rules and guidelines that companies must follow when reporting financial data, ensuring consistency, reliability, and comparability of financial statements.