The Table Below Shows Hypothetical Data for Volumes of E-

question 68

Multiple Choice

The table below shows hypothetical data for volumes of e- books and hardcover books sold over a 3- year period in a particular city. $$\begin{array} { | c | c | c | } \hline & \text { E- books } & \text { H ardcover Books } \\\hline \text { Year 1 } & 23000 & 72000 \\\hline \text { Year 2 } & 52000 & 59000 \\\hline \text { Year 3 } & 106000 & 31000 \\\hline\end{array}$$ TABLE 2- 3
-Which is the best description of positive statements? Positive statements

• A)form the basis of all normative arguments.
• B)have been verified by appeal to factual evidence.
• C)have no place in economics because economics deals only with value judgments.
• D)are falsifiable in principle by appeal to factual evidence.
• E)are seldom employed in social sciences like economics.

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Definitions:

General Ledger

A comprehensive set of accounts that provides a complete record of all financial transactions of a business, used to prepare financial statements.

Trial Balance

A report listing all accounts and their balances at a specific time, verifying that total debits equal total credits.

Journal Entry

A record of a business transaction in an accounting ledger that includes the accounts and amounts to be debited and credited.