Use the Table Below to Answer the Following Questions

question 60

Multiple Choice

Use the table below to answer the following questions.
Table 2.1.1
The following table gives points on the production possibilities frontier for goods X and Y.
-Refer to Table 2.1.1.As the production of X increases,

• A)the production of Y increases.
• B)the amount of X produced increases at an increasing rate.
• C)unemployment increases.
• D)the opportunity cost of each additional unit of X produced increases.
• E)the opportunity cost of each additional unit of X produced decreases.

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Definitions:

Sales Return

Transactions that involve the returning of sold goods by customers, resulting in a reduction of revenue.

Credits

Credits are accounting entries that increase liabilities or equity accounts, or decrease asset or expense accounts.

Sales Returns And Allowances

Purchase returns and allowances from the seller’s perspective. See Purchase return and Purchase allowance, above.

Multiple-Step Income Statement

An income statement that shows several steps in determining net income.