Which of the Following Statements Best Describes the Underlying Feature

question 54

Multiple Choice

Which of the following statements best describes the underlying feature in most economic problems?

• A)Governments should never interfere in the workings of a market economy.
• B)People have unlimited wants in the face of limited resources.
• C)People have limited wants in the face of limited resources.
• D)There are unlimited resources.
• E)Our country is rich; we just don't realize it.

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Definitions:

2/10, N/30

A payment term indicating that a buyer can take a 2% discount on the invoice amount if payment is made within 10 days; otherwise, the net amount is due in 30 days.

Sales Return

goods returned by the customers to the seller after the sale, reducing the gross sales figure.

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Net Sales

The revenue a company earns from sales after subtracting returns, allowances for damaged or missing products, and discounts.