The Production Possibilities Curve Has

question 138

Multiple Choice

The production possibilities curve has:

• A)a positive slope which increases as we move along it from left to right.
• B)a negative slope which increases as we move along it from left to right.
• C)a negative slope which decreases as we move along it from left to right.
• D)a negative slope which is constant as we move along it from left to right.

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Definitions:

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Net Realizable Value

The estimated selling price of inventory in the ordinary course of business minus any costs for completion, disposal, and transportation.

Bad Debt Expense

A financial accounting concept representing the amount of revenue considered uncollectible from customers or clients.

Percent Of Sales Method

A financial forecasting model that estimates future financial statements based on assumed sales growth and historical financial ratios.