A Typical Concave Production Possibilities Curve Implies

question 162

Multiple Choice

A typical concave production possibilities curve implies:

• A)that economic resources are scarce.
• B)that society must choose among various attainable combinations of goods.
• C)increasing opportunity costs.
• D)all of the above.

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Definitions:

Vouchers Payable

A liability account in the general ledger that represents the controlling account for the sum of individual vouchers.

Voucher Register

A special journal replacing the purchases journal; it records prenumbered vouchers at the time the liabilities are incurred.

Check Register

A special journal that replaces the cash payments journal in recording payments of vouchers.

Special Journal

A specialized accounting journal designed to facilitate the recording of specific types of transactions, such as sales or purchases, for increased efficiency and accuracy.