Which One of the Following Statements Is Correct

question 105

Multiple Choice

Which one of the following statements is correct?

• A)Relative scarcity is no longer a central notion in economics because we are in an age of abundance.
• B)Most production possibilities curves are convex as viewed from the origin.
• C)The production possibilities curve shows society's preferences for consumer goods relative to capital goods.
• D)The central concept underlying the production possibilities curve is that of limited resources.

Recognize the financial measures used to gauge a manager's performance in a profit center.

Distinguish between direct and indirect expenses and their impact on departmental performance.

Understand the concept of operating income, both before and after support department allocations.

Identify how support department allocations impact a division's financial performance.

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Definitions:

Cannon-Bard Theory

A theory of emotion that proposes that emotions and bodily changes occur simultaneously following a stimulus, rather than one causing the other.

Two-factor Theory

A theory proposing that emotional experiences arise from a combination of bodily reactions and the cognitive labeling of the reason for the physical reaction.

Cognitive Labeling

The process of identifying and naming emotions and feelings, which can influence how they are experienced and managed.

James-Lange Theory

A theory of emotion suggesting that emotions are experienced as a result of physiological reactions to events.