Which of the Following Statements Is False

question 7

Multiple Choice

Which of the following statements is false?

• A)There is an opportunity cost associated with any choice made.
• B)If there is a budget constraint, there will be scarcity.
• C)A person without a budget constraint does not face opportunity costs.
• D)Opportunity costs occur because of scarce resources.
• E)Because of scarcity, choices have to be made.

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Definitions:

December 31

The last day of the year, commonly used as a cutoff date for accounting and financial reporting purposes.

Reported

Refers to the provision of formal statements or accounts of financial activities or conditions.

Net Income

Net income refers to the total profit of a company after all expenses, taxes, and deductions have been subtracted from total revenue.

Accounts

Financial records that track the transactions and balances of specific assets, liabilities, revenues, or expenses.