The Existence of Increasing Opportunity Cost

question 74

Multiple Choice

The existence of increasing opportunity cost

• A)explains why specialization is frequently useful.
• B)explains why resources are scarce.
• C)explains the bowed-out shape of the production possibilities frontier.
• D)follows from the existence of property rights.
• E)explains why some societies produce inside their production possibilities frontier.

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Definitions:

Year-End

The end of a fiscal year or calendar year, a significant reporting and assessment time for businesses and individuals for accounting and tax purposes.

Dishonored Note

A promissory note that has not been paid by the maker at maturity, resulting in a default.

Collection Efforts

Activities undertaken by a business or organization to pursue and receive payments owed by customers or clients.

Reversing Entries

Journal entries usually made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period.