An Increase in the Accounts Payable Account Results in a Outflow

question 121

True/False

An increase in the accounts payable account results in a outflow of cash.

Understand the historical context and evolution of economic thoughts from classical economics to modern theories.

Recognize the contribution of significant economists to economic theory and policy.

Analyze the effectiveness of various economic policies in different economic conditions.

Appreciate the relevance of global economic integration and international capital flows on national economic policies.

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Definitions:

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs to inputs in a given time period.

Production Possibilities

A graph or curve depicting the maximum output combinations of two goods that can be produced with available resources and technology.

Circular-Flow Diagram

A diagram that represents the transactions in an economy by two kinds of flows around a circle: flows of physical things such as goods or labor in one direction and flows of money to pay for these physical things in the opposite direction.

Output

In economics, output refers to the total amount of goods or services produced by a firm or country.