Use the Following to Answer Questions 34-35

question 48

Multiple Choice

Use the following to answer questions 34-35:
Figure 15.8
-(Figure 15.8) Suppose the food industry is using 3 capital inputs and 5 labor inputs, while the clothing industry is using 2 capital inputs and 3 labor inputs. The economy's output of food is _____ units and the output of clothing is _____ units.

• A) greater than 100; less than 40
• B) greater than 100; greater than 40
• C) less than 100; greater than 40
• D) less than 100; less than 40

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Definitions:

Credit Balances

Situations in financial accounting where a customer has paid more than the total amount due for goods or services, resulting in a surplus in their account.

Professional Courtesy Discount

A discount offered by professionals to their peers, employees, or other selected individuals as a form of respect or acknowledgement.

Discounts

Discounts are reductions from the usual cost of goods or services, often used as an incentive for purchase.

Double-Entry Bookkeeping

An accounting method where every entry to an account requires a corresponding and opposite entry to a different account, ensuring the accounting equation balances.