Scarcity Is Likely to Be

question 49

Multiple Choice

Scarcity is likely to be

• A)a problem that will always exist.
• B)a problem that will be solved by the proper use of available resources.
• C)eliminated with a better understanding of economics.
• D)a result of the work ethic.
• E)unique to the twentieth century.

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Definitions:

Job-Order Costing

A costing system that tracks costs individually for each job, suitable for manufacturing or service sectors that produce unique products or services.

Unadjusted Cost of Goods Sold

The total cost attributed to products that have been sold over a period, without any adjustments for inventory changes or other factors.

Journal Entry

A record in accounting that represents every individual transaction made by a company, documented in the chronological order.

Operations

The fundamental activities undertaken by a business to provide its products or services.