Table 4-3
Selected Accounting Data for the Mariot Services Follows

question 57

Multiple Choice

Table 4-3
Selected accounting data for the Mariot Services follows: $$\begin{array} { | l | r | } \hline \text { Current assets } & \$ 59,000 \\\hline \text { Current liabilities } & 20,000 \\\hline \text { Long-term assets } & 70,000 \\\hline \text { Long-term liabilities } & 37,000 \\\hline \text { Total revenues } & 25,000 \\\hline \text { Total expenses } & 22,000 \\\hline\end{array}$$
-Referring to Table 4-3, the current ratio is:

• A)1.13.
• B)2.95.
• C)2.26.
• D)0.34.

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Definitions:

Production

The process of creating goods or services by combining various inputs like labor, materials, and technology.

Price L

A specific notation used to denote a certain price level in economic models or discussions.

Factor Prices

The costs associated with the inputs used in production, such as labor wages and capital rental rates.

Production Function

An economic model that describes how inputs are transformed into outputs by a firm.