Other Things Equal, If the Price of a Key Resource

question 17

Multiple Choice

Other things equal, if the price of a key resource used to produce product X falls, the

• A) supply curve of product X will shift to the right.
• B) demand curve of product X will shift to the right.
• C) supply curve of product X will shift to the left.
• D) supply curve of product X will not shift.

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Definitions:

Chart of Accounts

A listing of all the accounts in a general ledger that a business uses to code each of its transactions based on the nature of the expense, asset, liability, etc.

General Ledger

A comprehensive accounting record of all transactions of a business, summarizing all accounts and transactions in one place.

General Ledger Accounts

These are the main accounts where all the business transactions of a company are recorded, serving as a permanent record organized by account.

Trial Balance

A financial worksheet that gathers the balances from all accounts into debit and credit columns, verifying the mathematical accuracy of a company's accounting system.