Gains from Trade Will Be Possible as Long as

question 59

Multiple Choice

Gains from trade will be possible as long as

• A) people have different endowments.
• B) people place different values on some goods.
• C) marginal rates of substitution are equal across individuals.
• D) excess supply equals excess demand.

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Definitions:

Computerized Accounting System

A software-based method that provides automatic bookkeeping and accounting for business transactions, improving accuracy and efficiency over manual methods.

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.