In a Football Tournament, If University of Florida Beats Ohio

question 31

Multiple Choice

In a football tournament, if University of Florida beats Ohio State, and Ohio State beats Georgia Tech, it does not mean that Florida beats Georgia Tech.This scenario violates the rationality assumption on preference of the utility theory.Identify this assumption of preference.

• A)Transitivity of preference
• B)Convexity of preference
• C)Completeness of preference
• D)Monotonicity of preference
• E)Circularity of preference

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Net Income

The total earnings of a company after deducting all expenses, taxes, and losses from total revenue.

Balance Sheet

This details a business's financial condition by listing its assets, debts, and the equity of its shareholders on a specific date.

Economic Resources

Assets, natural resources, labor, and capital that can be used for the production of goods and services, fundamental to economic activity.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period of time.