The Perpetual Problem in Economics Is

question 73

Multiple Choice

The perpetual problem in economics is:

• A) our inability to work together effectively.
• B) our inability to satisfy everyone's wants with the available resources.
• C) a recognition of continual class differences.
• D) our inability to utilize resources efficiently.
• E) likely to be solved in resource-rich countries.

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Definitions:

Residual Value

The estimated value of an asset at the end of its useful life.

Double Diminishing-Balance

A method of accelerated depreciation that computes depreciation at double the rate of the straight-line method.

Carrying Amount

The book value of assets or liabilities as recorded in the financial statements, after accounting for depreciation, amortization, or impairment.

Residual Value

The estimated remaining value of an asset at the end of its useful life.