What Is Economic Determinism

question 52

Multiple Choice

What is economic determinism?

• A)It is the idea that economics is determined by politics
• B)It is the idea that economics drives political behavior and political outcomes
• C)The idea that class is more important than wealth in determining whether a person will be successful in life
• D)A political determination to lessening social inequality

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Definitions:

Other Comprehensive Income

Components of comprehensive income not included in net income, reflecting gains and losses that have not been realized through the income statement.

Journal Entries

The method by which financial transactions are recorded in an accounting system, involving a debit to one or more accounts and a credit to one or more accounts.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, but not control those policies; often evidenced by ownership of 20% to 50% of the voting shares of the investee.

Fair Value

The revenue generated from selling an asset or the charge for relocating a liability in a formal trade between market counterparts at the appraisal time.