Which of the Following Statements Is True

question 113

Multiple Choice

Which of the following statements is true?

• A)In a world of inefficiently used scarce resources, more production of one good necessarily means less production of some other good.
• B)The law of increasing opportunity costs assumes that all people have the same ability to produce goods.
• C)Efficiency implies that it is impossible to get more of one good without getting less of another.
• D)Even if a country has unemployed resources, it can still be operating on its production possibilities frontier (PPF).

---

Definitions:

Sales Agreement

A legal document that outlines the terms and conditions of a transaction between a buyer and a seller for goods or services.

Sales Revenue Approach

A method used in accounting to calculate revenue based on the total value of goods or services sold.

Bad Debts Expense

An expense account reflecting the cost of accounts receivable that a company does not expect to collect, thus written off as a loss.

Uncollectible Accounts

Refers to receivables that a company has deemed unrecoverable and is unlikely to collect.