Scarcity Implies That

question 157

Multiple Choice

Scarcity implies that

• A) consumers are too poor to afford the goods and services available.
• B) consumers are willing to purchase more of a good at the current price than suppliers are willing to produce.
• C) it is impossible to completely fulfill the desire for goods and services with the limited resources available.
• D) consumers would be willing to buy the same quantity of a good at a higher price.

Determine and analyze direct labor total variance.

Calculate and analyze direct materials total variance.

Understand and calculate net realizable value of receivables.

Comprehend the financial impact of writing off a specific account receivable.

---

Definitions:

Sexual Orientation

An inherent or immutable enduring emotional, romantic, or sexual attraction to other people, which can vary and is not limited to heterosexual, homosexual, or bisexual orientations.

Discrimination

Unfair or prejudiced treatment of individuals based on their race, age, sex, nationality, or other protected characteristics.

Title VII

A section of the Civil Rights Act of 1964 that prohibits employment discrimination based on race, color, religion, sex, or national origin.

Bona Fide Occupational Qualification

A work requirement that is essential for the performance of a job, even if it appears to be discriminatory, because it relates directly to the core operations of the business.