For Society as a Whole,producing More of One Good or Service

question 110

Multiple Choice

For society as a whole,producing more of one good or service has an opportunity cost because

• A) human wants are limited and resources are unlimited
• B) both human wants and resources are unlimited
• C) resources are limited;human wants are irrelevant
• D) human wants are unlimited and resources are limited
• E) both human wants and resources are limited

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Definitions:

Perpetual

A system of inventory management wherein updates are made continuously to the inventory accounts after each purchase or sale.

Receiving Report

A document that records the details of goods received by a company, ensuring the quantities match the order and invoice.

Vendor's Invoice

A document issued by a vendor to a buyer indicating the products or services provided, quantities, prices, and terms of payment.

Perpetual

Continuing indefinitely without interruption; in accounting, it often refers to systems that continuously update inventory or records.