In Contrast to the Liberal View in Which Economic Inequalities

question 58

Multiple Choice

In contrast to the liberal view in which economic inequalities between wealthy and poor states will lessen over time, economic structuralists argue that

• A) the gap in wealth will increase until there is a rise in trade and then the gap will decrease.
• B) this inequality is a result of the balance of power.
• C) this economic disparity will widen over time.
• D) the gap in wealth is only temporary.

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Definitions:

Discount Period

The time period during which a debtor can pay less than the full amount owed to clear a debt, typically as an incentive for early payment.

Multiple-Step Income Statement

An intricate financial report that distinguishes between operating revenues and expenses and those that are non-operating in order to determine the net income.

Single-Step Income Statement

A simplified income statement that calculates net income by subtracting total expenses from total revenues in one step.

Net Operating Income

Net operating income is the total profit of a company after operating expenses are subtracted from gross revenue but before deducting taxes and interest.