As Compared with Consolidated Democracies and Authoritarian Regimes, Transitional Democracies

question 8

Multiple Choice

As compared with consolidated democracies and authoritarian regimes, transitional democracies are characterized by

• A) more legal protection than consolidated democracies but less than in authoritarian regimes.
• B) more legal protection for economic and social rights but less for political rights.
• C) more protection for civil liberties than either consolidated democracies or authoritarian regimes.
• D) fewer legal protections of citizen rights and liberties than in a consolidated democracy but more than in authoritarian regimes.
• E) fewer legal protections than in either consolidated democracies or authoritarian regimes.

Distinguish between the types of business activities: operating, investing, and financing.

Recognize how business transactions affect the accounting equation and financial statements.

Understand the principles underlying revenue recognition and measurement in accounting.

Identify the characteristics and implications of different financing activities.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option available when a decision is made or an action is taken.

Pure Capitalism

An economic system characterized by private ownership of the means of production and where investments, distribution, income, production, and prices are determined by the market.

Owns No Resources

The condition of not having access to or control over any assets, capital, or means of production.

Production Possibilities Frontier

A curve that shows the different combinations of various goods that a country can produce given certain resources and technology.