Certain Fundamental Features of the Austrian School Are Its Thoughts

question 16

Multiple Choice

Certain fundamental features of the Austrian School are its thoughts on the human being. In other words:

• A) differences between people are more interesting than their similarities
• B) a human is only understandable on the basis of his/her subjective perception of a situation
• C) humans are bundles of reflexes that respond to simple stimuli
• D) humans are biological beings programmed to react in certain manners
• E) human beings are social and cultural creatures who constantly interpret their surroundings and ascribe personal meaning to situations and events
• F) human beings are able to comprehend decisions after thorough and utility-based analysis
• G) human beings react rationally to economic stimuli/incentives

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Definitions:

Double-entry Accounting

An accounting method that records each transaction twice, as both a debit and a credit, to maintain the balance of the accounting equation.

Debit Account Balances

Balances that appear on the left side of the ledger, indicating resources or expenses.

Credit Account Balances

The amount owed by a borrower on a credit account, reflecting any purchases, payments, charges, or adjustments.

Equity

The value of an owner’s interest in a property or a business, after deducting liabilities and debts.