The Difference Between Money and Income Is That Whereas Income

question 14

Multiple Choice

The difference between money and income is that whereas income is an individual's

• A)flow of earnings over a period of time, money is an individual's stock of currency and currency substitutes.
• B)stock of all assets, money is an individual's stock of currency and currency substitutes.
• C)flow of earnings over a period of time, money is an individual's stock of all assets.
• D)stock of currency and currency substitutes, money is an individual's stock of all assets.

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Definitions:

Units Produced

The total number of finished units that have been manufactured during a specific time period.

Fixed Cost Per Unit

The cost that remains constant in total but varies inversely with the level of production or sales volume.

Relevant Range

The range of activity or volume over which the assumptions about variable and fixed cost behaviors hold true, beyond which cost patterns may change.

Cost Behavior

The way in which a cost reacts to changes in the level of activity.