Which of the Following Statements Is True

question 102

Multiple Choice

Which of the following statements is true?

• A) All economic agents are necessarily individuals.
• B) A worker who shirks work is not an economic agent.
• C) A government is an example of an economic agent.
• D) A street gang is not an economic agent.

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position at a particular point in time, showing assets, liabilities, and shareholders' equity.

Liability Reported

The documentation in financial accounting of any debts or financial obligations a company is responsible for.

Incremental Borrowing Rate

The interest rate a company would have to pay if it borrows funds, used as a reference to measure lease liabilities under lease agreements.

Payments

The act of transferring money or value from one party to another as a settlement for a service, debt, or obligation.