Which of the Following Is a Positive Economic Statement

question 135

Multiple Choice

Which of the following is a positive economic statement?

• A) The federal minimum wage should be raised to $6.50 per hour.
• B) The United States spends too much on anti-terrorism efforts.
• C) An increase in investment will lead to a higher rate of economic growth.
• D) Economics is twice as interesting to study as philosophy.

Identify the significance of separating personal and business finances.

Grasp the basic concepts and terminology of accounting and financial management.

Acknowledge the common reasons for small business bankruptcy and the importance of strategic financial planning and management.

Understand the purpose and importance of financial statements in a business.

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Definitions:

Standard Costs

Predetermined costs for materials, labor, and overhead used as a benchmark to measure performance and cost control.

Clerical Costs

Expenses related to the administrative functions of an office, including salaries of office staff, stationery, and office supplies.

Standard Costs

Estimated or predetermined costs of manufacturing, selling, and administering a product or service.

Expected Future Costs

Projected expenses that a company anticipates incurring in the pursuit of its future activities.