The Standard Economists Use to Assess Whether an Activity Should

question 3

Multiple Choice

The standard economists use to assess whether an activity should be undertaken is

• A) majority vote
• B) the marginal benefit assessment.
• C) the gold standard
• D) economic efficiency.

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Definitions:

Single-Step Income Statement

A form of income statement in which the total of all expenses is deducted from the total of all revenues.

Gross Profit

The difference between sales revenue and the cost of goods sold before deducting overheads, taxes, interest, and depreciation.

Income From Operations

Earnings generated from a company's regular business activities, excluding deductions of interest and tax.

Ending Inventory

Ending inventory refers to the total value of unsold goods that a company holds at the end of an accounting period.