Scarcity Refers to the Situation in Which

question 122

Multiple Choice

Scarcity refers to the situation in which

• A)unlimited wants exceed limited resources.
• B)unlimited resources exceed limited wants.
• C)a country's population is larger than its resource base.
• D)a nation's poverty level increases faster than its population.

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Definitions:

Dividends Payable

A financial accounting term referring to the declared dividends to be paid to a corporation's shareholders out of current or retained earnings.

Legal Capital Approach

A method of accounting that maintains capital at a certain legal minimum to protect creditors.

Ownership Equity

The owners' residual interest in the assets of a company after deducting liabilities, also known as shareholders' equity or stockholders' equity.

Date of Record

The specific date set by a corporation on which the company determines the shareholders eligible to receive dividends or other distributions.