Which of the Following Would an Economist Say Is the Main

question 63

Multiple Choice

Which of the following would an economist say is the main objective of a household?  

• A) to own as much land as possible 
• B) to save as much money as possible 
• C) to acquire as many goods as possible 
• D) to maximize utility

Understand the treatment of noncash investing and financing transactions on the statement of cash flows.

Recognize how sales of assets, like land, impact different sections of the statement of cash flows.

Determine cash receipts from sales and cash payments for merchandise, operating expenses, and income taxes using the direct method.

Understand the presentation and reporting order of cash activities on the statement of cash flows.

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Definitions:

Society of Friends

Also known as Quakers, this is a Christian denomination known for its commitment to peace, simplicity, and equality.

Navigation Acts

A series of laws that were enacted by the British Parliament in the 17th century to regulate trade and commerce between England and its colonies.

Mourning Wars

Historical conflicts among Native American societies, primarily in the Northeast and Midwest, where raids were conducted to avenge the dead or capture members from other tribes to replace lost community members.

Beaver Wars

Conflicts in the 17th century involving the Iroquois fighting other Native American tribes and European settlers for control of the fur trade in Eastern North America.