Which Statement Characterizes Economic Development

question 27

Multiple Choice

Which statement characterizes economic development? 

• A) it is an increase in the capacity of a country to provide people with goods and services 
• B) it is encouraged by increased consumption per capita 
• C) it is encouraged by population growth 
• D) it is the improvement of living standards by economic growth

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Definitions:

Cash Receipts Journal

An accounting journal specifically used to record all receipts of cash, detailing the source of each receipt for a given period.

Record Payment

The process of documenting the payment of a bill or an obligation in the business’s financial records.

Revenue Journal

The revenue journal is a ledger book or digital record in accounting that tracks all incoming earnings or revenue transactions generated by business operations.

Cash Receipts Journal

A specific accounting journal used to record all receipts of cash during a particular period.