A Difference Between the Market and the Public Sector Is

question 84

Multiple Choice

A difference between the market and the public sector is that

• A) scarcity exists only in the market sector.
• B) government can use force, while the market does not.
• C) we can only vote in the public sector.
• D) the cost of private goods to society is zero.

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Definitions:

Long-term Liabilities

Financial obligations of a business that are due for repayment more than one year in the future, such as bonds or long-term loans.

Current Liabilities

Financial obligations that a company is expected to pay within one year.

Accounts Payable

Money owed by a business to its suppliers shown as a liability on the company’s balance sheet.

Salaries and Wages Payable

Salaries and Wages Payable are liabilities on the balance sheet representing amounts owed to employees for work performed but not yet paid.