Which of the Following Statements Is/are INCORRECT?​

question 16

Multiple Choice

Which of the following statements is/are INCORRECT?​

• A) ​Closed-ended questions should limit respondents to three or four choices.
• B) ​Closed-ended questions should have response categories that are mutually exclusive and exhaustive.
• C) ​Closed-ended questions should provide uniformity of response.
• D) ​Closed-ended questions should cover the range of likely responses.

Recognize the conditions under which the provision of public goods is optimal, including the role of the government.

Distinguish between rival and nonrival, excludable and nonexcludable goods.

Explain the difference between the marginal cost of production and society's willingness to pay for public goods.

Understand the concept of externalities and their impact on public goods provision.

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Definitions:

Permanent/Temporary

Classification of accounts where permanent accounts (real accounts) represent ongoing items that are not closed at the end of the accounting period, whereas temporary accounts (nominal accounts) are closed.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal, ensuring accuracy of the figures.

Post-closing Trial Balance

The trial balance prepared after closing entries have been posted to ensure that debits and credits still balance, marking the end of an accounting period.

Normal Balance

The side of an account (debit or credit) that is expected to increase; for assets and expenses, it’s debit; for liabilities, equity, and revenue, it's credit.