A Positive Economic Statement

question 80

Multiple Choice

A positive economic statement:

• A) contains personal and social value judgments.
• B) is always a mathematical expression.
• C) should never be used by an economist.
• D) is proper provided the advocator is clear the position rests on personal assessment.
• E) is an unbiased report of the facts of the economy.

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Definitions:

Long-Term Prepayment

Payments made in advance for expenses that will be recognized over a period longer than one year.

Book Value

The net value of a company's assets minus its liabilities and preferred stock, often used to determine the potential value of a company if it were to be liquidated.

Carrying Value

The book value of an asset or liability on a company's balance sheet, calculated as the original cost minus depreciation or amortization.

Unearned Ticket Revenue

Revenue received from ticket sales before the event or service has been provided; also considered a liability until earned.