A Production Possibilities Frontier Shifts Outward When

question 105

Multiple Choice

A production possibilities frontier shifts outward when

• A)the economy experiences economic growth.
• B)the desires of the economy's citizens change.
• C)at least one of the basic principles of economics is violated.
• D)opportunity costs are lessened.

Develop a contribution margin income statement and analyze financial outcomes.

Understand the conditions under which revenue recognition occurs, and the differences between accrual and cash basis accounting.

Recognize the importance and application of the matching principle in revenue and expense recognition.

Identify the critical events that determine the timing of net income recognition and the distinction between operating and non-operating income.

---

Definitions:

Composition

A design principle where a class is made up of one or more objects of other classes in order to achieve software reusability and a better organized structure.

Aggregation

A relationship between two classes where one class is a part of or a member of the other.

Implements Interface

Implements Interface in programming, particularly in object-oriented languages like Java, denotes a class that uses an interface by providing concrete implementations of the interface's abstract methods.

ToString()

A method in Java and other object-oriented languages that returns a string representation of an object.