Which of the Following Is a Characteristic or Focus of Economics

question 86

Multiple Choice

Which of the following is a characteristic or focus of economics?

• A) allocation of limited resources in an effort to satisfy potentially unlimited wants
• B) positive economic analysis
• C) empirical analysis
• D) all of the above

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Definitions:

Annual Accounting Period

The 12-month period a company uses for accounting purposes to report its financial performance.

Prepaid Rent

The payment made for rent before it's due, recorded as an asset on the balance sheet until it's recognized as an expense in the period to which it relates.

Adjusting Entry

An entry made in the accounts to correct or allocate income and expenses to the appropriate accounting period.

Three Months Rent

An accounting entry typically categorized as a prepaid expense, representing payment for rent before it's due.