A Good or Service Is Considered Scarce If

question 181

Multiple Choice

A good or service is considered scarce if:

• A) any quantity of it can be consumed at a zero price.
• B) the amount people desire exceeds the amount available at a zero price.
• C) the amount people desire equals the amount available at any price.
• D) the amount people desire is less than the amount available at any price.
• E) the amount people desire is less than the amount available at a zero price.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally to prepare public company financial statements.

ASPE

ASPE stands for Accounting Standards for Private Enterprises, a set of accounting practices and standards for private companies in Canada.

Diminishing-Balance

A method of calculating depreciation that results in larger depreciation charges in the early years of an asset's life and smaller charges in the later years.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life to account for the reduction in value due to wear and tear, age, or obsolescence.