What Are the Four Basic Ways That Society Can Use

question 29

Multiple Choice

What are the four basic ways that society can use to organize its economic affairs?

• A)With consumer goods,capital goods,models and positive statements.
• B)Using cooperation,command,custom or competition.
• C)Using plentiful resources,opportunity costs,technology and specialization.
• D)Using capitalism,communism,fantasy and technology.

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Definitions:

Personal Property

Property that includes movable items such as furniture, cars, and investments, as opposed to real estate.

200% Declining-Balance Rate

A method of accelerated depreciation allowing for a double rate of depreciation on assets, compared to the straight-line method.

MACRS

The Modified Accelerated Cost Recovery System, a method of depreciation for tax purposes that allows faster write-offs on property.

Mid-Month Convention

A rule for depreciation of business assets that assumes assets are acquired and disposed of at the midpoint of the month.