Labor and Land Are Substitutes

question 24

Multiple Choice

Labor and land are substitutes.If rent goes up and the amount of labor used goes down,we can assume that the

• A)output effect outweighed the substitution effect.
• B)the substitution effect outweighed the output effect.
• C)the substitution effect and the output effect canceled each other out.
• D)there is no way to determine the relative weights of the substitution effect and the output effect.

Learn how to manage and organize paid and unpaid vouchers.

Comprehend the impact of a voucher system on a company’s balance sheet and general ledger.

Grasp the significance of separation of duties in internal control and voucher systems.

Understand how to apply discounts and manage cash payments in the voucher system.