Which of the Following Statements Is True

question 142

Multiple Choice

Which of the following statements is true?

• A)When the forces of supply and demand determine for whom goods are produced in a society,an equitable distribution of income will naturally result.
• B)An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party.
• C)One of the roles of our government is to transfer some income from the rich and the middle class to the poor.
• D)According to most economists' definition of competition,the American economy is very competitive.

Understand how interest on notes payable is accrued and reported in financial statements.

Recognize the procedures and accounting entries related to the issuance and payment of notes payable and the associated interest.

Understand how to account for sales taxes in financial transactions.

Know how to record and report current liabilities and long-term debt on a balance sheet.

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Definitions:

Constant Darkness

An environmental condition characterized by the absence of light for an extended period, affecting biological rhythms and behaviors in organisms.

Hibernation

A state of inactivity and metabolic depression in animals during winter to conserve energy, often involving significantly lowered body temperature and slowed breathing.

Annual Reproductive Cycle

A periodic sequence of events through which an organism reproduces, completing the cycle within one year.

Hormone's Activational Effect

The immediate influence or action of hormones on the body, affecting behavior, physiology, or development.