Positive Economics Is Concerned with

question 60

Multiple Choice

Positive economics is concerned with

• A) value judgments.
• B) cause-effect relationships.
• C) observations that cannot be proved.
• D) both b and c

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Definitions:

FOB Destination

A shipping term indicating that the seller retains ownership and responsibility for the goods until they are delivered to the buyer's specified location.

Ending Inventory Balance

The total value of all goods available for sale at the end of an accounting period.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal, utilized in inventory valuation and accounts receivable.

Internal Controls

Systems and procedures implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.