Good Y Is Measured on the Vertical Axis and Good

question 83

Multiple Choice

Good Y is measured on the vertical axis and good X on the horizontal axis.If the price of Y is zero,the price of X is $10,and the consumer's income $100,the budget line:

• A)would coincide with the vertical axis.
• B)would be horizontal at $10 on the Y axis.
• C)would be vertical at 10 units on the X axis.
• D)would coincide with the horizontal axis.

---

Definitions:

Adjustments

Modifications made in accounting records to reflect more accurate values or to record transactions not yet entered.

End-of-period Spreadsheet

A document used in accounting that summarizes all accounts and their balances at the end of an accounting period, helping in the preparation of financial statements.

Journal

A formal accounting record in which transactions are logged before they are posted to ledger accounts, detailing the date, accounts impacted, and amounts involved in each transaction.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated as depreciation expense over its useful life, reducing its book value on the balance sheet.