Which of the Following Is NOT One of the Main

question 59

Multiple Choice

Which of the following is NOT one of the main professional accounting bodies in Australia?

• A)Institute of Public Accountants
• B)Institute of Chartered Accountants in Australia
• C)Certified Public Accountants of Australia
• D)Certified Practising Accountants of Australia

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Definitions:

Consumption Good

A good that is utilized by consumers to satisfy their current wants or needs.

Utility Function

A mathematical representation of how consumers rank different bundles of goods or services according to their level of satisfaction or utility.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford given their income and the prices of goods.

Optimum Market Basket

The combination of goods and services that maximizes a consumer’s utility for a given income and prices, representing the most preferred point on their budget line.