In the Long Run

question 113

Multiple Choice

In the long run,

• A) a larger budget deficit means a larger money supply
• B) lower investment spending means slower growth of the standard of living
• C) a larger budget deficit means lower consumption spending
• D) a larger budget surplus means a smaller capital stock
• E) government spending has no effect on the budget deficit or surplus.

Distinguish between financial statements and tax forms preparation principles.

Understand the components and presentation of a balance sheet.

Recognize the elements and significance of owners' equity.

Identify the main objective of financial reporting.

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Definitions:

IPMA

International Public Management Association for Human Resources; a professional association focused on advancing human resource practices in the public sector. If referring to something different, then NO.

State Bar Association

An association of attorneys within a state. In most states, an attorney must be a member of the state bar association to practice law in the state.

Yellow Pages

A telephone directory of businesses, categorized under headings for services offered, traditionally printed on yellow paper.

Networking

The action or process of interacting with others to exchange information and develop professional or social contacts.