Listed Below Are Five Terms Followed by a List of Phrases

question 38

Multiple Choice

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
-Gains

• A)Net outflows from peripheral transactions.
• B)Probable future economic benefits controlled by an entity.
• C)Results if an asset is sold for more than book value.
• D)Increases in equity from the sale of goods and/or services.
• E)All changes in equity except owner transactions.

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Definitions:

Green Beans

A type of common vegetable, long and slender, typically harvested while still young and tender.

Normative Economics

A branch of economics that focuses on what ought to be or what should be, often based on value judgments and opinions.

Positive Economics

A branch of economics that focuses on factual and cause-and-effect relationships, avoiding value judgments about what ought to be.

Production Possibility

A concept representing the various combinations of goods and services an economy can produce, given certain resources and technology.