Which of the Following CANNOT Be Eliminated in a Growing

question 298

Multiple Choice

Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?

• A) absolute poverty
• B) relative poverty
• C) both absolute and relative poverty
• D) Neither absolute nor relative poverty can be eliminated.

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Definitions:

Owner's Equity

The amount of assets owned by the business proprietor after all liabilities have been deducted.

Business Profits

The financial surplus generated from conducting business activities after all expenses have been subtracted from revenue.

Business Losses

Financial losses incurred by a business, often resulting from expenses exceeding revenues within a specific time period.

Permanent Account

An account in the general ledger that carries its ending balance over to the next accounting period.