A Property of an Asset That Makes It Desirable for Use

question 308

Multiple Choice

A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)

• A) medium of exchange.
• B) unit of accounting.
• C) store of value.
• D) standard of deferred payment.

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Definitions:

Cost Of Labor

The total amount of wages and benefits paid to employees for their work.

Isocost Line

A graph that shows all possible combinations of capital and labor that can be purchased for a given total cost.

Total Cost

The total amount of all costs associated with the creation of goods or services, encompassing both constant and changing expenses.

Total Cost Curve

A graphical representation showing how total costs change with changes in the level of output produced.