If Input Prices Rose and Production Technology Improved at the Same

question 156

Multiple Choice

If input prices rose and production technology improved at the same time, as a result: larger quantities to be exchanged.

• A)​prices would rise.
• B)​prices would fall.
• C)​larger quantities to be exchanged.
• D)​we would not know which direction either prices or quantities exchanged would be altered without more information.

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Definitions:

Deferred Income Tax

A liability recorded on the balance sheet to reflect taxes that are incurred but not yet paid, due to differences in accounting methods for financial reporting and tax purposes.

Income Tax Expense

Income Tax Expense is the amount of money that a company or individual owes to the government in the form of taxes on their income.

Tax Liability

The total amount of tax owed to governmental authorities.

Withdraw

The act of removing funds from an account, or taking back an offer or statement.