Table 2-5 -Refer to Table 2-5. Table 2-5 Shows One Set of One

question 611

Multiple Choice

Table 2-5
-Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of corn and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology?

• A)1600 bushels of corn and 300 bushels of wheat
• B)1400 bushels of corn and 800 bushels of wheat
• C)1000 bushels of corn and 2000 bushels of wheat
• D)600 bushels of corn and 1800 bushels of wheat

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Definitions:

Net Income

The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.

Revenue Account

An account in financial accounting used to record income generated by a company's ordinary activities.

Net Income

Represents the total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.