The Amount of Goods and Services Produced from Each Unit

question 66

Multiple Choice

The amount of goods and services produced from each unit of labor input is called

• A)opportunity cost.
• B)productivity.
• C)externality.
• D)marginal benefit.

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Definitions:

Collected

Collected typically refers to the process of receiving money that is owed to a business or institution, including payments for goods, services, or debts.

Paid

The status of having been compensated or settled a financial obligation or invoice.

Adjusting Entry

An accounting entry made to update the accounts to reflect accurate and up-to-date information before financial statements are prepared.

Balance Sheet

It's a record that shows a firm's holdings, obligations, and the equity of its shareholders at a given time.