The Below Indifference Map Shows the Various Combinations of Hours

question 50

Multiple Choice

The below indifference map shows the various combinations of hours of music and apples that yield different levels of utility. Figure 6.1 According to indifference curve I₁ in Figure 6.1, for each extra apple the consumer eats, he or she must simultaneously sacrifice ____ of listening to music to keep total utility constant.

• A)1 hour
• B)2 hours
• C)3 hours
• D)4 hours
• E)5 hours

---

Definitions:

Internal Control

Systems and procedures designed to ensure the accuracy and reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations.

Voucher Register

A record of vouchers that have been prepared, authorized, and paid; it serves as a chronological record of business transactions.

Petty Cash

A small amount of cash kept on hand in a business for making everyday, minor expenditures.

Cash Reserve

Funds that a company sets aside to meet short-term and emergency funding needs.