Which of the Following Is a Positive Economic Statement

question 7

Multiple Choice

Which of the following is a positive economic statement?

• A)People should not buy SUVs.
• B)The government should mandate electric automobiles.
• C)Scarcity necessitates that people make trade-offs.
• D)Foreign workers should not be allowed to work for lower wages than the citizens of a country.

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Definitions:

Double-Entry Bookkeeping

Process by which accounting transactions are entered; each individual transaction always has an offsetting transaction.

Owner's Equity

The residual interest in the assets of a business after deducting its liabilities, representing the owners' share of the company's resources.

Liabilities

Financial obligations or debts that a company or individual owes, which must be settled over time.

Balance Sheet

A statement presenting a company’s financial standing, including details on assets, liabilities, and equity held by shareholders, at a particular point in time.