Which of the Following Best Defines an Asset

question 52

Multiple Choice

Which of the following best defines an asset?

• A)Something with physical form that is valued at cost in the accounting records.
• B)An economic resource owned by a business and expected to benefit future operations.
• C)An economic resource representing cash or the right to receive cash in the near future.
• D)Something owned by a business that has a ready market value.

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in real terms.

Nominal GDP

The gross domestic product measured at current market prices, without adjusting for inflation.

Price Levels

The overall mean cost of the wide spectrum of goods and services in the economy.

Real GDP

Gross Domestic Product adjusted for inflation, representing the value of all goods and services produced over a specific time period at constant prices.