Which of the Following Statements Is True

question 13

Multiple Choice

Which of the following statements is true?

• A) In a world of efficiently used scarce resources,more of one good necessarily means less of some other good.
• B) The law of increasing opportunity costs assumes that all people have the same ability to produce goods.
• C) Efficiency implies that it is impossible to get more of one good without getting less of another.
• D) Even if a country has unemployed resources,it can still be operating on its production possibilities frontier (PPF).
• E) a and c

---

Definitions:

Revenues on Account

Earnings from sales or services that have been completed but not yet paid for by customers.

Unearned Revenues

Money received by a company for goods or services that have not yet been provided, classified as a liability on the balance sheet until the services or goods are delivered.

Fair Market Value

The price at which an asset would sell in the marketplace given willing, informed, and unpressured buyers and sellers.

Transfers

Movements of funds or resources from one account to another within an organization or between organizations.