People Who Lived Through the Great Depression May Perceive Resources

question 21

Multiple Choice

People who lived through the Great Depression may perceive resources as being scarcer than others do. This is an example of how the ________ affects perception.

• A) attribution
• B) ethnocentrism
• C) social comparison
• D) cohort effect

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Definitions:

Adjusting Entries

Journal entries made in accounting to record revenues earned and expenses incurred that are not yet recorded through standard accounting transactions.

Closing Entries

Entries recorded at the accounting period's close to shift balances from temporary to permanent accounts.

Book Value

The net value of an asset or company, calculated as total assets minus total liabilities and intangible assets such as goodwill.

Equipment

Tangible assets used in the operations of a business, often having a useful life longer than one year.