The resources used to create wealth are collectively referred to as
A. the business environment.
B. productivity.
C. the factors of production.
D. profit potential.
Answer: C. the factors of production.
You might also like to view...
What are the auditor's objectives relating to systems development?
Analytical procedures What is the purpose of using analytical review procedures in the final review stages of the audit?
Which of the following is the MOST accurate statement concerning conciseness?
a. To prepare a concise passage, include only those details that the receiver needs, and state those details in the fewest possible words. b. Conciseness means that the writer should use as few words as possible when composing a message. c. Conciseness results in weakly worded passages that indicate poor writing skills. d. Conciseness is not recommended in formal business documents, such as business reports, because full disclosure is needed in such situations.
Which of the following is not an assumption of cost volume profit analysis?
a. Selling price is constant. b. Variable cost/unit is constant. c. Fixed cost/unit is constant. d. Total fixed cost is constant. e. All of the answers are assumptions.