In recording an accounting transaction in a double-entry system
A. the number of debit accounts must equal the number of credit accounts.
B. there must only be two accounts affected by any transaction.
C. there must always be entries made on both sides of the accounting equation.
D. the amount of the debits must equal the amount of the credits.
Answer: D. the amount of the debits must equal the amount of the credits.
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A) will be considered a market when the Internet firms are profitable. B) is a market because buyers and sellers are brought together to buy and sell. C) cannot function as a market. D) would be a market if there was only one physical location. E) is not a market because buyers can buy from only one seller at any point in time.
A college bookstore offers both new and used Physics 101 textbooks. Vicki pays $120 for a new copy, Darrel pays $85 for a used copy. Who made an economically efficient choice?
A) Vicki B) Darrel C) Both Vicki and Darrel D) Neither one of them—they could have found a better deal on the Internet.
Based on Table 4.1, according to the Heckscher-Ohlin Theorem, U.S. exports should be goods that
A) intensively use labor input. B) intensively use capital input. C) use capital and labor in about equal proportions. D) use either labor or capital input, depending on the good. E) Not enough information to tell.
The slope of a line that passes through the points (20, 30) and (40, 14) is
a. -5/4. b. -4/5. c. 4/5. d. 5/4.