An income statement shows a firm's revenue, costs, and profit
A) since the firm has been in operation. B) for the firm's fiscal year.
C) only if the firm is earning an accounting profit. D) for a particular day.
B
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Which of the following statements is true?
A) Command economies do a better job at maximizing social welfare in comparison to market economies. B) The incentive problem and the coordination problem lead to lower efficiency in market economies. C) Central planners in command economies have to make decisions that prices would have automatically made in market economies. D) Bringing economic agents together to trade is easier in command economies in comparison to market economies.
The statistical details on the U.S. balance of international payments between 1790 and 1860 help economic historians determine
(a) what the U.S. sold domestically. (b) how other countries paid for their own domestic goods and services. (c) how the U.S. paid other countries for their exports. (d) changes in domestic trade patterns.
Unpriced by-products of production or consumption that provide benefits to other consumers or other firms are known as
a. negative externalities b. common pool benefits c. positive externalities d. private benefits e. Coase by-products
The circular flow diagram validates the fact that the different sectors in the economy are independent
a. True b. False Indicate whether the statement is true or false