On a balance sheet
A) total assets plus equity must equal total liabilities.
B) total assets plus total liabilities must equal zero.
C) total assets plus total liabilities plus equity must equal zero.
D) total assets must equal total liabilities plus equity.
D
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In the model of perfect competition, firms produce a
A) standardized product with considerable control over price. B) differentiated product with no control over price. C) differentiated product with considerable control over price. D). all of the above. E). none of the above.
A change in taxes of a given amount shifts the consumption function vertically by ____ than that amount, because the marginal propensity to consume is ____
a. less; less than 1 b. greater; greater than 1 c. greater; always equal to 1. d. less; equal to zero.
A seller's opportunity cost measures the
a. value of everything she must give up to produce a good. b. amount she is paid for a good minus her cost of providing it. c. consumer surplus. d. out of pocket expenses to produce a good but not the value of her time.
Economic activity around the world is mainly organized by
A. market transactions. B. informal arrangements. C. family connections. D. Internet connections.