Economic systems must answer the three economic questions because resources are scarce.

a. True

b. False

On May 1, Mary's Morsels Company provided catering services at a wedding. The bride is billed $4,000 and will pay during the following month. Record this transaction on May 1 in the accounting equation of Mary's Morsels by:

1. A growing number of managers believe that in order to work on difficult business problems, they must refrain from looking at e-mail for certain blocks of time during the day.

One truth about using color in magazine advertising is? A. Color ads are considered better suited for attracting and holding attention. B. Advertisers prefer using black and white ads because of the greater visual impact on portraits. C.

Discuss what happens to the equilibrium price and quantity of Colgate Toothpaste when there is an increase in the demand for Colgate Toothpaste but no change in the supply.

Monarch Company uses a weighted-average perpetual inventory system, and has the following purchases and sales: January 1 20 units were purchased at $10 per unit. January 12 12 units were sold. January 20 18 units were purchased at $11 per unit.

Assume that the banking system has total reserves of $100 billion. Assume also that required reserves are 10 percent of checking deposits, and that banks hold no excess reserves and households hold no currency. a.

Repbulic LLC exchanged land used in its business for some new land to be used in the business. Republic LLC originally purchased the land it exchanged for $37,500. The new land had a fair market value of $39,750.

Jacob chose to spend the afternoon swimming rather than going to the movies any value given up from not going to the movies is the

In a survey of consumers aged 12 and older, respondents were asked how many cell phones were in use by the household. (no two respondents were from the same household.

As a manager of a department store, you must deal with a variety of business transactions. Place the letter of each of the following transactions next to the effect it has on the accounting equation. a.