Answer: Opportunity cost
Explanation:
From the question, we are informed that Joe sold gold coins for $1000 that he bought a year ago for $1000 and he said that at least he didn't lose any money on my financial investment.
We are further told that his economist friend points out that in effect he did lose money, because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of deposit instead of the coins.
This is a concept of opportunity cost. Opportunity cost is what one forgoes when one makes a different choice. The opportunity cost in this case is the bank certificate of deposit.
Depends are we talking capitalism, or socialism.
In capitalism there is no government intervention in the Economy, no laws, nothing.
In socialism, the government controls all of the economy, Tarriffs, Hours, etc.
So the government is supposed to play the middleman to help the people, but also the businesses, as such the united states had introduced less work hours, to help increase the productivity of the workers, which did indeed work.
Answer: False
Explanation:
The statement in the question that a classified income statement has four major sections which are the operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables is not true.
It should be noted that a classified income statement is made up of the revenue, the expenses and the non operating revenues and expenses.
