Which of the Following Is Not a Characteristic of Pure

question 167

Multiple Choice

Which of the following is not a characteristic of pure capitalism?

• A)private property rights
• B)competitive markets
• C)laissez-faire policies
• D)central planning
• E)a reliance on prices to direct resources to their best uses

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Definitions:

FIFO Process Costing

An accounting method used to evaluate the cost of production, where the first items produced are assumed to be the first sold or used.

Equivalent Units

A concept in cost accounting used to calculate the units produced during a period in terms of fully completed units.

Direct Materials

Raw materials that can be directly attributed to the manufacturing process of a product.

Direct Labor

The wages or salaries paid to workers who are directly involved in the production of goods or services.