In Which Third-Wave Civilization Did the State Largely Control Trade,preventing

question 20

Multiple Choice

In which third-wave civilization did the state largely control trade,preventing a professional merchant class from emerging?

• A) China
• B) Inca
• C) Aztec
• D) Mali

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Definitions:

LIFO

"Last In, First Out," an inventory valuation method where the last items to be added to inventory are the first ones used or sold.

FIFO

An inventory valuation method where the first items purchased or produced are the first ones sold, affecting the costs of goods sold and ending inventory.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, interest, taxes, and other expenses.

FIFO

First In, First Out, an inventory valuation method where the earliest items added to inventory are the first to be removed, impacting cost of goods sold and inventory valuation.