The Fact That Imports Increase as Real GDP Increases Implies

question 71

Multiple Choice

The fact that imports increase as real GDP increases implies that imports are part of

• A)induced expenditure.
• B)autonomous expenditure.
• C)equilibrium expenditure.
• D)marginal expenditure.
• E)consumption expenditure.

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Definitions:

First-In, First-Out

An inventory valuation method where the oldest stock is sold or used first.

Weighted-Average Methods

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available during the period.

First-In, First-Out

An inventory valuation method where the oldest items are sold or used first.

Equivalent Units

A concept in cost accounting used to assess work-in-process inventory by converting partial units into a number of equivalent full units.