GNP Is The

question 188

Multiple Choice

GNP is the:

• A)aggregate output of the citizens and businesses of an economy in a one-year period.
• B)aggregate final output of the citizens and businesses of an economy in a one-year period.
• C)total market value of all goods and services produced in an economy in a one-year period.
• D)total market value of all final goods and services produced in an economy in a one-year period.

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Definitions:

FIFO Inventory

A rephrased definition: A method to manage and value inventory assuming the first items purchased are the first to leave the warehouse.

Cost of Goods Sold

Direct expenditures associated with producing the items a company offers for sale.

Weighted Average

A calculation that takes into account the differing degrees of importance of the numbers in a data set.

FIFO and LIFO

Inventory valuation methods; FIFO (First In, First Out) assumes that the earliest goods purchased are the first to be sold, while LIFO (Last In, First Out) assumes the reverse.