In 2010,Northland Had Real GDP of $4

question 79

Multiple Choice

In 2010,Northland had real GDP of $4.21 billion and a population of 2.98 million.In 2011,real GDP was $4.59 billion and population was 2.97 million.Between 2010 and 2011,Northland's standard of living ________.

• A)increased
• B)decreased
• C)did not change
• D)might have increased, decreased, or remained unchanged
• E)doubled.

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Definitions:

Lower of Cost or Market

An accounting principle that requires inventory to be reported at the lower value between its original cost and current market price.

Retail Inventory Method

A technique used by retailers to value inventory based on the retail price of goods, adjusted for sales and inventory changes.

FIFO Method

"First In, First Out" is an inventory valuation method where goods are sold or used in the order in which they are acquired.

Gross Profit Method

An accounting technique used to estimate the cost of goods sold and ending inventory by applying a gross profit margin to net sales.