Which of the Following Is an Example of a Product

question 190

Multiple Choice

Which of the following is an example of a product that is nonexcludable and rival?

• A)free concert (with limited seating)in a park
• B)national defense
• C)automobiles
• D)flu vaccinations

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Definitions:

Cost of Goods

Cost of Goods refers to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Ending Inventory

At the close of an accounting period, the valuation of merchandise ready for sale is identified by summing up the initial inventory with buys and deducting the expense of goods sold.

Ending Inventory

The total value of all inventory a company has in stock at the end of an accounting period, which is used to calculate the cost of goods sold.

Operating Expenses

The costs associated with running the day-to-day operations of a business, excluding the cost of goods sold.