In A(n)_____,all Factors of Production Should Be State Owned and State

question 25

Multiple Choice

In a(n) _____,all factors of production should be state owned and state controlled,and all supply,demand,and pricing are planned by the government.

• A) unplanned economy
• B) mixed economy
• C) market economy
• D) command economy

---

Definitions:

Cost of Goods Sold

Expenses specifically associated with the production of a company's sold products, such as materials and labor.

Ending Inventory

The total value of a company's merchandise, raw materials, and finished and unfinished products which have not yet been sold, at the end of an accounting period.

Inventory Unit Costs

The cost associated with a single unit of inventory, taking into account all costs of acquisition, production, and other direct costs.

Inventory Turnover

A financial ratio that shows how many times a company's inventory is sold and replaced over a specific period.