In 2011, Exports or Imports as a Percentage of GDP

question 21

Multiple Choice

In 2011, exports or imports as a percentage of GDP for Australia are approximately:

• A) between 15% and 20%.
• B) between 5% and 10%.
• C) between 1% and 5%.
• D) between 20% and 25%.
• E) between 10% and 15%.

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Definitions:

Merchandise

Products or goods that are bought, sold, or traded within the retail or wholesale market.

Inventory Shrinkage

The loss of products between purchase from supplier and sale to customer, often due to theft, damage, or errors.

Merchandise Inventory

Goods a business intends to sell to customers, held as part of a company's current assets.

Physical Count

The process of manually counting the actual inventory on hand to verify quantities and condition.