When Describing the IMF Broad Country Classification, the Most Accurate

question 22

Multiple Choice

When describing the IMF broad country classification, the most accurate statement is that

• A)most of the world's population lives in advanced economies.
• B)the category with the greatest number of countries is the advanced economies.
• C)most of the nations in Western Europe are considered emerging market economies.
• D)the emerging market economies are countries that were, until the early 1990s, part of the Soviet Union or its satellites.
• E)about 50 percent of the world's population live in the advanced economies and the other 50 percent live in the emerging market and developing economies.

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Definitions:

Periodic Inventory System

A method of inventory valuation that requires a physical count to determine the end-of-period inventory and cost of goods sold.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the financial health and performance of a business.

Freight In

The cost associated with transporting goods from suppliers to the buyer, which is added to the cost of inventory.

Inventory Shrinkage

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