In the Long Run, Total Spending Affects ________, and Output

question 91

Multiple Choice

In the long run, total spending affects ________, and output is determined by ________.

• A)inputs and productivity; prices
• B)inputs and productivity; total spending
• C)prices; inputs and productivity
• D)prices; meeting demand at preset prices

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Definitions:

IFRS

International Financial Reporting Standards, which are globally accepted guidelines for financial reporting established by the International Accounting Standards Board.

Perpetual Inventory System

This accounting practice immediately logs the sale or acquisition of inventory via computerized point-of-sale systems and software for managing enterprise assets.

Accounts Payable

Short-term debts or obligations a company owes to its suppliers or creditors for goods and services received.

Sales Returns and Allowances

Deductions from a company's sales revenue that account for returned goods and discounts or allowances given to customers.