Suppose That the Chain-Weighted Index for GDP in Gambia Was

question 153

Multiple Choice

Suppose that the chain-weighted index for GDP in Gambia was 275 in 2009 and 350 in 2010. The inflation rate between those two years was

• A)20.2 percent.
• B)27.3 percent.
• C)37.5 percent.
• D)75 percent.

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Definitions:

Cost of Goods Sold

The cost of goods sold (COGS) is the direct cost attributable to the production of goods sold by a company, including the cost of materials and labor.

Standard Cost System

An accounting system that uses estimated costs for material, labor, and overhead to assess performance and control costs.

Materials Quantity Variance

The variance between the real amount of materials consumed during manufacturing and the anticipated amount, as per norms.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of the total cost of production.