Which of the Following Is an Example of a Political

question 5

Multiple Choice

Which of the following is an example of a political institution

• A) a market
• B) elections with winners determined by majority rule
• C) representative government
• D) both b and c

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Definitions:

Freight In

The cost associated with transporting goods from the supplier to the buyer, typically recorded as part of the inventory cost.

Cost of Merchandise Sold

The direct costs attributable to the goods sold by a company, including the cost of the material and labor directly used in creating the goods.

Merchandising Company

A business that purchases finished goods for resale, making a profit on the sales margin.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, highlighting revenue, expenses, and profits or losses.