Which Statement Is Correct

question 151

Multiple Choice

Which statement is correct?

• A) Farmers fared considerably better than most other economic groups during the Great Depression.
• B) Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets.
• C) The principal beneficiaries of government farm subsidies have been the very-low-income farmers.
• D) The use of price supports has accelerated the exodus of resources from agriculture.

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Definitions:

Company

A legal entity formed by a group of individuals to engage in and operate a business—commercial or industrial—enterprise.

Perpetual Inventory System

An inventory accounting technique that instantly logs the sale or acquisition of inventory using computerized point-of-sale systems and enterprise asset management software.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Physical Inventory Count

A process of counting actual inventory to verify the quantity on hand, usually performed at the end of an accounting period.