Elimination of Government Restrictions and Allowing Free Market Forces to Prevail

question 26

Multiple Choice

Elimination of government restrictions and allowing free market forces to prevail is called

• A) devolution.
• B) co-opting.
• C) gerrymandering.
• D) deregulation.

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Definitions:

Direct Materials

The raw materials that are directly used in the manufacturing of a product, easily traceable to the finished product.

Equivalent Units Of Production

The number of production units that could have been completed within a given accounting period, given the resources consumed.

Average Cost Method

An inventory valuation method that calculates the cost of goods sold and ending inventory value based on the average cost of all similar items in inventory.

Direct Materials

Raw materials that can be directly traced to the production of goods in the manufacturing process.