Which Economist Has Been Called the Father of Communism

question 174

Multiple Choice

Which economist has been called the father of communism?

• A) Adam Smith
• B) Fidel Castro
• C) Mark Cuban
• D) Karl Marx
• E) Alan Greenspan

Calculate the cost per equivalent unit under both FIFO and weighted-average methods of process costing.

Construct and interpret a cost reconciliation report under FIFO and weighted-average methods.

Understand the concepts of equivalent units for materials and conversion costs in process costing.

Compute the cost of units transferred out of a department under the weighted-average method.

---

Definitions:

Penetration Pricing

A pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and stimulate growth.

Price Sensitivity

The degree to which the price of a product affects consumers' buying behaviors or the demand for the product.

Substitution Risk

The potential loss or decrease in market share due to consumers opting for alternative products or services.

Cross Subsidy

A pricing strategy where the revenue or profits from one product or service are used to support another within the same company, often to gain competitive advantage.