_____ Is One Foundation of Law That Requires Us to Act

question 121

Multiple Choice

_____ is one foundation of law that requires us to act within certain well?defined limits.It prohibits activities that take place outside those limits because they make the process of allocating resources more wasteful and expensive.

• A)Effectiveness
• B)Efficiency
• C)Negative externality
• D)Mala per se

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Definitions:

Cost Of Goods Sold

The total of all costs used to create a product or service, which has been sold.

Beginning Inventory

The total worth of a company's inventory at the beginning of a financial period.

Purchases

Items bought or acquired by a company for various purposes, primarily for resale in the course of business.

Cost Of Goods Available

The total cost of inventory available for sale during a period, calculated as beginning inventory plus purchases minus ending inventory.