If Cost of Goods Sold Is $72,500 and the Beginning

question 135

Multiple Choice

If Cost of Goods Sold is $72,500 and the beginning and ending Inventory balances are $9,000 and $6,500,respectively,inventory purchases for cash equal:

• A)$72,500.
• B)$70,000.
• C)$75,000.
• D)$66,000.

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Definitions:

Nominal GDP

The total value of all goods and services produced in a country, measured in current prices without adjusting for inflation.

Aggregate Demand

represents the total demand for all final goods and services in an economy at a given time and price level.

Supply Curves

A graphical representation showing the relationship between the price of a good or service and the quantity of it that suppliers are willing to offer at that price.

Real GDP

The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the true value of goods and services produced.