Identify a True Statement About the Economy of the United

question 12

Multiple Choice

Identify a true statement about the economy of the United States.

• A)The economy of the United States is one of the most market-oriented economies in the world.
• B)The economy of the United States is one of the most market-oriented economies in the world.,
• C)The economy of the United States is an extreme form of planned economy.
• D)In the U.S. economy, the government is prevented from creating any regulations that intervene in the free market.

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Definitions:

Average Cost

An inventory costing method where the cost of goods sold and ending inventory is determined by taking the weighted average of all units purchased.

Periodic Inventory

A method of inventory accounting where updates to inventory levels are made periodically, often at the end of the fiscal year.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.

LIFO

An inventory valuation method standing for Last In, First Out, where the most recently produced or acquired items are the first to be sold.