Finished Items Ready for Assembly or Products That Need Very

question 35

Multiple Choice

Finished items ready for assembly or products that need very little processing before they become a part of some other product are called:

• A) supplies
• B) raw materials
• C) accessory equipment
• D) processed materials
• E) component parts

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Definitions:

Externality Analysis

The study of costs or benefits that affect parties who did not choose to incur that cost or benefit, typically used in the context of environmental and public policy.

Public Interest Theory

A theory suggesting that regulation is supplied in response to the demand of the public for the correction of inefficient or inequitable market practices.

Excise Tax

A tax on the sale or consumption of specific goods or services, such as tobacco, alcohol, and fuel.

Per Gallon

A unit of measurement used to quantify quantities, such as fuel efficiency or liquid commodity prices, based on volume per gallon.