Which of the Following Statements Is True

question 78

Multiple Choice

Which of the following statements is true?

• A) It is possible for an economy to change both its political and economic institutions.
• B) Neither the political institutions nor the economic institutions of a nation can be changed.
• C) It is possible for an economy to change its political institutions but not its economic institutions.
• D) It is possible for an economy to change its economic institutions but not its political institutions.

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Definitions:

Gross Margin Ratio

A measure of a company's financial health, calculated as gross profit divided by net sales, showing the percentage of sales revenue that exceeds the cost of goods sold.

Perpetual Inventory System

An inventory management method that records the sale or purchase of inventory immediately through electronic tracking.

Gross Method

An accounting approach for recording purchases at the gross invoice amount before any trade discounts are taken.

Merchandising Transactions

Business activities related to the buying and selling of merchandise, which may involve inventory purchases, sales transactions, and the return of goods.