An Economist Who Argues That a Free Market Economy,if Left

question 6

Multiple Choice

An economist who argues that a free market economy,if left to itself,is strong enough to recover from any economic crisis reflects

• A) Keynesian analysis.
• B) a strong Marxist influence.
• C) the classical view.
• D) the post-Marxian-Keynesian synthesis.
• E) his or her own original view, with no apparent relationship to the thinking of other economists.

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Definitions:

Period Cost

Costs that are not directly tied to the production process and are expensed in the period they are incurred, such as selling and administrative expenses.

FIFO Cost Flow

An inventory valuation method where the oldest inventory items are recorded as sold first, leaving the newest items in inventory.

Finished Goods Inventory

Finished Goods Inventory consists of the completed products that are ready for sale but have not yet been sold, representing one of the components of a company's total inventory.

Predetermined Overhead Rate

A rate used to allocate estimated overhead costs to products or job orders, based on a particular activity base.