Poor Asian Countries May Have Per-Capita GDP's That May Be

question 48

Multiple Choice

Poor Asian countries may have per-capita GDP's that may be less than $250.Why is this somewhat misleading for comparative purposes?

• A)Most rich country GDP is nonmarket activity.
• B)A significant amount of poor country GDP is nonmarket activity.
• C)Poor countries do not use dollars.
• D)Poor countries have few resources.

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Definitions:

FIFO Cost Flow

A method used in accounting for inventory valuation where the first goods purchased are the first goods sold, standing for First-In, First-Out.

Finished Goods Inventory

Goods that have been fully manufactured but remain unsold or undistributed to purchasers.

Cost Of Goods Sold

The immediate expenses linked to the manufacturing of products a company sells.

Product Costs

The costs directly attributable to the manufacturing of a product, including direct labor, direct materials, and manufacturing overhead.