A Measure of the Output of Goods and Services in an Economy

question 34

Multiple Choice

A measure of the output of goods and services in an economy is called:

• A) output
• B) money supply
• C) gross domestic product
• D) velocity

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Definitions:

Impairment

A permanent reduction in the value of an asset to below its carrying amount, reflecting a decline in its fair value.

Dividends

Payments made by a corporation to its shareholder members, distributing a portion of the company's earnings.

FIFO System

First In, First Out, an inventory valuation method where the costs of the oldest inventory items are the first to be expensed.

Goodwill

The intangible asset that arises when a company acquires another business for more than the fair value of its net assets.