From 1950 to 2007, Manufacturing as a Percentage of GDP

question 33

Multiple Choice

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly ____ percent to roughly ____ percent.

• A) 10;25
• B) 25;10
• C) 25;50
• D) 50;25

---

Definitions:

LIFO

An inventory cost methodology assuming the most recently added items to the inventory are sold first, short for "Last-In, First-Out."

FIFO

"First In, First Out," an inventory valuation method where goods first bought are the first to be sold.

Increasing Costs

Increasing Costs refer to a scenario where a company experiences a rise in the price of inputs or operational expenses over time, which can affect profitability.

Lower of Cost or Market

An accounting principle that values inventory at the lesser of its historical cost or current market value, used to ensure assets are not overstated.