Figure 22-5 Use the Graph Below to Answer the Following Questions

question 352

Multiple Choice

Figure 22-5
Use the graph below to answer the following questions.
-Refer to Figure 22-5. Curve 2 is the

• A)long-run Phillips curve.
• B)short-run Phillips curve.
• C)long-run aggregate demand curve.
• D)short-run aggregate demand curve.

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Definitions:

Ending Work in Process

This refers to the goods that are still in the production process at the end of an accounting period but have not yet been completed.

Total Units

The aggregate quantity of units produced, held in inventory, or sold by a business.

Transferred Out

In cost accounting, refers to the cost of goods or inventory items that have been moved from one production process or department to another.

Units Transferred Out

In process costing, the term refers to the number of units moved from one production department to the next, or to the completed goods inventory.