Goods That Have Been Produced but Not Yet Sold Are

question 24

Multiple Choice

Goods that have been produced but not yet sold are referred to as

• A)understocks.
• B)inventories.
• C)pre-sold goods.
• D)capital goods.
• E)overhead costs.

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Definitions:

Quantity of Labor Supplied

The total hours that workers are willing and able to work at a given wage rate, in a given period.

Wages

Compensation given to workers for their work or efforts, usually determined based on the hours worked, per day, or per task completed.

Excise Tax

A tax levied on certain goods and commodities produced or sold within a country and on licenses granted for certain activities.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale at each price level.