Which of the Following Ideas Describes the Concept of "Utilitarianism

question 368

Multiple Choice

Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s.
II) Utilitarians believed that a society should use only competitive markets to allocate resources.
III) Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair.

• A) III only
• B) II only
• C) I and II
• D) I, II and III

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Definitions:

Equivalent Units

A concept used in cost accounting to express the amount of materials, labor, or overhead costs in terms of fully completed units.

Physical Units

A measure of quantity, such as items or pieces, used to quantify the inventory, output, or production level of a business.

FIFO Method

An inventory valuation method where the first items acquired are the first ones sold or used, standing for First In, First Out.

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory values are determined by averaging the costs of all items available for sale during the period.