Which of the Following Is True Regarding the Structural Changes

question 64

Multiple Choice

Which of the following is true regarding the structural changes seen in American society?

• A) The agricultural sector employs most number of Americans.
• B) The percentage of workers employed in the goods-producing sector is declining.
• C) There is a drastic decline in the number of employees in the service sector.
• D) The American job landscape is shaped by four long-term structural trends.

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Definitions:

Inventory

The raw materials, work-in-progress products, and finished goods considered to be the part of a business's assets that are ready or will be ready for sale.

FIFO Inventory Method

"First In, First Out," a method of inventory valuation where goods purchased first are assumed to be sold first.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before other expenses.

LIFO Method

A cost flow assumption for inventory that treats the last items added to inventory as the first ones to be sold, generally affecting tax liabilities and reported profits.