All of the Following Are Types of Economic Systems Except

question 37

Multiple Choice

All of the following are types of economic systems except:

• A) market economy
• B) command economy
• C) mixed economy
• D) progressive economy
• E) none of the answers are an example of a type of economic system

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Definitions:

Total Units

The entire quantity produced, held in inventory, or sold by a business in a specified period.

Conversion Cost

Costs incurred during the transformation of raw materials into finished products, mainly consisting of direct labor and manufacturing overhead.

Total Materials Cost

The sum of all costs associated with the raw materials used in the production of a product.

Equivalent Units

A measure used in cost accounting to express the amount of work done on partially finished goods as a proportion of finished goods.