Which of the Following Is Included in U

question 109

Multiple Choice

Which of the following is included in U.S. GDP?

• A)the value of production by a Singaporean working in the U.S.
• B)the value of production by an American working in Singapore
• C)Both (a) and (b) are correct.
• D)Neither (a) nor (b) is correct.

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Definitions:

Inventory Valuation Method

A system used by businesses to assess the cost of their inventory, affecting financial statements and taxation.

Gross Profit

The financial metric calculated by subtracting the cost of goods sold from the net sales, representing the profit from sales before deducting operating expenses.

LIFO

An inventory valuation method that assumes the last items placed in inventory are the first ones sold, standing for Last In, First Out.

Periodic Inventory System

An accounting method where inventory is physically counted at specific intervals to determine the cost of goods sold.