-As Shown in Figure 9-1 Above, Which of the Following

question 164

Multiple Choice

-As shown in Figure 9-1 above, which of the following statements is most accurate?

• A)Services are a smaller part of the gross domestic product than are goods.
• B)In 2012, goods represent a larger part of the gross domestic product than services.
• C)In 1995, services were worth almost $1 billion.
• D)Until 1980, goods and services contributed almost equally to the gross domestic product (GD
• P).
• E)In 2012, goods were 50 percent of the GDP.

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Definitions:

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material, labor, and overhead costs.

Purchase Discounts

A deduction from the stated price of goods or services allowed by the seller to the buyer for prompt payment.

Acquisition Cost

The total cost incurred to acquire an asset, including purchase price and all expenses directly tied to the acquisition.

Net Price Method

An accounting approach that calculates the cost of goods sold or purchased after deducting any discounts, rebates, or allowances from the gross price.