Unlimited Wants Need Not Be a Problem If

question 145

Multiple Choice

Unlimited wants need not be a problem if

• A)resources are also unlimited.
• B)resources are flexible in what they can do.
• C)resources are basic energy resources like oil.
• D)resources are human resources such as skilled labor.
• E)resources cannot be captured in a war.

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Definitions:

Gross Profit Method

An inventory estimation technique that calculates cost of goods sold and ending inventory based on gross profit margin.

Estimated Ending Inventory

A projection of the value of inventory on hand at the end of an accounting period, often calculated using inventory methods such as FIFO or LIFO.

Gross Profit Rate

The ratio of gross profit (sales minus cost of goods sold) to sales revenue, expressed as a percentage.

Balance Sheet

A financial statement that summarizes a company’s assets, liabilities, and shareholders’ equity at a specific point in time.