Which One of These Statements Is Correct

question 60

Multiple Choice

Which one of these statements is correct?

• A)Finished goods are classified as a commodity.
• B)Work-in-progress may have less resell value than the individual component parts did.
• C)Raw materials that are considered to be a commodity are generally illiquid.
• D)Raw materials consist of only those goods that are found in nature.
• E)Finished goods are highly liquid because they are completed.

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Definitions:

Imperfect Competitor

An imperfect competitor is a firm or entity in a market structure that does not meet the criteria of perfect competition, often having some control over its prices or products.

Wage Rate

An amount of money that is paid to an employee per unit of time, commonly hourly, daily, or annually, for their labor.

Standard Oil

An American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and associates, controlling much of the oil industry in the U.S. until it was broken up in 1911.

Trust

A legal arrangement where one party, the trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.