Which of the Following Is an Example of a Measurement

question 36

Multiple Choice

Which of the following is an example of a measurement rather than a calculation?

• A)FIFO inventory valuation
• B)Replacement cost of ending inventory
• C)LIFO cost of goods sold
• D)Historical cost depreciation

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Definitions:

Socially Efficient Quantity

The level of production of a good or service that results in the optimal combination of economic efficiency and social welfare.

Market Equilibrium

A market state where the supply of goods matches demand, resulting in stable prices where the quantity of goods buyers are willing to buy equals the quantity sellers are willing to sell.

Output

The overall production of merchandise or services by a corporation, field, or the economic environment.

Quantity

The amount or number of a material or immaterial entity that is considered separately.