How Are the Fundamental Economic Decisions Determined in Cuba

question 99

Multiple Choice

How are the fundamental economic decisions determined in Cuba?

• A)Individuals,firms,and the government interact in a market to make these economic decisions.
• B)These decisions are made by the country's elders who have had much experience in answering these questions.
• C)The government decides because Cuba is a centrally planned economy.
• D)The United Nations decides because Cuba is a developing economy.

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Definitions:

Weighted-Average Method

An inventory costing method that assigns an average cost to each unit of inventory, taking into account both the cost and the quantity of each item purchased.

Equivalent Units Of Production

A concept used in cost accounting to allocate costs to units of output during a period, accounting for partially completed units.

Work In Process Inventory

Inventory that includes all materials, labor, and overhead costs for products that are in the production process but not yet completed.

Direct Materials

These are raw materials that can be directly identified with the finished product in terms of cost and physical involvement.