Scrap Is ________

question 119

Multiple Choice

Scrap is ________.

• A) units of production that do not meet the specifications required by customers but that are subsequently repaired and sold as good finished units
• B) products of a joint production process that have low total sales values relative to the total sales value of the main product
• C) residual material that results from manufacturing a product
• D) units of production whether fully or partially completed, that do not meet the specifications required by customers for good units and are discarded or sold at reduced prices

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Definitions:

Supply and Demand

Fundamental economic model that explains how prices and quantities of goods and services are determined in a market system by the interaction of supply by producers and demand by consumers.

Property Taxes

Taxes paid by owners of property such as land, buildings, and in some cases, personal property, based on the value of the property.

Regressive

A term often used to describe taxes or policies that take a higher percentage from low-income earners than from high-income earners, considered inversely proportional to income.

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare among entities in the economy.