Property Rights Can Be Defined and Enforced

question 86

Multiple Choice

Property rights can be defined and enforced

• A)only by the government
• B)only by ethical norms
• C)by the government and by ethical norms
• D)only through constant renegotiation
• E)by government, by informal social actions, and by ethical norms

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Definitions:

Equivalent Units

The concept used in cost accounting to convert partially completed goods into a number of complete units of output for inventory valuation.

Work in Process

Inventory consisting of items that are in the stages of being processed into finished goods but are not yet complete.

Weighted-Average Method

An inventory costing method that assigns a weighted average cost to each unit in inventory, calculated after each inventory purchase.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.