In Most LDCs the Initial Target of Import Substitution Is

question 2

Multiple Choice

In most LDCs the initial target of import substitution is to promote domestic production of

• A)consumer goods.
• B)food and other agricultural goods.
• C)capital goods.
• D) manufactured intermediate goods.

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Definitions:

Periodic system

A periodic system is an inventory management approach where inventory levels and the cost of goods sold are calculated at the end of each accounting period, rather than continuously.

Beginning inventory

This is the value of all the inventory (raw materials, work-in-process, and finished goods) that a company has at the start of an accounting period.

LIFO

An inventory valuation method that assumes the last items placed into inventory are the first ones sold; stands for Last In, First Out.

Cost

A payment of cash (or a commitment to pay cash in the future) for the purpose of generating revenues.