The Goal of This Theory Is to Propose Strategies for Economic

question 73

Multiple Choice

The goal of this theory is to propose strategies for economic growth and political stability.

• A)Modernization theory
• B)Dependency theory
• C)World system theory
• D)Development theory

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Definitions:

LIFO

"Last In, First Out" method of inventory valuation where the most recently produced items are recorded as sold first.

FIFO

First In, First Out, an inventory valuation method where goods purchased or produced first are sold or consumed first.

Average Cost Method

An inventory costing method that determines the cost of goods sold and ending inventory based on the weighted average cost of all items available for sale.

Gross Profit

calculates as the difference between revenue and the cost of goods sold, indicating how efficiently a company uses its resources to produce goods.