Since 1950,the Average Length of a Recession in the United

question 174

Multiple Choice

Since 1950,the average length of a recession in the United States has been

• A)such that recessions barely exist.
• B)less than a year.
• C)between 1 and 2 years.
• D)greater than 2 years.

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Definitions:

FIFO Inventory

A rephrased definition: A method to manage and value inventory assuming the first items purchased are the first to leave the warehouse.

Cost of Goods Sold

Direct expenditures associated with producing the items a company offers for sale.

Weighted Average

A calculation that takes into account the differing degrees of importance of the numbers in a data set.

FIFO and LIFO

Inventory valuation methods; FIFO (First In, First Out) assumes that the earliest goods purchased are the first to be sold, while LIFO (Last In, First Out) assumes the reverse.