As a Measure for Total Factor Productivity, We Can Use

question 21

Multiple Choice

As a measure for total factor productivity, we can use the quantity of ________ in an economy.

• A) computers
• B) factories
• C) machines
• D) kilowatt hours used
• E) None of these answers is correct.

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Definitions:

Periodic FIFO

A method of inventory valuation where goods purchased first are assumed to be sold first, calculated periodically at the end of an accounting period.

Cost of Goods Sold

Costs directly related to the creation of products a company sells, which encompass both the cost of materials and labor.

Ending Inventory

The total value of all inventory, including raw materials, work-in-progress, and finished goods, remaining at the end of an accounting period.

LIFO Perpetual

An inventory costing method where the last items added to inventory are considered the first sold, continuously updated for each transaction.