Which of the following statements are true of final goods?Multiple select question.They are goods directly consumed by individuals or businessesThey are goods used only in the production of other productsThey are excluded from GDPThey are goods counted as part of GDP

b. Gross domestic product does not include the value of the stocks and bonds bought and sold because these transactions are considered multiple choice 2economic investment, but should be counted as production of final goods and services.economic investment, and should not be counted as production of final goods and services.consumption expenditures, and should not be counted as production of final goods and services.consumption expenditures, but should be counted as production of final goods and services.

Which of the following goods is final goods?(i) Cloth used for making a sofa-set by the carpenter(ii) Purchase of rice by a grocery shop(iii) Machine purchased by a dealer.(iv) Clothes used by the householdsChoose the options belowOnly (i)Only (iv)(i), (ii) and (iii)(ii), (iii) and (iv)

Which of the following statements about demand and aggregate demand are true?Multiple select question.We use demand to describe the overall or total demand for all final goods and services produced in an economy.We use aggregate demand to talk about the price and quantity of a single good or service produced in a specific market.We use aggregate demand to describe the overall or total demand for all final goods and services produced in an economy.We use demand to talk about the price and quantity of a single good or service produced in a specific market.

LO 10.2 Which of these statements is false?Choose one answer from the options below.A. If cost of goods sold is incorrect, ending inventory is usually incorrect too.B. beginning inventory + purchases = cost of goods soldC. ending inventory + cost of goods sold = goods available for saleD. goods available for sale – beginning inventory = purchasesBackNext

Select all that applyCost of goods sold is characterized by which of the following statements?Multiple select question.Cost of goods sold is an asset reported on the balance sheet.Cost of goods sold is the money received from selling merchandise.Cost of goods sold is an expense reported on the income statement.Cost of goods sold includes the expenses of buying and preparing an item for sale.Cost of goods sold is also called cost of sales.Cost of goods sold is used to figure gross profit.