In Which of the Following Decades Was the Average Inflation

question 26

Multiple Choice

In which of the following decades was the average inflation rate (based on the GDP deflator) the highest?

• A)1960-69
• B)1970-79
• C)1980-89
• D)1990-99
• E)2000-09

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Definitions:

Direct Labor-Hours

The total number of labor hours worked by employees who are directly involved in the manufacturing process.

Job-Order Costing System

An accounting system that accumulates costs per job rather than per time period, used in industries where goods are custom-made.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to individual units of production, based on a certain activity.

Variable Manufacturing Overhead

Costs that fluctuate with production volume, such as utilities and materials used in the production process.