The Term Iron Triangle Refers to

question 54

Multiple Choice

The term iron triangle refers to

• A)a tightly-knit set of lobbying groups.
• B)the relationship between the Congress,the military,and defense contractors.
• C)a small and informal but relatively stable set of bureaucrats,legislators,and lobbyists who are concerned with promoting a particular interest.
• D)the strategy of lobbying all three branches of government simultaneously.
• E)a corrupt relationship among the president,Congress,and the Supreme Court.

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Definitions:

Conversion Costs

Costs incurred to convert raw materials into finished goods, typically including direct labor and manufacturing overhead expenses.

Direct Labor

The cost of wages for employees who are directly involved in the manufacturing or production of goods.

Factory Overhead

All indirect costs associated with manufacturing beyond direct materials and direct labor, such as utilities, maintenance, and depreciation.

Prime Costs

The direct costs of manufacturing an item, which typically include direct labor and direct materials.