In the Wake of Increased Automation, the U

question 37

True/False

In the wake of increased automation, the U.S. may have to consider implementing a large scale education initiative similar to the GI Bill of 1944 to help individuals learn new knowledge and skills.

---

Definitions:

Machine-Hours

An indicator of how much is produced or the level of activity, determined by the total hours machines run during the manufacturing process.

Predetermined Overhead Rate

A rate calculated before the accounting period begins, used to allocate overhead costs to products or job orders based on a specific activity base such as direct labor hours or machine hours.

Machine-Hours

The total hours that machinery is operating in the production process, often used as a basis for allocating costs to products.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products, calculated before the production period based on an estimation of costs and activity levels.