Joint Costs

question 103

Multiple Choice

Joint costs

• A)are the cost of the common inputs for joint products.
• B)are the costs incurred after the split-off point for joint products.
• C)are expensed because they have no future benefit for a company.
• D)only exist when there are no opportunity costs involved in the decision.

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Definitions:

Goods And Services

The products (goods) and activities (services) that are produced and provided to satisfy consumers' wants and needs.

Trade Balance

The difference between the monetary value of a nation's exports and imports over a certain period, indicating a surplus if exports exceed imports or a deficit otherwise.

Exports

Goods or services that are produced in one country and sold to buyers in another, contributing to the exporting country's economy.

Imports

Goods and services bought from foreign countries for domestic consumption.