The Most Important Factor That Contributed to China's Rapid Growth

question 25

Multiple Choice

The most important factor that contributed to China's rapid growth at the end of the 1970s and early 1980s was:

• A) improvements in physical capital.
• B) increases in human capital.
• C) advances in technology.
• D) institutional reforms.

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Definitions:

Process Costing System

An accounting system used to assess the costs associated with each stage of the manufacturing process, especially applicable in industries producing homogenous products.

Work In Process

Partially completed goods that are still in the production process at the end of an accounting period.

Conversion Costs

The combination of direct labor and factory overhead costs.

Direct Labor

The workforce directly involved in manufacturing or producing goods, whose wages are considered a variable cost.