Rapid Increases in the U

question 17

Multiple Choice

Rapid increases in the U.S. exports of goods and services will result in a(n) _____ foreign currency and a(n) _____ the U.S. dollars in the foreign exchange market.

• A)increase in the demand for; increase in the supply of
• B)increase in the supply of; increase in the demand for
• C)shortage of foreign currency; surplus of
• D)decrease in the supply of; decrease in the demand for

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Definitions:

Direct Labor

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

Direct Materials Price Variances

The difference between the actual cost of direct materials used in production and the standard cost expected to be used, showing how effectively materials costs are managed.

Direct Labor Rate Variances

The difference between the expected cost of direct labor per unit of production and the actual cost incurred.

Work in Process

Partially finished goods that are still in the production process at a specific point in time.