Technological Development

question 26

Multiple Choice

Technological development:

• A)makes it impossible to obtain more of the same things.
• B)alters the nature of production and consumption.
• C)does not depend on economic incentives.
• D)does not depend on institutions.

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Definitions:

Work in Process

Also known as work in progress, it denotes the cost of unfinished goods in manufacturing at any given time.

Direct Labour Cost

The wages paid to workers who are directly involved in the manufacturing or production process.

Direct Materials Cost

Direct materials cost refers to the expenditure on the raw materials that are directly identifiable and allocable to the production of a product.

Overapplied Overhead

This refers to a situation in which the allocated overhead cost is greater than the actual overhead cost incurred.