In His Tests,Leontief Used an Input-Output Table to

question 31

Multiple Choice

In his tests,Leontief used an input-output table to

• A)calculate the capital and labor required to produce $1 million of U.S. exports and imports.
• B)calculate the labor productivity of American workers relative to foreign workers.
• C)calculate the capital productivity of American capital relative to foreign capital.
• D)All of the above.

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Definitions:

Factory Payroll

The total compensation paid to all employees working within a manufacturing plant or factory.

Overhead Applicable

The portion of overhead costs that are assigned to a specific product, service, or job based on a predetermined rate or method.

Direct Materials

Raw materials that are directly traceable to the manufacturing process of a specific product and integral to its production.

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to consumers.