In 2016 the U

question 43

Multiple Choice

In 2016 the U.S. government reduced the quantity of sugar that can be imported from other nations. This action ________ the price of sugar in the United States and ________ the quantity consumed in the United States.

• A) raised; increased
• B) raised; decreased
• C) lowered; increased
• D) lowered; decreased

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Definitions:

Produces

Engages in the act of making, manufacturing, or creating goods and services for sale or distribution.

Cost of Goods Manufactured

The total production cost of goods completed and transferred out of the work-in-progress inventory during a specific period.

Direct Materials

Raw materials that are directly traceable to the production of specific goods.

Factory Overhead

All indirect manufacturing costs, including costs related to running the factory that cannot be directly tied to a specific product.