Which of the Following Were Some of the Prerequisites for the Industrial

question 26

Multiple Choice

Which of the following were some of the prerequisites for the industrial revolution?

• A) Legal changes that forced women in to the workplace, outlawed child labor, and ended private farm holdings.
• B) An upsurge in world trade and a social revolution to start the dictatorship of the proletariat.
• C) A society willing to embrace child labor and involuntary servitude among the working classes.
• D) An upsurge in world trade, a rising population, and an increase in the flow of money.
• E) A monopoly on the knowledge of how to use stream and cornering the world markets on iron ore.

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Definitions:

Variable Costing

An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of goods sold.

Absorption Costing

A calculation approach that encompasses all expenses of production, such as materials, labor, and all overheads, both variable and fixed, in determining a product's price.

Variable Production Costs

Costs that vary directly with the level of production, such as raw materials and direct labor.

Absorption Costing

This approach to bookkeeping encompasses all production-associated expenses, including direct materials, direct labor, and all manufacturing overheads, both variable and fixed, in calculating the product's price.