The Relationship Among Interest Groups, Members of Congress, and Federal

question 55

Multiple Choice

The relationship among interest groups, members of Congress, and federal agencies is referred to by critics as

• A) the iron triangle.
• B) issue networks.
• C) the iron law.
• D) the public interest.
• E) iron networks.

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Definitions:

Product Costs

Costs that are directly associated with the production of goods, including direct labor, direct materials, and manufacturing overhead.

Absorption Costing

A pricing approach that encompasses all costs associated with manufacturing—including direct materials, direct labor, and all manufacturing overheads, both variable and fixed, in a product's cost.

Fixed Overhead Costs

Costs associated with production that do not change with the level of output, such as rent, salaries, and insurance.

Product Costs

Costs that are directly associated with the manufacture of products, including raw materials, labor, and overhead.