Which Is Least Accurate About Foreign Trade

question 12

Multiple Choice

Which is least accurate about foreign trade?

• A) In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries.
• B) After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade.
• C) After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping.
• D) In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.

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Definitions:

Work in Process

An account that tracks the costs associated with incomplete goods in manufacturing, including material, labor, and overhead expenses during the production phase.

Absorption Costing

A method of accounting that encompasses all costs associated with manufacturing, including direct materials, direct labor, as well as both variable and fixed overhead expenses, as part of a product's cost.

Fixed Costs

Regularly occurring costs that remain constant in total, irrespective of changes in operational levels or volume of output.

Variable Costs

Costs that change in direct proportion with the level of output or activity of a business.