From 1950 to 2007, Manufacturing as a Percentage of GDP

question 33

Multiple Choice

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly ____ percent to roughly ____ percent.

• A) 10;25
• B) 25;10
• C) 25;50
• D) 50;25

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Definitions:

Overapplied

Refers to a situation where the amount of overhead cost allocated to products or services is more than the actual overhead cost incurred.

Manufacturing Overhead Applied

The amount of manufacturing overhead costs allocated to each unit of product based on a predetermined overhead rate.

Overapplied

This term relates to a situation where the allocated costs in accounting exceed the actual indirect costs.

Underapplied

A situation where the allocated overhead cost is less than the actual overhead cost incurred.