The US Economy, Which Accounted for Half of Global GDP in in 1945

question 25

Multiple Choice

The U.S. economy, which accounted for half of global GDP in 1945, now accounts for what percentage of the world economy?

• A) 10 percent
• B) 20 percent
• C) 30 percent
• D) 40 percent

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Definitions:

Period Cost

Costs unrelated to the direct production process, recognized as expenses in the period they happen, encompassing sales, general, and administrative expenditures.

Plant Manager

A professional who oversees all operations of a manufacturing facility, including personnel, production processes, and budget management.

Salary

A fixed regular payment, typically expressed as an annual amount, made by an employer to an employee, especially a professional or white-collar worker.

Product Cost

The total expense incurred to produce a product, including costs directly tied to manufacturing such as raw materials and labor, differentiated by highlighting its importance in pricing and profitability analysis.