How Is the Industrial Revolution's Effect on the Standard of Living

question 37

Multiple Choice

How is the Industrial Revolution's effect on the standard of living best described?

• A)It especially benefited the middle classes.
• B)It led to a much more equal wealth distribution between the richest and poorest classes in society.
• C)It eventually led to an overall decrease in purchasing power for the working classes.

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Definitions:

Plantwide Overhead Rate

A single overhead rate applied to all production activities, calculated by dividing the total factory overhead by an allocation base, such as direct labor hours.

Direct Labor Hours

The total hours of labor directly involved in the manufacturing or production process of goods and services.

Overhead Allocation

The process of distributing indirect costs to cost objects such as products, services, or departments.

Departmental Overhead Rate

The allocation of indirect costs to specific departments based on relevant activity bases, such as labor hours or machine hours, to more accurately assign costs.