Economists Make Assumptions to

question 260

Multiple Choice

Economists make assumptions to

• A)minimize the number of experiments that yield no useful data.
• B)develop models when the scientific method cannot be used.
• C)provide issues for political discussion.
• D)simplify the complex world and make it easier to understand.

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Definitions:

Allocation

The process of assigning costs or resources to various departments, products, or activities based on specific criteria.

Schedule of Cost

A detailed list or report showing the various costs associated with a project or production, including direct and indirect costs.

Goods Manufactured

The completed products that are ready for sale, resulting from the manufacturing process.

Job-Order Costing

A cost accounting system where costs are assigned to specific jobs or batches, used in industries where goods or services are produced upon request.