Which of the Following Is True of U

question 65

Multiple Choice

Which of the following is true of U.S.net exports prior to the 1960s?

• A)Since most of the oil needs of the U.S.were met through imports,imports exceeded exports prior to the 1960s in the U.S.
• B)Prior to the 1960s,exports from the U.S.more or less equalled imports into the U.S.
• C)The U.S.was running a trade surplus prior to the 1960s.
• D)Prior to the 1960s,the U.S.ran twin deficits- both a current account deficit as well as a budget deficit.
• E)Since the U.S.dollar was overvalued prior to the 1960s,the U.S.exported less than it imported.

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Definitions:

Work in Process

Inventory that includes materials that have been partially completed but not yet ready for sale, representing the production in progress.

Control Account

An account used in accounting to summarize the details of a subsidiary ledger, ensuring consistency and simplification in the general ledger.

Manufacturing Overhead

The indirect costs associated with manufacturing, including expenses such as rent, utilities, and salaries of employees not directly involved in production.

Factory Labor

The workforce directly involved in converting raw materials into finished products, whose costs are accounted for as part of the overall production costs.