In Response to the Great Depression,John Maynard Keynes

question 4

Multiple Choice

In response to the Great Depression,John Maynard Keynes

• A)proposed that the government should do nothing and wait out the economic hard times.
• B)was a big supporter of the Smoot-Hawley Tariff.
• C)felt that the government should tighten the money supply.
• D)wrote that capitalism had failed and that it was time for the United States to experiment with communism.
• E)urged the government to expand the money supply and undertake public works to provide jobs.

---

Definitions:

Job Order Cost Accounting

An accounting method that tracks costs individually for each job rather than for a set period, particularly useful for companies producing unique or custom products.

Operations Costing

A hybrid costing system used in manufacturing, combining features of both job-order and process costing to assign costs to products.

Job Order Cost

A costing method used to accumulate and assign the costs of labor, materials, and overhead to individual products or jobs.

Rework Costs

Expenses incurred to correct defective products or work processes, ensuring they meet quality standards before reaching the customer.