Which of the Following Accurately Depicts the Levels of Economic

question 29

Multiple Choice

Which of the following accurately depicts the levels of economic integration,from least integrated to most integrated?

• A)Free trade area,customs union,common market,economic union,and political union
• B)Economic union,common market,free trade area,political union,and customs union
• C)Common market,economic union,political union,free trade area,and customs union
• D)Political union,free trade area,common market,customs union,and economic union

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Definitions:

Period Costs

Expenses directly tied to non-manufacturing activities such as selling, administration, and general business operations, recognized in the income statement when incurred.

General Costs

General costs are indirect expenses related to the overall operations of a company that cannot be directly tied to a specific product or service, such as rent, utilities, and administrative salaries.

Indirect Materials

Materials used in the production process that do not directly become part of the finished product.

Manufacturing

The procedure of changing basic materials, components, or elements into end products that align with a customer’s needs or criteria.