Thomas Friedman,in the World Is Flat,describes a World Coming to a Single

question 56

Multiple Choice

Thomas Friedman,in The World is Flat,describes a world coming to a single global economy with a playing field "flattened" by

• A) technological changes.
• B) a scarcity of resources.
• C) a few large companies.
• D) None of the choices are correct.

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Definitions:

Unit Product Cost

The cost calculated per unit, combining all expenses including materials, labor, and overhead related to the production.

Variable Costing

A method of accounting that comprises solely of variable production expenses, such as direct materials, direct labor, and variable manufacturing overhead, in the calculation of product costs.

Variable Costing

An accounting method that includes only variable costs (costs that change with production levels) in product costs and treats fixed costs as period expenses.

Unit Product Cost

The total cost incurred to produce, store, and sell one unit of a product, including material, labor, and overhead.