As a Percentage of GDP (Total Output),U.S.exports Are

question 62

Multiple Choice

As a percentage of GDP (total output) ,U.S.exports are:

• A) about 20 percent.
• B) lower than in some other industrial countries,including Germany and Canada.
• C) less today than they were in the 1970s.
• D) the highest in the world.

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Definitions:

Variable Manufacturing Costs

Costs that vary directly with the volume of production, such as raw materials and direct labor.

Manufacturing Overhead

The collective costs associated with the production process that cannot be directly traced to specific units produced, including indirect materials, labor, and other overhead expenses.

Absorption Costing

A costing method that includes all manufacturing costs, direct materials, direct labor, and both variable and fixed manufacturing overhead, in the cost of a product.

Cost Structure

The relative proportion of fixed, variable, and mixed costs in an organization.