Which of the Following Statements Is False

question 144

Multiple Choice

Which of the following statements is false?

• A) Real GDP in the United States was approximately seven times greater in 2012 than in 1950.
• B) The U.S.population was approximately twice as large in 2012 than in 1950.
• C) Nominal GDP in the United States was approximately seven times greater in 2012 than in 1950.
• D) Real GDP is GDP adjusted for price changes.

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Definitions:

Unit Product Cost

The total expense involved in manufacturing a single product unit, encompassing direct materials, direct labor, and apportioned overhead costs.

Variable Costing

An accounting method that includes only variable production costs (direct labor, direct materials, and variable overhead) in product costs and expenses fixed overhead as a period cost.

Unit Product Cost

The total cost, including materials, labor, and overhead expenses, divided by the total number of units produced.

Absorption Costing

Absorption costing is a method in accounting that includes all manufacturing costs - both direct and indirect - in the cost of a product.