Which Is True About the Means of Production

question 58

Multiple Choice

Which is true about the means of production?

• A)Under capitalism it is privately owned,and under fascism it is owned by the government.
• B)Under fascism it is privately owned,and under capitalism it is owned by the government.
• C)Under both capitalism and fascism it is owned by the government.
• D)Under capitalism and fascism it is privately owneD.

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Definitions:

Conversion Costs

The total expense required to convert raw materials into finished goods, including labor and overhead costs.

Process Costing

An accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process, to calculate the total cost of manufacturing a product.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all goods available for sale during the period.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the costs incurred to convert raw materials into finished goods.