The Sharp Deterioration of the US Trade Balance on Goods

question 27

Multiple Choice

The sharp deterioration of the US trade balance on goods after the 1970s was due in large part to which of the following?

• A)The sharp rise in the price of imported petroleum products during the 1970s
• B)The high international value of the dollar in the 1980s
• C)The more rapid growth of the United States than Europe and Japan during the 1990s
• D)All of the above

---

Definitions:

Job Order Costing

An accounting methodology used for assigning manufacturing costs to an individual product or batches of products, typically when each product's construction is sufficiently unique.

Process Cost Accounting

A method of accounting used for goods produced continuously, assigning costs to units of output.

Product Costs

The costs directly associated with manufacturing a product, including materials, labor, and overhead costs.

Factory Departments

Specific areas within a factory, each dedicated to a particular stage of the manufacturing process or type of task.