Which of the Following Statements Is TRUE

question 99

Multiple Choice

Which of the following statements is TRUE?

• A) If Q < K, it means the reverse reaction will proceed to form more reactants.
• B) If Q > K, it means the forward reaction will proceed to form more products.
• C) If Q = K, it means the reaction is at equilibrium.
• D) All of the above are true.
• E) None of the above are true.

Recognize the difference between GDP and GNP.

Understand how GDP accounts for government, investment, consumption, and net exports.

Understand the components that make up the Gross Domestic Product (GDP) and how they are measured.

Distinguish between nominal and real GDP and understand the significance of each.

---

Definitions:

Traditional Costing

Traditional Costing is a method of costing that allocates manufacturing overhead costs to products based on the volume of production resources consumed, such as labor hours or machine hours.

Overhead Assigned

The allocation of indirect costs to a particular production process or activity.

Direct Labor-Hours

A measure of the total hours worked by employees directly involved in the manufacturing process.

Traditional Costing

An accounting method that applies factory overhead costs to products based on a predetermined overhead rate.