Which of the Following Results If the U

question 117

Multiple Choice

Which of the following results if the U.S.imposes an import quota on computer components?

• A)U.S.exports and U.S.imports both increase
• B)U.S.exports increase but U.S.imports are unchanged
• C)U.S.imports increase but U.S.exports are unchanged
• D)None of the above is correct.

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Definitions:

Markup

The amount added to the cost of goods to cover overhead and profit when setting the selling price.

Job-Order Costing

An accounting method that assigns costs to specific production units or jobs, useful for customized orders.

Direct Labor-Hours

Sum of the hours expended by employees directly participating in the manufacturing operations.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead to individual products or job orders based on a consistent activity measure, calculated prior to the period in which it is used.