If a Country Produced Nothing but 20 Smartphones and 10

question 195

Multiple Choice

If a country produced nothing but 20 smartphones and 10 Blu-ray players in 2011,priced at $100 per smartphone and $200 per Blu-ray player,its GDP in 2011 would be:

• A) $1,000.
• B) $2,000.
• C) $4,000.
• D) $5,000.

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Definitions:

Work In Process Account

An account used to track the costs associated with goods that are partially completed in the manufacturing process.

Manufacturing Costs

Expenses related to the production of goods, including labor, materials, and overhead costs.

Completed Jobs

The number of tasks, projects, or orders that have been finished within a specified period.

Incomplete Jobs

Tasks or projects that have been started but not yet finished, often requiring further inputs of resources or time to complete.