U.S.economic Structure Is Moving

question 46

Multiple Choice

U.S.economic structure is moving:

• A)away from an agricultural to an industrial economy.
• B)away from an industrial to a knowledge-based one.
• C)back to an agricultural economy.
• D)away from an agricultural to a knowledge-based one.

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Definitions:

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to products based on a particular activity base, such as labor hours or machine hours.

Finishing Department

The division within a manufacturing process where products undergo final touch-ups, quality checks, and preparations before delivery or sale.

Direct Labor-Hours

The total time workers or employees spend directly manufacturing a product or providing a service.

Overhead Applied

The allocation of estimated overhead costs to individual units of production, based on a predetermined rate.