The Sequence of Events by Which Inflation Can Reduce Output

question 77

Multiple Choice

The sequence of events by which inflation can reduce output is:

• A)as prices rise, the quantity of goods and services demanded increases, the firms therefore, produce more output which causes the unemployment to increase.
• B)as prices rise, the quantity of goods and services demanded increases, the firms therefore, produce more output which causes the unemployment to decrease.
• C)as prices rise, the quantity of goods and services demanded falls, the firms therefore, produce less output which causes the unemployment to increase.
• D)as prices rise, the quantity of goods and services demanded falls, the firms therefore, produce less output which causes the unemployment to decrease.

Understand the conceptual framework of job-order costing and its application in manufacturing.

Differentiate between direct and indirect costs and their allocation to products.

Explain the treatment of underapplied and overapplied manufacturing overhead in financial accounts.

Identify and record the direct materials, direct labour, and manufacturing overhead in job-order costing.

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