The Three Major Cost Components of a Manufactured Product Are

question 125

Multiple Choice

The three major cost components of a manufactured product are:

• A) Marketing, selling, and administrative costs.
• B) Indirect labor, indirect materials, and miscellaneous factory expenses.
• C) Direct materials, direct labor, and factory overhead.
• D) Differential costs, opportunity costs, and sunk costs.
• E) General, selling, and administrative costs.

---

Definitions:

Big Government

A term referring to a government or state perceived as overly involved in the various aspects of societal, economic, and personal lives of its citizens.

Keynesians

Supporters of the economic theories established by John Maynard Keynes, focusing on total spending in the economy and its effects on output and inflation.

Monetarism

A school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation.

Classical Economics

A school of economic thought that emphasizes the role of free markets in regulating economic activity, and the importance of limiting government intervention.