Table 12-11 -Refer to Table 12-11.Consider the Following Data on Nominal GDP

question 91

Multiple Choice

Table 12-11

-Refer to Table 12-11.Consider the following data on nominal GDP and real GDP (values are in billions of dollars) : The GDP deflator for 2011 equals

• A)92.2.
• B)102.6.
• C)108.5.
• D)109.1.

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Definitions:

Work in Process Inventory

Goods that are in the process of being produced but are not yet finished in a manufacturing company.

Actual Overhead

The real costs incurred for overhead in production processes, as opposed to budgeted or estimated costs.

Overhead Applied

The portion of overhead costs allocated to individual products or services based on a predetermined rate.

Indirect Materials

Substances utilized during manufacturing that cannot be specifically associated with any single product, like machine lubricants.