As a Factor of Production,oil Reserves Are Counted as

question 195

Multiple Choice

As a factor of production,oil reserves are counted as

• A) land.
• B) labor.
• C) capital.
• D) entrepreneurship.
• E) financial capital.

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Definitions:

Machine-Hours

A measure of production output or work measurement based on the number of hours machines are operated.

Job-Order Costing System

A cost accounting system in which costs are assigned to specific jobs or batches, used in manufacturing and services.

Predetermined Overhead Rate

A rate used to allocate estimated overhead costs to products or services, based on a chosen activity base like labor hours or machine hours.

Direct Labor-Hours

The total number of hours worked by employees that are directly involved in the manufacturing process.