GDP is the total market value of all final goods and services produced within a country in a given period of time.
Answer:
B) Direct materials used + direct labor + factory overhead + beginning work in process - ending work in process.
Explanation:
The formula to compute the cost of goods manufactured is shown below:
= Direct material used + Direct labor + Manufacturing Overhead
where,
Manufacturing Overhead equal to
= Factory overhead + Beginning work-in-process - Ending work-in-process
Or we can say that
Direct material used + direct labor + factory overhead + beginning work in process - ending work in process
Answer:
The correct answer is "Executive office of the president"
Explanation:
The Executive Office of the President of the United States (EOP) is a gathering of agencies belonging to the executive branch of the government of the United States of America. The principal function is to support the president works.
The Office of Management and Budget and the Council of Economic Advisers are part of the EOP.
Answer:
D. Economics does not use theories.
Explanation:
Economics is the study of : limited resource allocation, having alternative uses - to satisfy unlimited wants.
Economics is both a science (empirical science) & art (social science).
Economics has generally accepted rules & laws, based on experimentation - like Empirical Science. Eg: Law of Demand stating inverse relationship between price & quantity demanded.
Economics has subjective application essence to solve economic issues - like Social Science / art. Eg: Contractionary monetary policy (reducing money supply) to solve inflation (high price level)
