The Price Variance for Direct Labor Is Called the Direct

question 33

True/False

The price variance for direct labor is called the direct labor rate variance.Because the price of direct labor is called the direct labor rate,the price variance for labor is called the direct labor rate variance.

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Definitions:

Tragedy of the Commons

A situation in which individual users of a shared resource act in their own interest, depleting or degrading the common resource.

Negative Externality

A cost suffered by a third party as a consequence of an economic transaction in which they were not involved.

Common Resource

A resource like air or water, that provides users with tangible benefits but is difficult to exclude nonpaying users from consuming or depleting.

Publicly Owned

A description for businesses or assets owned by the government or the public sector, often emphasizing their accountability and service to the public rather than profit motive.