The World's Economies Can Be Divided into Four Main Categories

question 12

Multiple Choice

The world's economies can be divided into four main categories according to their annual per-capita income levels. Which one of the following is NOT one of the categories?

• A) low-income
• B) upper middle-income
• C) high-income
• D) lower middle-income
• E) middle-income

---

Definitions:

Direct Labor Price Variance

The difference between the actual cost of direct labor and the expected (or standard) cost of direct labor used during production.

Direct Labor Payroll

The total amount of money paid to employees directly involved in manufacturing products or providing services.

Standard Rate of Pay

The regular amount of pay given for standard work hours or for performing a standard task or job.

Unfavorable Variance

The difference between actual costs and standard or budgeted costs when actual costs are higher, indicating lower profitability.