In Time Studies, Average Observed Time for an Element Is

question 108

Multiple Choice

In time studies, average observed time for an element is

• A) the ratio of normal time to standard time
• B) the difference between normal time and the allowance factors
• C) for all observations, the sum of all times recorded divided by the number of observations
• D) the percent of a worker's time spent performing that element
• E) how many observations must be taken in order to achieve a specified level of accuracy

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good or service and the amount of it that producers are willing to supply at that price.

Elastic Demand

A condition where the quantity demanded of a good or service significantly changes in response to a change in its price.

Efficiency Loss

The decrease in economic effectiveness that occurs when a good or service does not reach or cannot reach its equilibrium state.

Excise Tax

A type of tax imposed on specific goods, services, or activities, often with the goal of discouraging their use or consumption.