Economists Use the Term "Market Failure" to Refer to Those

question 22

Multiple Choice

Economists use the term "market failure" to refer to those free- market situations where

• A) externalities are present in the economy.
• B) government has intervened in the economy.
• C) allocatively efficient outcomes are not achieved.
• D) income is not distributed equitably.
• E) the economy is not in equilibrium.

Analyze the causes of unfavorable variances and propose corrective actions.

Understand how to calculate direct materials price variance.

Understand how to calculate direct materials quantity variance.

Understand how to calculate total direct materials cost variance.

---

Definitions:

Physical

Relating to the body as opposed to the mind, or involving materials or forces that are tangible or visible.

Acute Hearing

Acute hearing refers to an exceptionally sharp ability to detect sounds, often significantly above the average human hearing range.

Adult's Hearing

The ability of individuals in adulthood to perceive sounds, which may decline with aging.

Infertility

The inability of a person to conceive a child naturally after one year of regular, unprotected sexual intercourse.