An Initial Estimate of the Probabilities of Events Is a __________

question 35

Multiple Choice

An initial estimate of the probabilities of events is a __________ probability.

• A)posterior
• B)conditional
• C)empirical
• D)prior

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Definitions:

Markup

The amount added to the cost price of goods to cover overhead and profit; a percentage of the cost.

Machine-Hours

A measure of production volume or activity based on the number of hours machines are operated.

Machine-Hours

A measurement used in cost accounting to allocate expenses to products or job orders, based on the number of hours machines are operated.

Direct Labor-Hours

An indicator of the cumulative hours spent by workers directly engaged in the production process.