Which of the Following Is Correct

question 24

Multiple Choice

Which of the following is correct?

• A)There is no debate about the effects of higher population growth on economic growth.
• B)Natural resources clearly place limits on growth;there is simply no way to reduce either the amount or type of natural resources needed to produce goods.
• C)How much an increase in capital increases a country's output is independent of that country's current level of capital.
• D)Economists argue that outward rather than inward policies are likely to promote economic growth.

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Definitions:

Labor Price Variance

The difference between the actual cost of direct labor and the standard cost, reflecting the variance in wages paid.

Direct Material Cost

The cost of raw materials and components that are directly used in the production of a product.

Labor Quantity Variance

The difference between the actual hours worked and the standard hours allowed for the work performed, multiplied by the standard hourly wage rate.

Produced

The completed output of goods or services as a result of manufacturing or production processes.