A 5 Per Cent Wage Increase for All Factory Employees

question 34

Multiple Choice

A 5 per cent wage increase for all factory employees would affect which of the following variances?

• A)materials price variance
• B)labour rate variance
• C)labour efficiency variance
• D)variable manufacturing overhead efficiency variance

Recognize the relationship and differences between z-tests and chi-squared tests in hypothesis testing.

Identify the correct statistical technique for comparing two or more populations with qualitative data.

Understand the criteria for selecting statistical tests based on the structure of the data (nominal, number of categories).

Learn the mathematical relationships between different statistical test outcomes.

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Definitions:

Aversion To Ambiguity

A preference to avoid uncertain or ambiguous situations, often reflected in decision-making processes.

Clustering Illusion

The cognitive bias of seeing patterns in random events.

Efficient Market

A market in which asset prices fully reflect all available information, leading to prices that accurately represent the asset's true value.

Net Present Value

The difference between the present value of cash inflows and outflows over a period of time, used to evaluate the profitability of an investment.