Allocative Efficiency

question 67

Multiple Choice

allocative efficiency.

• A) 1 only
• B) 2 only
• C) 3 only
• D) both 1 and 3
• E) both 2 and 3

Understand the difference between probability and nonprobability sampling methods.

Learn about the concept of sampling error and how sample size affects it.

Identify different types of sampling methods and when they are used.

Understand what a sampling frame is and its importance in research.

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Definitions:

Direct Materials Cost Variance

The difference between the budgeted cost of materials and the actual cost incurred for materials used in production.

Standard Materials Cost

The budgeted or estimated cost of raw materials required for production, used for cost control and variance analysis.

Material Used

The raw materials that have been consumed in the production process to create goods.

Total Labor Cost Variance

This refers to the difference between the actual labor costs incurred and the standard labor costs for the actual production levels.