Workers Whose Skills Become Obsolete as a Result of Technological

question 211

Multiple Choice

Workers whose skills become obsolete as a result of technological change are often paid a lower wage as a result of

• A)natural ability.
• B)geographic location of employment.
• C)chance.
• D)work effort.

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Definitions:

Standard Cost

The estimated or predetermined cost of manufacturing a single unit of product or performing a service, used for budgetary and performance evaluation purposes.

Fixed Overhead Volume Variance

A financial metric that measures the difference between the budgeted and actual fixed overhead costs, influenced by changes in production volume.

Productive Capacity

The maximum output that a business can produce in a given period under normal conditions, considering its resources.

Overapplied Overhead

A situation where the allocated manufacturing overhead costs are more than the actual overhead costs incurred.