The Activities in Which Australian Workers Are Relatively More Productive

question 111

Multiple Choice

The activities in which Australian workers are relatively more productive

• A) pay higher wages.
• B) are those in which Australia has a comparative advantage.
• C) are at risk of disappearing from Australia if there was free trade.
• D) Both answers A and B are correct.

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Definitions:

Price Variance

The difference between the actual price paid for something and its standard or expected cost.

Quantity Variance

The difference between expected and actual quantities used in production, affecting cost and efficiency.

Fixed Factory Overhead Volume Variance

The difference between the budgeted and actual fixed overhead incurred due to variance in production volume.

Standard Fixed Overhead Cost

The predetermined amount of fixed costs that are expected to be incurred to support operations, typically fixed for a specific period.