Which of the Following Ideas Describes the Concept of "Utilitarianism

question 111

Multiple Choice

Which of the following ideas describes the concept of "utilitarianism"?
I. Utilitarianism gained popularity in the 1930s.
II. Utilitarians believed that a society should use only competitive markets to allocate resources.
III. Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair.

• A) II only
• B) I and II
• C) I, II and III
• D) III only

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Definitions:

Direct Labor

Labor costs directly associated with the production of goods or services, involving work that can be directly traced back to specific products.

Direct Materials Price Variance

A measurement of the difference between the actual cost of direct materials and the standard cost expected to be paid, expressed in monetary terms.

Direct Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the standard amount expected, valued at the standard cost.

Variable Overhead

Costs incurred during production that fluctuate with production volume, such as utilities or materials.