A Product's Standard Cost Card Specifies That a Unit of the Product

question 35

Multiple Choice

A product's standard cost card specifies that a unit of the product requires 4 direct labor-hours. During September, 3,350 units were made, which was 150 units less than budgeted. The total budgeted direct labor cost for September was $117,600. The direct labor cost incurred during September was $111,850 and 13,450 direct labor-hours were worked.The labor rate variance for the month was:

• A) $5,750 Favorable
• B) $5,750 Unfavorable
• C) $1,130 Favorable
• D) $1,130 Unfavorable

Know the distinction between price elastic and price inelastic demand.

Understand the conditions under which a tax might not reduce consumption of a good.

Appreciate the role of government in regulating consumption through taxation.

Understand the concept of apparent movement and its application.

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Definitions:

Psychological Test

A standardized measure of a sample of a person's behavior or mental processes, often used to assess aspects of personality, intelligence, or specific abilities.

Established Standards

Officially recognized criteria or benchmarks that are widely accepted and used for comparison or judgment.

Test-Retest Reliability

A measure of the consistency of a psychological test or assessment over time, indicating the stability of the results upon repeated applications.

Vocational-Interest Test

An assessment tool used to identify a person's preferences and interests in relation to various careers or occupations.