The Set of Assumptions, Rules, and Procedures That Scientists Use

question 112

Multiple Choice

The set of assumptions, rules, and procedures that scientists use to conduct empirical research. This statement best describes _____

• A)data
• B)empiricism
• C)the scientific method
• D)the hindsight bias

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Definitions:

Misallocation

The inefficient distribution or use of resources in a manner that does not maximize efficiency or value.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity of materials supposed to be used, multiplied by the standard cost per unit.

Standard Quantity

The predetermined amount of materials or inputs that should be used in the production of goods or services under normal operating conditions.

Standard Price

A predetermined cost assigned to goods and services, used for budgeting, cost control, and performance evaluation purposes.