What Was Amartya Sen's Argument About Economic Development

question 20

Multiple Choice

What was Amartya Sen's argument about economic development?

• A) It must expand human capabilities and the real freedom that people enjoy.
• B) What the poor need is a property system that can convert their work and savings into capital.
• C) It has led the world into a democratic recession.
• D) It has come under the control of corrupt elite.

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the expected (or budgeted) cost, often analyzed in cost accounting.

Labor Efficiency Variance

A metric that assesses the difference in actual versus budgeted labor hours used, valued at the standard wage rate, to gauge workforce productivity.

Work in Process Account

An account that tracks the costs associated with partially completed goods in the manufacturing process.

Raw Materials Account

An account used to track the costs of raw materials that are purchased but not yet used in production.