The Great Depression of the 1930s Led to a Revolution

question 88

Multiple Choice

The Great Depression of the 1930s led to a revolution in macroeconomic thinking, following the work of

• A)Arthur Laffer.
• B)Milton Friedman.
• C)Adam Smith.
• D)John Maynard Keynes.
• E)David Ricardo.

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Definitions:

Actual Results

The real, measured outcomes of business activities, such as sales or production levels, compared to planned or forecasted results.

Standard Cost

A predetermined cost of manufacturing, selling, or any other business activity, used as a benchmark for measuring performance.

Labor Rate Variance

The difference between the actual labor cost incurred and the labor cost that was expected or budgeted, typically due to wage rate differences.

Labor Standards

Benchmarks for the amount of labor time required to perform specific tasks, used for budgeting, scheduling, and performance evaluation.