The Successes of the 1960s Were Ascribed to the Effects

question 122

Multiple Choice

The successes of the 1960s were ascribed to the effects of

• A)classical policies from the 1800s.
• B)classical policies from the 1930s.
• C)classical policies from the 1950s.
• D)Keynesian policies from the 1930s.
• E)Keynesian policies from the 1950s.

---

Definitions:

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved, often indicating productivity levels.

Variable Overhead

Costs that vary with the level of production output, such as utilities for a manufacturing plant, which increase with more production.

Labour Rate Variance

The difference between the actual cost of labor and its expected cost based on standards set for production.

Labour Efficiency Variance

The difference between the actual labor hours used in production and the standard hours expected, multiplied by the standard labor rate.