The Strategic Argument for Protectionism Holds That a Nation May

question 54

True/False

The strategic argument for protectionism holds that a nation may sometimes have to threaten protectionism to induce other countries to drop their own protectionist measures.

---

Definitions:

Manufacturing Cost Variance

The difference between the actual costs of production and the standard or expected costs, indicating efficiency or inefficiency in the manufacturing process.

Direct Materials Cost Variance

The difference between the actual cost of direct materials used in production and the standard cost expected to be used.

Direct Labor Cost Variance

The difference between the budgeted cost of direct labor and the actual cost incurred.

Cost Variance

The difference between the expected (budgeted) cost and the actual cost incurred.