The Latin Expression Ceteris Paribus Means

question 1

Multiple Choice

The Latin expression Ceteris paribus means:

• A) everything else being equal.
• B) economic model.
• C) economists are partly right.
• D) partial scarcity is certain.

---

Definitions:

Direct Labor Variances

The differences between the actual labor costs incurred and the standard labor costs for the actual production achieved.

Direct Labor Costs

The wages paid to employees who are directly involved in the production of goods or services, such as assembly line workers or craftsmen.

Standard Costs

Predetermined or estimated costs to perform an operation or produce a good, used as benchmarks against actual costs.

Direct Labor

Direct labor relates to the work of employees who are directly involved in the production of goods or services.