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In 2012,more Than One-Third of the Global Population Lived in China

question 60

True/False

In 2012,more than one-third of the global population lived in China or India.


Definitions:

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours allowed, multiplied by the standard labor rate, indicating efficiency in labor usage.

Direct Labor Standards

The predetermined amount of labor time and cost that it should ideally take to produce one unit of a product, used for budgeting and performance evaluation.

Actual Direct Labor Cost

The total expense incurred from the wages and associated benefits of workers directly involved in the manufacturing of a product.

Total Standard Cost

The total budgeted cost for manufacturing a product, based on standard prices and quantities for input.

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