What Does Economics Have in Common with Sociology

question 153

Multiple Choice

What does economics have in common with sociology?

• A) Economics and sociology ask fundamentally the same questions.
• B) Economics and sociology use the same tools to analyze issues.
• C) Both are social sciences.
• D) What and how economists study is very similar to what and how sociologists study.
• E) Explaining something about society is only a secondary purpose in both areas.

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Definitions:

Materials Quantity Variance

The variance between the real amount of materials consumed in the production process and the anticipated standard amount, times the standard unit cost.

Direct Materials Purchases Variance

A measure used in accounting to analyze the difference between the budgeted cost of materials needed for production and the actual cost incurred.

Actual Production

The real quantity of goods or services produced in a specified period, as opposed to planned or expected production levels.

Labor Rate Variance

The difference between the actual labor costs incurred and the standard labor costs expected for the labor hours worked.