According to Wilk and Cliggett, the Development of Neoclassical Economic

question 5

Multiple Choice

According to Wilk and Cliggett, the development of neoclassical economic theory was a key turning point in the history of economics because it

• A) produced a unified position about human nature that resolved disputes that used to divide those who analyzed economic systems.
• B) realized Adam Smith's original views which had previously been suppressed.
• C) gave rise to the divergent theoretical positions on human nature about which economic anthropologists continue to disagree.
• D) finally paid attention to the economic views of Marcel Mauss.

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Definitions:

Direct Labor

The cost of the work performed by employees directly involved in manufacturing a product or providing a service.

Time Variance

The gap between the time actually needed to accomplish a task and the time that was anticipated for it.

Rate Variance

The difference between the expected rate of return on a project or investment and the actual rate achieved.

Total Direct Labor Cost Variance

The difference between the actual cost of direct labor used in production and the expected (or standard) cost.