Why Are Fossils of Early Life on Earth Rarer Than

question 62

Multiple Choice

Why are fossils of early life on Earth rarer than fossils of plants and animals from the past few hundred million years?

• A) Early organisms lacked skeletons and other hard structures that are most likely to be fossilized.
• B) Life was far less abundant prior to a few hundred million years ago.
• C) Fossils could not form before there was oxygen in the atmosphere.
• D) We find fossils in sedimentary layers, and no sediments were deposited until just a few hundred million years ago.

Grasp the variable and fixed overhead efficiency variance and their roles in cost management.

Determine how quantity and price standards are used to control material and labor costs.

Evaluate when and why variances can be favorable or unfavorable in manufacturing overhead.

Identify responsibilities for different variances and their implications on managerial accountability.

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Definitions:

Compensating Variation

A measure in economics of the amount of money one would need to reach their original utility level after a change in price or income.

Equivalent Variation

An economic measure of the amount of money that leaves an individual equally well off, given changes in prices or utility.

Income

The financial gain received by an individual or entity, typically measured over a certain period, resulting from labor, investments, or other sources.

Prices

The amount of money required to purchase a good, service, or asset, often determined by factors such as supply and demand, production costs, and market competition.