North Korea Is an Example of A

question 39

Multiple Choice

North Korea is an example of a:

• A) market economy
• B) command economy
• C) mixed economy
• D) an "Asian Tiger," a rapidly growing economy

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the standard or expected cost, which can occur due to wage rate changes or differences in worker efficiency.

Labor Efficiency Variance

The difference between the actual labor hours taken to produce something and the standard labor hours expected, multiplied by the labor rate.

Direct Labor

The wages and salaries for workers who are directly involved in the production of goods.

Raw Materials

The basic materials and substances used in the initial stages of production to manufacture goods.