Other Things Constant, When the Work Opportunities in an Occupation

question 46

Multiple Choice

Other things constant, when the work opportunities in an occupation are unstable (that is, layoffs are common) , the hourly wages of workers in the occupation will tend to be

• A) higher than the wages of workers with otherwise similar jobs.
• B) lower than the wages of workers with otherwise similar jobs.
• C) below market equilibrium.
• D) above market equilibrium.

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Definitions:

Materials Usage Variance

The difference between the standard quantity of materials expected to be used in production and the actual quantity used, valued at the standard cost for the materials.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated conditions.

Standard Hours

The set number of hours that is expected to be used to complete a certain task or job in a manufacturing or project setting.

Actual Hours

The real number of hours worked or spent on a specific task or project, as opposed to planned or estimated hours.