Choose the Statement That Is Incorrect

question 11

Multiple Choice

Choose the statement that is incorrect.

• A)Free trade destroys some jobs.
• B)Imports create jobs for retailers that sell imported goods and for firms that service those goods.
• C)Imports create income in the rest of the world,some of which is spent on Canadian-made goods and services.
• D)Free trade brings about a global rationalization of labour.
• E)Protection saves jobs at a low cost.

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Definitions:

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard hourly wage rate.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead incurred and the standard cost allocated for the actual production achieved.

Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.