Compared to the 1960s,during Most of the 1990s Average Annual

question 110

Multiple Choice

Compared to the 1960s,during most of the 1990s average annual real GDP growth was ________ while the average ratio of net investment to output was ________.

• A)slightly lower,much lower
• B)much lower,slightly higher
• C)much higher,much lower
• D)slightly higher,slightly lower

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Definitions:

Direct Labor Hours

The total number of hours worked directly on a product or service by employees, usually used to allocate manufacturing costs.

Price Variances

Differences between actual and expected or standard costs that are attributed to changes in the price of goods or services.

Quantity Variances

The difference between actual and standard quantities used in production, affecting cost management and budgeting.

Rate Variance

The difference between the actual rate paid for something and the standard or expected rate.