Which of the Following Is Most Likely to Be Able

question 11

Multiple Choice

Which of the following is most likely to be able to sustain economic growth in an economy?

• A)sustained increases in the labor force participation rate
• B)technological change
• C)increases in capital per hour worked
• D)accumulations of economic resources

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Definitions:

Standard Price

The pre-determined cost that is expected to be paid for a specific item or service under normal conditions.

Standard Labour Rate

The predetermined wage rate used for budgeting and variance analysis, representing the expected cost per hour of labor.

Standard Labour Hours

The predetermined amount of labor time that is expected to be necessary to produce one unit of a product or complete a process.

Material Price Variance

The difference between the actual cost of materials and the standard cost, multiplied by the quantities purchased.