Which of the Following Statements About the Information Revolution Is

question 113

Multiple Choice

Which of the following statements about the Information Revolution is NOT correct?

• A) There was a shift from making tangible products to generating ideas.
• B) There was a shift from mechanical skills to literacy skills.
• C) There was a shift from farming to turning raw materials into products.
• D) There was a shift from working in factories to working almost anywhere.

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Definitions:

Price Variance

The difference between the actual cost of a good or service and its expected cost, often used in budgeting and financial analysis.

Labor Price Variance

The difference between the actual cost of labor and the standard cost expected for that labor, used in budgeting and cost management.

Quantity Variance

Quantity variance refers to the difference between the expected and actual quantity of materials or inputs used in the production process, impacting cost.

Standards

Predetermined benchmarks or norms used for measuring performance and setting expectations in various contexts, including production, quality, and accounting.