In Standard Time, Every 15 Degrees of Longitude (East or West)

question 68

True/False

In standard time, every 15 degrees of longitude (east or west) is equivalent to one hour on the clock.

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Definitions:

Nonconstant Rate

Refers to a rate that changes over time, as opposed to a constant or fixed rate which remains the same.

Mixed Cost

Expenses that contain both fixed and variable components, changing in total with the level of activity but not proportionately.

Cost-Volume-Profit Analysis

An accounting method used to determine the effects on company profits of different levels of sales volume and costs.

Fixed Costs

Fixed expenditures that are unaffected by the amount of goods produced or sold, covering rent, salaries, and insurance.