What Effect Will Improving the Level of Education of the Labour

question 109

Multiple Choice

What effect will improving the level of education of the labour force have on the production possibilities curve?

• A) It will move the economy from a point on the production possibilities curve to a point inside the production possibilities curve.
• B) It will shift the production possibilities curve inward.
• C) It will move the economy from a point inside the production possibilities curve to a point on the production possibilities curve.
• D) It will shift the production possibilities curve outward.

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Definitions:

Variance

The difference between a planned, budgeted, or standard amount and the actual amount incurred or realized.

Revenue Variance

The difference between actual revenue earned and expected revenue, often used in budgeting and financial analysis.

Materials Price Variance

The difference between the actual cost of raw materials used in production and the expected (or standard) cost of those materials.

Raw Materials Quantity

The amount or volume of raw materials required or used in the production process, often measured to assess inventory needs and costs.