Cabinet Members Must

question 11

Multiple Choice

Cabinet members must

• A)not be approved by the Senate and are not responsible to the Senate or to Congress at large.
• B)not be approved by the Senate but are responsible to the Senate and to Congress at large.
• C)be approved by the Senate and are responsible to the Senate and to Congress at large.
• D)be approved by the Senate but are not responsible to the Senate or to Congress at large.

Understand how the concept of margin applies to economic analysis and decision-making within firms.

Analyze the effects of managerial efficiency improvements on labor demand and marginal revenue product.

Understand the concept of marginal revenue product and its calculation.

Recognize the effects of wage rate changes on resource utilization.

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Definitions:

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, used as a measure of performance in variance analysis.

Actual Rate

The actual interest rate or return that is earned or paid on an investment, loan, or other financial product.

Standard Rate

A predetermined or fixed cost rate that is applied uniformly across units, activities, or time for budgeting or billing purposes.

Unfavorable Cost Variance

A variance that occurs when the actual cost exceeds the standard cost.