Which of the Following Topics Are More Likely to Be

question 3

Multiple Choice

Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?

• A)the effect of taxes on the prices of airline tickets,and the profitability of automobile-manufacturing firms
• B)the price of beef,and wage differences between genders
• C)how consumers maximize utility,and how prices are established in markets for agricultural products
• D)the percentage of the labor force that is out of work,and differences in average income from country to country

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Definitions:

Direct Materials

Direct materials are raw materials that are directly traceable to the manufacturing of a product. They are an essential component of the total manufacturing cost of a product.

Variance

The difference between planned or expected performance and actual performance, often analyzed in budgeting and performance management.

Liters

A metric unit of volume equal to 1,000 cubic centimeters, commonly used to measure liquids.

Standard Costs

These are predetermined costs of manufacturing a single unit or a number of units of a product during a specific period, based on expected material, labor, and overhead costs.