A Country Is Likely to Import a Good If Its

question 70

True/False

A country is likely to import a good if its domestic price is high, relative to the world price.

---

Definitions:

Materials Price Variance

A measure of the difference between the actual cost of materials and the standard cost, multiplied by the actual quantity of materials used.

January

January is the first month of the year in the Gregorian and Julian calendars, characterized by cold weather in the northern hemisphere and warm weather in the southern hemisphere.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected to be used, multiplied by the standard cost per unit.

September

The ninth month of the year in the Gregorian calendar.