Protectionist Tariff and Quotas Often

question 32

Multiple Choice

Protectionist tariff and quotas often:

• A)do little to stem the tide of cheap foreign imports.
• B)reduce the real incomes of the protected workers and consumers.
• C)lead to the complete economic isolation of a nation.
• D)result in increased world-wide production efficiency.
• E)none of the above.

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Definitions:

Total Labor Variance

The difference between the actual cost of labor and the budgeted or standard cost of labor over a period.

Total Overhead Variance

The difference between actual overhead costs incurred and overhead costs allocated to production, based on standard rates, during a specific period.

Direct Labor Price Variance

A measure of the difference between the actual cost of direct labor and the standard cost of direct labor multiplied by the actual hours worked.

Direct Labor Hours

The total hours worked by employees directly involved in manufacturing a product or providing a service, often used to allocate labor costs to products or services.