The General Rule That Federal Courts Should Defer to Agency

question 10

Multiple Choice

The general rule that federal courts should defer to agency rules that are based on reasonable interpretations of ambiguous statutes is known as the _____ doctrine.

• A) laissez-faire
• B) Act of State
• C) Chevron
• D) Bernal

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Definitions:

Net Incomes

The total earnings of a company after all expenses and taxes have been deducted from total revenue.

Variable Costing

A pricing strategy that incorporates solely the variable costs associated with production—such as direct materials, direct labor, and variable manufacturing overhead—into the cost of goods sold, while omitting fixed overhead expenses.

Absorption Costing

A method of accounting that incorporates all costs associated with manufacturing, including direct materials, direct labor, as well as both variable and fixed overhead expenses, into the product's cost.

Variable Costing

A costing method that includes only variable manufacturing costs—direct labor, direct materials, and variable manufacturing overhead—in unit product cost.