Your Math Professor Has Assigned 20 Homework Problems That Are

question 61

Multiple Choice

Your math professor has assigned 20 homework problems that are due next week.After working for an hour,you notice you have completed 4 problems.After another hour,you have completed 3 more problems.During the third hour,you finish 2 problems.What economic principle best explains this?

• A)The equilibrium principle: the supply of problems is greater than your demand for problems.
• B)The increasing opportunity cost principle: you completed the easiest problems first.
• C)The cost-benefit principle: the benefit of working an additional problem is less than the cost.
• D)The principle of comparative advantage: you are better at English than at math.

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Definitions:

Labour Rate Variance

A financial metric that measures the difference between the actual cost of labor and its expected cost based on standard rates.

Performance Report

A detailed report comparing budgeted data to actual data.

Budgeted Costs

Estimated financial figures for revenues and expenses set during the budgeting process for a future period.

Labour Efficiency Variance

A measure used in cost accounting to determine the difference between the actual hours worked and the standard hours planned for a task, multiplied by the standard labor rate.