In the Circular Flow Diagram, Households Get Their Ability to Pay

question 219

Multiple Choice

In the circular flow diagram, households get their ability to pay for their consumption expenditures from the

• A)revenues they receive for their products.
• B)costs they incur for resources.
• C)incomes they earn for their resources.
• D)goods and services they get in the product markets.

Differentiate between flexible and fixed budgets and their related variances.

Understand and calculate direct labor and direct materials variances including rate, efficiency, and price.

Understand the key categories of production costs.

Comprehend the concepts of fixed and variable costs within flexible budgets.

---

Definitions:

Branches

Instructions within a programming or control logic context that cause the execution flow to diverge based on certain conditions.

Output Instruction

In PLC programming, an Output Instruction is used to control the state of an output based on the logic implemented in the program.

Program Rung

A horizontal row in a ladder logic program, representing a basic control circuit where conditions lead to actions.

Continuously On

Refers to an electrical circuit or device state where power is supplied without interruption, maintaining an active or energized condition indefinitely.