Which of the Following Correctly Lists All the Information Needed

question 73

Multiple Choice

Which of the following correctly lists all the information needed to calculate a labour rate variance?

• A)Standard labour rate and actual hours worked.
• B)Actual hours worked and actual units produced.
• C)Standard labour rate, actual labour rate, and actual units produced.
• D)Actual labour rate and actual hours worked.
• E)Actual labour rate, standard labour rate, and actual hours worked.

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Definitions:

Marginal Productivity

The increase in output that results from a one-unit increase in an input, holding all other inputs constant.

Labor Unions

Organizations formed by workers to protect their rights and interests through collective bargaining with employers regarding wages, work hours, and working conditions.

Efficiency Wages

Wages that an employer sets above the market equilibrium level to increase worker productivity and loyalty.

Above-Equilibrium

A situation where the price of a good or service is higher than the equilibrium price, leading to a surplus.