Which of the Following Groups of Economists Is Most Likely

question 31

Multiple Choice

Which of the following groups of economists is most likely to favor annually balanced federal budgets?

• A) Mainstream economists.
• B) Supply-side economists.
• C) Rational expectations economists.
• D) Functional finance economists.

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Definitions:

Standard Cost

Predetermined costs for manufacturing or service processes, used as benchmarks for performance evaluation.

Variance Investigation

The process of examining the reasons behind differences between budgeted and actual figures in finance and accounting.

Direct Material Quantity Variance

The difference between the budgeted amount of materials needed for production and the actual amount used, valued at the standard cost.

Cost Standards

Benchmarks or predetermined costs relating to the production of goods or services, serving as a yardstick for measuring actual performance against expected costs.