OECD Is an Important Supranational Entity

question 51

Multiple Choice

OECD is an important supranational entity. What do the letters OECD stand for?

• A) Organization of Electrical Companies Directorate
• B) Oil Exporting Countries and Developers
• C) Organization for Economic Cooperation and Development
• D) Oil Exporting Corporations and Divisions

---

Definitions:

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (or standard) cost, which can indicate changes in materials prices or sourcing efficiency.

Direct Materials

Basic substances used explicitly in the production of a particular item, which can be directly linked to its creation.

Materials Price Variance

The difference between the actual cost of materials used in production and the expected cost based on standard prices.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.