Which of the Following Expressions Is Used to Calculate the Labor

question 92

Multiple Choice

Which of the following expressions is used to calculate the labor efficiency variance?

• A) (Efficiency hours × Actual hours) - (Variance hours × Standard rate)
• B) (Variance Rate × Actual Hours) - (Overhead Rate × Actual Hours)
• C) (Actual Hours × Standard Rate) - (Standard Hours × Standard Rate)
• D) (Overtime Hours × Actual Rate) - (Premium Hours × Actual Rate)
• E) None of these

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Definitions:

Balance Budget

A financial statement in which revenues and expenditures are equal, resulting in no deficit or surplus.

GDP

The total market value or monetary sum of all final goods and services produced within a nation's boundaries during a defined timeframe is known as Gross Domestic Product.

Multiplier

In economics, a factor that quantifies the impact of an initial change in spending, income, or investment on the broader economy, amplifying the initial effect.

Inflationary Gap

A macroeconomic term referring to the situation where the demand for goods exceeds the supply, leading to increased prices or inflation.