Figure 23 Figure 2

question 95

Multiple Choice

Figure 2.3 Figure 2.3 shows various points on three different production possibility frontiers for a nation.
-Refer to Figure 2.3.Consider the following movements:
a.from point V to point W
b.from point W to point Y
c.from point Y to point Z
Which of the movements listed above represents advancements in technology with respect to only plastic production?

• A)a, b, and c
• B)b and c only
• C)b only
• D)c only

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Definitions:

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the standard cost, multiplied by the actual quantity of materials used.

Flexible Budget

A flexible budget adjusts expenses based on changes in actual revenue or other activities, allowing for more accurate budgeting and variance analysis.

Variable Costs

Expenses that vary in direct proportion to changes in activity levels or volumes, such as raw materials and direct labor costs.

Fixed Costs

Costs that remain constant in total regardless of changes in the activity level within a relevant range.