Which of the Following Statements Is NOT True

question 85

Multiple Choice

Which of the following statements is NOT true?

• A)Resource scarcity is a major economic concern in the rich countries of the world.
• B)Most opportunity costs are zero.
• C)An economic situation is in equilibrium when no individual would be better off taking a different action.
• D)Some very talented, skilled individuals who can do some things better than most people should specialize in doing that one thing.

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Definitions:

Underapplied

A situation where the assigned manufacturing overhead expenses fall short of the real overhead costs that have been spent.

Standard Labor-Hours

The predetermined amount of labor-hours expected to be required to produce a unit of product or perform a task.

Actual Output

The real production volume or amount of work done, as opposed to planned or theoretical outputs.

Manufacturing Overhead

Costs that are incurred in the manufacturing process other than direct materials and direct labor, such as utilities, depreciation, and maintenance of equipment.