Which of the Following Statements Is Correct

question 59

Multiple Choice

Which of the following statements is correct?

• A)Growth of productivity is the main determinant of growth in living standards.
• B)Common knowledge and proprietary technology are both important for the economy's production of goods and services.
• C)The terms capital and physical capital refer to the same thing.
• D)All of the above are correct.

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Definitions:

Fixed Budgets

Financial plans that do not change over the budget period, regardless of changes in business activity.

Cost Variance

The difference between the budgeted or planned costs and the actual costs incurred.

Quantity Variance

A measure used in cost accounting to calculate the difference between the actual quantity of materials or labor used and the expected quantity.

Price Variance

The difference between the actual cost and the standard cost of an item, often analyzed to manage and control spending effectively.