All of the Following Contribute to Income Inequality EXCEPT

question 15

Multiple Choice

All of the following contribute to income inequality EXCEPT

• A) differences in education and training.
• B) differences in job tastes.
• C) differences in talent.
• D) government transfer programs.

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Definitions:

Standard Quantity

The benchmark or predetermined amount of materials expected to be used in the production of a good or service.

Actual Materials

The physical and actual quantities of materials used in the production process.

Standard Price

A predetermined cost assigned to materials, labor, and overhead, used in budgeting and variance analysis.

Actual Output

Actual output refers to the total amount of products or services produced by a company or sector in a given period.