Which of the Following Would Most Likely NOT Be Taught

question 294

Multiple Choice

Which of the following would most likely NOT be taught in a microeconomics course?

• A) changes in prices of automobiles
• B) the effects of a gas tax on gas purchases
• C) the effect of an increase in wheat prices on farmers' behavior
• D) changes in unemployment across the nation

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Definitions:

Supplies

Items or materials used in the production process or in the operation of a business.

Fixed Overhead Volume

refers to the portion of fixed overhead costs that is associated with the production volume, used in calculating efficiency and profitability.

Standard Machine-Hours

A measure used in manufacturing to allocate costs to products based on the estimated number of hours the machinery is used.

Actual Output

Actual output is the quantity of finished goods or services produced by a company in a specific period.