The Study of the Aggregate Economic Variables Is

question 125

Multiple Choice

The study of the aggregate economic variables is

• A) macroeconomics.
• B) microeconomics.
• C) positive economics.
• D) normative economics.

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Definitions:

Standard Direct Materials

The predetermined cost and quantity of materials required for the production of goods, used in budgeting and costing.

Direct Materials

Raw materials that can be directly identified and easily traced to the manufacturing of a final product.

Standard Materials Price

The predetermined cost per unit of material that is used for budgeting and cost control purposes in manufacturing.

Direct Materials

Raw materials that are directly incorporated into a finished product and are a significant part of the manufacturing process.