-Refer to the Above Graph Which Shows the Import Demand

question 111

Multiple Choice

-Refer to the above graph which shows the import demand and export supply curves for two nations that produce a product.The export supply curves for the two nations are represented by lines:

• A) 5 and 7.
• B) 5 and 6.
• C) 6 and 8.
• D) 7 and 8.

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Definitions:

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, used in variance analysis to control labor costs.

Direct Materials Cost Variance

The difference between the budgeted cost of materials for products and the actual cost incurred.

Direct Labor Rate Variance

The difference between the actual cost of labor per hour and the standard or expected cost, multiplied by the total labor hours worked.

Direct Labor Time Variance

The difference between the actual labor time spent on a product and the standard labor time expected, affecting product costs.