During the Last Decade, the Innovations in Computers and Telecommunications

question 87

Multiple Choice

During the last decade, the innovations in computers and telecommunications, together with global competition, have resulted in:

• A)rational expectations theory.
• B)lower growth in capital stock.
• C)higher growth in labour force.
• D)higher productivity growth.

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Definitions:

Price Variance

The difference between the actual price paid for a good or service and its expected price, often used in budgeting and cost control.

Quantity Variance

The difference between the actual quantity of materials or inputs used in production and the standard expected quantity, impacting costs.

Total Cost Variance

The difference between the budgeted or standard cost of an activity and its actual cost.

Direct Labor

Costs associated with the employees who are directly involved in the production of goods or services, such as wages for factory workers.