Neither Public Goods nor Common Resources Are

question 241

Multiple Choice

Neither public goods nor common resources are

• A)excludable, but only public goods are not rival in consumption.
• B)excludable, but only common resources are not rival in consumption.
• C)rival in consumption, but only public goods are not excludable.
• D)rival in consumption, but only common resources are not excludable.

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Definitions:

Direct Labor Time Variance

The difference between the actual time spent on production and the estimated standard time, multiplied by the standard labor rate.

Direct Labor Rate Variance

The difference between the actual cost of direct labor and the expected (or budgeted) cost, based on standard rates and actual hours worked.

Actual Costs

The real financial expenditures that a company incurs, as opposed to budgeted or estimated costs.

Standard Materials Quantity

The predetermined amount of materials expected to be used in the production of a single unit or a batch of product, under normal conditions.