If GDP Per Capita Rises by 2% Between 2015 and 2016,which

question 98

Multiple Choice

If GDP per capita rises by 2% between 2015 and 2016,which of the following is necessarily true?

• A)Real GDP has risen by more than 2%.
• B)The population has decreased.
• C)The population has increased,but by less than 2%.
• D)None of the above is necessarily true.

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Definitions:

Material Costing

The process of determining the cost of materials used in the production of goods, including direct materials and allocable portions of indirect materials.

Standard Materials Cost

The pre-determined cost of materials that is expected to be incurred under normal conditions.

Price Variance

The difference between the actual cost of a good or service and its expected cost, often used in budgeting and financial analysis.

Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, used in variance analysis.