Which of the Following Statements Is Correct

question 15

Multiple Choice

Which of the following statements is correct?

• A)By definition,all natural resources are nonrenewable.
• B)Market prices give us reason to believe that natural resources are a limit to economic growth.
• C)An economy must be blessed with ample quantities of natural resources if it is to be a highly productive economy.
• D)Differences in natural resources can explain some of the differences in standards of living around the world.

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Definitions:

Favorable

A term used in finance and accounting to describe a situation or variance that is better than expected or budgeted, often indicating profits or gains.

Labor Efficiency Variance

The difference between the actual labor hours used to produce a good or service and the standard labor hours expected to be used, measuring labor efficiency.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on activity levels.

Favorable

A term used in accounting and finance to describe outcomes or variances that are better than anticipated, indicating a positive performance against the budget or forecast.