Which of the Following Is True

question 269

Multiple Choice

Which of the following is true?

• A) For an inferior good, when income increases, the demand curve shifts leftward.
• B) If the price of a substitute rises, the demand curve shifts leftward.
• C) If people expect the price of a good will rise in the future, the demand curve shifts leftward.
• D) An increase in population shifts the demand curve leftward.
• E) An increase in the cost of producing a good shifts the demand curve leftward.

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Definitions:

Total Direct Labor Variance

The difference between the actual cost of direct labor used to produce goods and the standard cost of direct labor expected for those goods.

Rate

A measure, quantity, or frequency, typically one measured against another quantity or measure.

Hours

Units of time, each equal to 60 minutes, used often as a measure for billing, labor, or scheduling.

Direct Labor Time Variance

The difference between the estimated time for direct labor to complete a task and the actual time taken, indicating efficiency or productivity issues.