Question 23 Question Which of the following will result in

Question 23.

Question :

Which of the following will result in an unfavorable direct materials efficiency variance?

Student Answer:

The actual quantity of direct materials used per unit was less than the standard quantity of direct materials allowed per unit.

The actual cost per unit of direct materials exceeded the standard cost of direct materials.

The actual quantity of direct materials used per unit exceeded the standard quantity of direct materials allowed per unit.

The actual cost per unit of direct materials was less than the standard cost of direct materials.

Comments:

Question 24.

Question :

Under which of the following categories would Buildings appear?

Student Answer:

Current liabilities

Long-term liabilities

Long-term assets

Current assets

Comments:

Question 33.

Question :

If an economy is at long-run equilibrium, and consumers\' confidence in the economy rises:

Student Answer:

aggregate demand will shift leftward and the price level will rise.

aggregate demand will shift leftward and the price level will fall.

aggregate demand will shift rightward and the price level will rise.

aggregate demand will shift rightward and the price level will fall.

Question 35.

Question :

A result of a positive externality in the production of a good is that:

Student Answer:

the price system will over-allocate resources to the production of that good or service.

the price system will under-allocate resources to the production of that good or service.

the market supply will be too high.

the market demand will be too high.

Comments:

Question 36.

Question :

Under a market system, the decision of resource allocation is made by:

Student Answer:

the head of the government.

a queen or king.

individuals who own the resources.

no one.

Comments:

Question 37.

Question :

In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car. In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity include:

Student Answer:

price will increase, and quantity will decrease.

price will increase, and the effect on quantity is indeterminate.

price will decrease, and quantity will increase.

price will decrease, and the effect on quantity is indeterminate.

.

Question 23. Question : Which of the following will result in an unfavorable direct materials efficiency variance?

Student Answer: The actual quantity of direct materials used per unit was less than the standard quantity of direct materials allowed per unit. The actual cost per unit of direct materials exceeded the standard cost of direct materials. The actual quantity of direct materials used per unit exceeded the standard quantity of direct materials allowed per unit. The actual cost per unit of direct materials was less than the standard cost of direct materials.

Comments:

Solution

Question 23) The actual quantity of direct materials used per unit exceeded the standard quantity of direct materials allowed per unit.

Question 24) Current assets

Question 36) individuals who own the resources.