What is the principle of closure?

Dubberly Corporation's cost formula for its manufacturing overhead is $31,200 per month plus $51 per machine-hour. For the month of March, the company planned for activity of 8,020 machine-hours, but the actual level of activity was 7,940 machine-hours. The actual manufacturing overhead for the month was $463,350.The activity variance for manufacturing overhead in March would be closest to:

A) $23,130 U
B) $23,130 F
C) $4,080 F
D) $4,080 U

The source of gains from trade is _____.

A) tariff revenue
B) self-sufficiency
C) terms of trade
D) absolute advantage
E) comparative advantage

Sam is deciding whether to purchase brand-name running shorts or a less expensive store brand. He has purchased other shorts with the same brand name in the past but was only marginally satisfied-despite the cost. In this situation, Sam is likely to purchase the store-brand running shorts because at less the cost, they offer

A) better brand recognition.
B) higher brand loyalty.
C) greater perceived value.
D) a better brand image.
E) more product line depth.

Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.

A firm that purchases peak production capability from other companies is using subcontracting.

Business law consists of the enforceable rules of conduct that govern commercial relationships.

Organizations should only be comprised of formal systems to be successful.

(Table: Utility from Candy Bars and Sodas) Use Table: Utility from Candy Bars and Sodas.If Stan consumes two candy bars and two sodas,his total utility will be _____ utils.

A) 15
B) 33
C) 18
D) 78

Lean manufacturing philosophy reduces all of the following except

A) inventory
B) setup time
C) lead time
D) conversion costs