The USEconomy Is the Largest in the World

question 55

Essay

The U.S.economy is the largest in the world.What two factors primarily explain this? What makes the U.S.economy unique?

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Definitions:

Variable Overhead Rate Variance

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

Lubricants

Substances applied to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move.

Variable Manufacturing Overhead

Costs that vary with the level of production output and include expenses such as indirect materials, supplies, and utilities used in manufacturing.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead incurred and the expected variable overhead based on efficient operations.