National Saving Is the Sum of _____ and _____

question 167

Essay

National saving is the sum of _____ and _____. In a closed economy it is equal to _____ in equilibrium.

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Definitions:

Volume Variance

The difference between the expected amount of output at the standard cost and the actual amount produced, measured at the standard cost.

Direct Labor-Hours

A measure of the total hours worked directly on the production of goods.

Budget Variances

The difference between budgeted and actual figures for revenues or expenditures, indicating under or overspending.

Underapplied

A situation where the allocated manufacturing overhead costs are less than the actual overhead costs incurred, leading to underestimation of product costs.