SCENARIO 14-3 an Economist Is Interested to See How Consumption for an for an Economy

question 359

Multiple Choice

SCENARIO 14-3
An economist is interested to see how consumption for an economy (in $ billions) is influenced by
gross domestic product ($ billions) and aggregate price (consumer price index) . The Microsoft Excel
output of this regression is partially reproduced below.
-Referring to Scenario 14-3, one economy in the sample had an aggregate consumption level of $3 billion, a GDP of $3.5 billion, and an aggregate price level of 125. What is the residual for this
Data point?

• A) $2.52 billion
• B) $0.48 billion
• C) - $1.33 billion
• D) - $2.52 billion

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Definitions:

Variable Overhead

Costs of production that fluctuate with the level of output, including items such as utilities and materials that are not directly linked to a single product.

Efficiency Variance

The difference between the actual amount of an input used and the amount that was expected to be used, measured in financial terms.

Variable Overhead

Costs that fluctuate with the level of production or business activity, such as utilities or raw materials.

Rate Variance

The difference between the expected standard cost and the actual cost incurred, calculated for direct labor rate, overhead rate, or material price.