Identify and State the Historical Significance of the Following

question 135

Short Answer

Identify and state the historical significance of the following:
-Sherman Anti-Trust Act

Describe the importance of the capacity utilization rate in economic analysis.

Clarify the role of government in investment in different economic systems.

Distinguish between the concepts of marginal propensity to consume (MPC) and marginal propensity to save (MPS).

Understand the accounting and journal entry process for purchasing equity and debt investments.

---

Definitions:

Quantity Standard

A specific measure established to gauge the expected or optimal quantity of input required to produce a unit of output.

Price Standard

A pre-determined cost per unit of input or output, used for setting budgets and measuring performance.

Variable Overhead Efficiency Variance

Variable overhead efficiency variance is a metric used to measure the difference between the expected (standard) and actual use of variable overhead resources in production.

Standard Machine-Hours

A predetermined measure of how much machine time is expected for a task, used in cost accounting.