If an Economy Is Closed and If It Has No

question 38

Multiple Choice

If an economy is closed and if it has no government,then

• A)national saving = 0.
• B)national saving = private saving.
• C)public saving = investment.
• D)gross domestic product = consumption.

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Definitions:

Machine-Hours

The total hours that machinery is operated during a specific period for production purposes.

Departmental Predetermined Overhead Rates

These rates are calculated to allocate manufacturing overhead costs to specific departments, based on estimated or actual overhead and activity levels.

Machine-Hours

A measure of production time using machinery; used as a basis for allocating manufacturing overhead costs to products.

Machine-Hours

A measure of the total time that machines are operating during a specific period.