The Letters Y,C,S,and I Are Used to Represent GDP,consumption,saving,and Investment

question 94

Multiple Choice

The letters Y,C,S,and I are used to represent GDP,consumption,saving,and investment respectively.

-The equation representing the consumption schedule for the above economy is:

• A) C = Y - .6S.
• B) Y = C + S.
• C) C = 60 + .4Y.
• D) C = 60 + .6Y.

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Definitions:

Budget Variance

The difference between budgeted amounts and actual amounts spent or received.

Volume Variance

The difference between the expected volume of production or sales and the actual volume, affecting budgeting and costing.

Overhead Variances

The difference between the actual overhead costs incurred and the standard overhead costs expected for the level of activity.

Critical Part

A component or element within a system or machine that is essential for its operation or performance.