Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories and indicate whether it was a deficit or a surplus.

Item budgeted actual variance deficit/surplus
Food $350 $298
Transportation 320 337
Housing 950 982
Clothing 100 134
Personal 275 231

What do economists mean when they use the latin expression ceteris paribus?

On january 1, jackson, inc.'s work-process inventory account showed a balance of $ 66,500. during the year, materials requisitioned for use in production amounted to $ 70,500, of which $ 67,700 represented direct materials. factory wages for the period were $ 210,000 of which $ 187,000 were for direct labor. manufacturing overhead is allocated on the basis of 60% of direct labor cost. actual overhead was $ 116,050. jobs costing $ 353,060 were completed during the year. the december 31 balance in work-process inventory is

Which of the following is a problem for the production of public goods?