Consumer, Government, and Business Spending In Chapter 7, look at the pie chart in the “How Does Consumer Demand Affect The Nation's Economy?” section and complete the following questions:
In your opinion, what’s the main point of this chart?
If we add up the total spending of the government, businesses, and consumers, what does it come to?
Consumers in a Market Economy

In the Chapter 7 Exercises section, complete the matching and multiple-choice questions.

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.