Economic Variance is stated as a statistical technique to measure how much a collection of data/observations will differ from others. Also in financial analysis, this is referred to as how much an actual expense aberrates from a budgeted amount.
Therefore the correct option is <em>Economic variance</em>
Absolute value is the distance of a value from 0, you can think of it as a number line. So -2/8 is equal to -1/4 when simplified, and -1/4 is 1/4 away from 0 on the number line