All of the Following Are Examples of an Economic Variable

question 17

Multiple Choice

All of the following are examples of an economic variable except

• A)the amount of income tax that a household has to pay.
• B)a family's income.
• C)the price of gasoline.
• D)an integer 24.
• E)the number of oil refineries in the United States.

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Definitions:

Alternative X

A hypothetical or specific alternative option in a decision-making process or analysis.

Fixed Costs

Unchanging costs associated with operation, irrespective of production or sales levels, such as expenses for premises, staff remuneration, and insurance protection.

Fixed Expenses

Costs that remain constant regardless of the level of production or sales activities, such as rent or salaries.

Net Operating Income

is the profit a company generates from its operations, excluding taxes and interest, focusing on the core business activities.