Table 171 Refer to Table 17

question 37

Multiple Choice

Table 17.1 $\begin{array}{|c|c|c|}\hline \text { Year } & \text { Real GDP } & \text { Population } \\\hline 1 & \$ 575 \text { billion } & 22 \text { million } \\\hline 2 & \$ 580 \text { billion } & 24 \text { million } \\\hline 3 & \$ 605 \text { billion } & 25 \text { million } \\\hline 4 & \$ 606 \text { billion } & 27 \text { million } \\\hline\end{array}$

Refer to Table 17.1.GDP per capita was the

• A)Smallest in year 2.
• B)Smallest in year 3.
• C)Smallest in year 4.
• D)Same each year.

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Definitions:

Total Fixed Cost

The sum of all constant expenses that a company incurs, regardless of the manufacturing or sales volume.

Relevant Range

The range of activity or volume over which the assumptions about fixed and variable cost behavior hold true.

Napkins

Paper or cloth products used at the table for wiping the mouth and fingers while eating.

Fixed Cost Per Unit

Fixed Cost Per Unit is the total of all costs that do not change with the level of production or sales, divided by the number of units produced, showing how fixed costs dilute as volume increases.