Statistics Show That Between 2001 and 2013, the U

question 94

Multiple Choice

Statistics show that between 2001 and 2013, the U.S. lost __________ jobs to China.

• A)1.2 million
• B)2.2 million
• C)3.2 million
• D)4.2 million

---

Definitions:

Fixed Cost

Fixed cost refers to a cost that does not change with the level of goods or services produced by a business over a certain period.

Production

The creation or manufacture of goods and services with the combination of labor, equipment, technologies, and raw materials.

Diminishing Returns

A principle stating that if one factor of production is increased while others are held constant, the output per unit of the variable factor will eventually decrease.

ATC

An abbreviation for Average Total Cost, a financial metric calculated by dividing the total cost by the quantity of output produced.