Table 20-19 -Refer to Table 20-19. Looking at the Table Above, What

question 288

Multiple Choice

Table 20-19

-Refer to Table 20-19. Looking at the table above, what is the rate of growth of the average price level from 2016 to 2017?

• A) 1%
• B) 2%
• C) 3%
• D) 4%
• E) 5%

---

Definitions:

Variable Costs

Costs that vary directly with the level of production or sales volume.

Fixed Costs

Costs that do not vary with the level of output or production, such as rent or salaries.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Variable Costs

Costs that vary directly with the level of production or output, including items such as raw materials and direct labor expenses.