The Most Recent Technological Change to the U

question 43

Multiple Choice

The most recent technological change to the U.S.economy was

• A)the Agrarian Revolution.
• B)the Industrial Revolution.
• C)the Information Revolution.
• D)the Union Revolution.

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Definitions:

Break-Even Point

The point at which total costs and total revenue are equal, meaning no net loss or gain is incurred.

Variable Manufacturing Costs

Costs that fluctuate with the amount of production output, including expenses like raw materials, direct labor, and other costs that change with production volume.

Fixed Overhead

Costs that do not change with the level of production or sales, including expenses such as rent, salaries, and insurance, which are incurred regardless of business activity levels.

Contribution Margin Ratio

The percentage of sales revenue that exceeds variable costs, indicating the portion contributing to fixed costs and profit.