Which of These Is the Best Measure of the Average

question 79

Multiple Choice

Which of these is the best measure of the average standard of living in an economy?

• A)The unemployment rate
• B)Nominal income
• C)Real GDP
• D)National debt
• E)Real GDP per capita

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Definitions:

Budget Variance

The difference between the budgeted or planned amount of expense or revenue, and the actual amount incurred or received.

Fixed Overhead Budget Variance

The variance between the budgeted and the actual incurred fixed overhead expenses.

Manufacturing Overhead Applied

The portion of estimated manufacturing overhead cost that is assigned to each unit of production based on a predetermined rate.

Labor-Hour

A labor-hour represents an hour of work performed by an employee, typically used as a basis for allocating labor costs or measuring productivity.