Use the Following to Answer Questions: Table: GDP Data -(Table: GDP Data) Using the GDP Data in the Table

question 142

Multiple Choice

Use the following to answer questions: Table: GDP Data $$\begin{array} { l l } \hline \text { 2000 GDP in } 2000 \text { dollars } & \$ 11.6 \text { trillion } \\1995 \text { GDP in } 2000 \text { dollars } & \$ 10 \text { trillion } \\1995 \text { GDP in } 1995 \text { dollars } & \$ 8.8 \text { trillion }\end{array}$$
-(Table: GDP Data) Using the GDP data in the table, how much did nominal GDP grow between 1995 and 2000?

• A) -14.5%
• B) 16%
• C) 13.63%
• D) 31.8%

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Definitions:

Absorption Costing

An accounting method that allocates all manufacturing costs, including both fixed and variable costs, to the product, used for external financial reporting and tax purposes.

Contribution Format

A type of income statement format that separates fixed costs from variable costs to highlight the contribution margin.

Income Statement

A financial report that shows a company’s revenues, expenses, and net income over a specific period, illustrating the company’s financial performance.

Reconcile

A process of ensuring two sets of records (usually the balances of two accounts) are in agreement.