About What Percentage of the Growth in Real Output in the United

question 152

Multiple Choice

About what percentage of the growth in real output in the United States from 2007 to 2017 was due to increases in labor productivity?

• A) 25 percent
• B) about 33.3 percent
• C) roughly 50 percent
• D) 75 percent

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Definitions:

Fixed Costs

Costs that remain constant regardless of the amount of goods produced or sold within a specific timeframe, including rent, salaries, and insurance premiums.

Relevant Range

The range of operating activity within which the assumptions about fixed and variable cost behaviors remain valid.

Fluctuate

To change or vary irregularly in number, amount, volume, or intensity.

Committed Fixed Cost

Long-term fixed costs that cannot be easily changed and are typically tied to the investment in facilities, equipment, and basic organizational structure.