In 2005, What Was the Average Saving Rate as a Percentage

question 172

Multiple Choice

In 2005, what was the average saving rate as a percentage of income among urban households in China?

• A) 0 percent
• B) 5 percent
• C) 10 percent
• D) 25 percent
• E) 30 percent

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Definitions:

Labor

The human effort, both physical and mental, used in the production of goods and services.

Average Variable Cost

The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output.

Cost Of Production

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.

Labor Hours

The number of hours worked by employees for the production of goods or services.