If Real GDP Grows by 3% in 2011,3

question 195

Multiple Choice

If real GDP grows by 3% in 2011,3.2% in 2012,and 2.5% in 2013,what is the average annual growth rate of real GDP?

• A)2.6%
• B)2.9%
• C)3.1%
• D)4.2%

Understand the distinction between accounting profit and economic profit.

Calculate accounting profit using total revenue and explicit costs.

Differentiate between short-run and long-run costs in the context of variable and fixed inputs.

Calculate economic profit, incorporating opportunity costs and explicit costs.

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Definitions:

Marketing Planning

The process of defining marketing strategies and tactics, and allocating resources to achieve marketing objectives.

Goals

Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Measurable Goals

Specific, quantifiable objectives that have been set to assess the effectiveness of a project, campaign, or business activity.