Suppose That Real GDP for 2012 Was $10,000 Billion and Real

question 94

Multiple Choice

Suppose that real GDP for 2012 was $10,000 billion and real GDP for 2013 was $11,000 billion.What is the rate of growth of real GDP between 2012 and 2013?

• A)1%
• B)2%
• C)5%
• D)10%

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Definitions:

Budget Variance

The difference between budgeted amounts and actual amounts for revenues, expenses, or other financial metrics.

April

The month that comes fourth in the year according to the Gregorian calendar system.

Predetermined Overhead Rate

A rate used to apply manufacturing overhead costs to products, calculated before the production period based on estimated costs and activity levels.

Variable Overhead

Costs that fluctuate with the level of production activity, such as utilities or raw materials.