If Real GDP Grows to $9

question 4

Multiple Choice

If real GDP grows to $9.5 trillion in 2014 from $9 trillion in 2013, the growth rate for real GDP is ________.

• A) 6 percent
• B) 10 percent
• C) 5 percent
• D) 0.5 percent

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Definitions:

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, expressing the work done in terms of fully completed goods.

Weighted-Average Process

A method of accounting for inventory and production costs that averages costs over the units produced during a period, widely used in process manufacturing.

Units Completed

The number of finished goods produced during a specific period, ready for sale or distribution.

Beginning Of Production

The point in time when a manufacturing process starts, marking the commencement of production activities.