In 1961,real GDP Totaled $575 Billion and in 2011 It

question 30

Multiple Choice

In 1961,real GDP totaled $575 billion and in 2011 it totaled $1,255 billion.Between 1961 and 2011,the population increased from 50 million to 100 million.Between 1961 and 2011,the standard of living based on real GDP per person

• A)increased from $11,500 to $12,550.
• B)increased by over 300 percent.
• C)increased by about 118 percent.
• D)decreased from $125,500 to $28,750.
• E)decreased by 9 percent.

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Definitions:

Activity Variance

The difference between the budgeted amount of activity and the actual amount, often analyzed in budgeting and variance analysis to manage costs.

Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Budgeting

The process of creating a plan to spend your money, delineating how the funds will be allocated over a specific time period.

Spending Variance

The difference between the actual amount spent and the budgeted or planned amount, typically related to operational budgets.