The Economist Responsible for Developing the Basic Concepts of the National

question 80

Multiple Choice

The economist responsible for developing the basic concepts of the national income accounting system is

• A)John Maynard Keynes.
• B)Alfred Marshall.
• C)Simon Kuznets.
• D)Adam Smith.

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Definitions:

Total Fixed Costs

The overall total of expenditures that remain steady, unaffected by how much is produced or outputted.

Average Fixed Costs

The constant production costs (unaffected by changes in output) divided by the production volume.

Swords

Swords are bladed weapons used historically and today for ceremonial, martial, or symbolic purposes, characterized by long blades for slashing or thrusting.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the quantity of output produced.