What Percentage of Globally Extracted Oil Is Consumed by the United

question 45

Multiple Choice

What percentage of globally extracted oil is consumed by the United States each year?

• A)about 2%
• B)about 4%
• C)about 14%
• D)about 24%

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Definitions:

Sales Commissions

Payments made to sales personnel based on the sales volume or value they have achieved.

Opportunity Cost

The potential benefit that is given up when one alternative is selected over another.

Variable Selling

Variable selling costs are expenses that fluctuate with sales volume, such as commissions and credit card fees, which increase as sales increase.

Administrative Expense

Costs related to the general administration of a business, such as salaries of executive officers and costs of the head office.