Which of the Following Represents the Largest Share of U

question 64

Multiple Choice

Which of the following represents the largest share of U.S.GDP?

• A) services
• B) agricultural production
• C) the production of manufactured goods
• D) the production of physical goods
• E) the production of capital goods

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Definitions:

Average Total Cost (ATC)

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

Marginal Cost (MC)

Marginal cost is the increase in total cost that arises from producing one additional unit of a product or service.

Marginal Revenue (MR)

The enhanced earnings from distributing an additional unit of a good or service.

Total Costs

The sum of all expenses incurred in the production of goods or services.