In 2007 ___________ Had the Highest Annual Expenditures on Public

question 9

Multiple Choice

In 2007 ___________ had the highest annual expenditures on public and private schools per student.

• A)Spain
• B)France
• C)United States
• D)Japan

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Definitions:

Fixed Cost

Costs that do not vary with the volume of production or sales, such as rent, salaries, and insurance.

Average Cost

The total cost divided by the quantity produced, calculating the cost on a per unit basis.

Total Output

The total quantity of goods or services produced by a firm or economy.

Fixed Costs

Expenses that do not change with the level of goods or services produced by a business.