Between 1950 and 2012,U

question 114

Multiple Choice

Between 1950 and 2012,U.S.real GDP per capita grew at an average annual rate of about:

• A) 5.5 percent.
• B) 4.2 percent.
• C) 3.2 percent.
• D) 2.0 percent.

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Definitions:

Volume Variance

The difference between the expected volume of production or sales and the actual volume, affecting costs or revenues.

Variable Overhead Efficiency Variance

A calculation used to measure the efficiency with which a firm uses its variable overhead resources, based on the difference between actual and expected usage.

Unfavorable

A term describing outcomes that are worse than expected or budgeted, often used in financial and operational analysis.

Favorable

A term used in financial analysis to indicate that actual performance is better than expected or budgeted performance.