INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 145

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-Most commentators believe the annual exclusion amount from estate tax will be set at [$3,500,000 | $1,000,000] for 2013.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Average Total Cost

The total cost of production divided by the number of goods produced, accounting for both fixed and variable costs.

Output

The total amount of goods or services produced by a firm, industry, or economy within a specific period.

Fixed Cost

A cost that does not change with the level of output or production, such as rent or salaries.

Short Run

A period in economics during which at least one input, such as plant size, is fixed and cannot be changed.