If GDP Was $7,300 Billion in 2006 and the Population

question 93

Multiple Choice

If GDP was $7,300 billion in 2006 and the population was 200 million,then GDP per capita was approximately:

• A) $27,397.
• B) $36,500.
• C) $54,621.
• D) $71,000.

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Definitions:

Replace Inventory

The process of replenishing stock to ensure sufficient levels of inventory are maintained for operations.

Acquire Inventory

The process of obtaining goods and materials for sale or use in production by a company.

Estimated Ending Inventory

An approximation of the value or quantity of inventory that a company expects to have at the end of a period, calculated using the cost of goods sold formula.

Gross Profit

The difference between revenue from sales and the cost of goods sold, before accounting for operating expenses.