The Table Below Shows the Total Cost of Producing Different

question 3

Multiple Choice

The table below shows the total cost of producing different units of a commodity. Table 21.2
According to Table 21.2, the average variable cost of producing two units of output is:

• A)$48.
• B)$50.
• C)$62.
• D)$55.
• E)$60.

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Definitions:

Government Purchases

Expenditures by government entities on goods and services that directly absorb resources and are part of the nation's gross domestic product (GDP).

Discretionary Fiscal Policy

Government policy involving deliberate measures, such as taxation and spending, to influence economic activity.

Economic Forecasts

Predictions about future economic activity based on current and historical data analysis, including trends in GDP, inflation, and employment.

Budget Document

A detailed financial statement presented by the government outlining its revenue and expenditure for a specific fiscal period.