Which of the Following Is Not Included in U

question 27

Multiple Choice

Which of the following is not included in U.S.GDP?

• A)The market value of an oil change that Ben performs on his own car.
• B)The market value of an oil change at Speedy Lube.
• C)The market value of oil purchased by Ben.
• D)Production of foreign citizens living in the United States that work in an oil packaging facility.

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Definitions:

Variable Costs

Expenses that vary with the amount of output or sales.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent or salaries.

Break-Even Point

The level of production or sales at which total revenues equal total expenses, resulting in neither profit nor loss.

Cost-Volume-Profit Chart

A graphical representation that shows the relationship between a company's cost, production volume, and profits.