Final answer:
Fuel and power payments are most likely a variable cost, as they vary with production levels. In terms of GDP, the cost of hospital stays and new car sales are included, whereas the rise in life expectancy and used car sales are not. Information is considered the most important commodity in a postindustrial society.
Step-by-step explanation:
The question relates to the concept of variable and fixed costs within the field of business and economics. When considering which of the following is most likely to be a variable cost: a) Real estate taxes b) Rental payments of IBM equipment c) Interest on bonded indebtedness d) Fuel and power payments, it's clear that option d) Fuel and power payments is most likely to be a variable cost because it is directly correlated with the level of production or sales.
In contrast, real estate taxes, rental payments, and interest on bonded indebtedness are typically fixed costs that a company would incur regardless of its level of production or sales activity.
Answering another student's question, which of the following are included in GDP, and which are not? Here's the breakdown:
- a. The cost of hospital stays - Included in GDP as it is a service purchased within the country.
- b. The rise in life expectancy over time - Not included in GDP as it is not a market transaction.
- c. Child care provided by a licensed day care center - Included in GDP as it is a paid service.
- d. Child care provided by a grandmother - Not included in GDP unless it's a paid service.
- e. A used car sale - Not included in GDP as it's not a new production.
- f. A new car sale - Included in GDP as it represents a new good produced and sold.
- g. The greater variety of cheese available in supermarkets - Not included in GDP as variety doesn't equate to a market transaction.
- h. The iron that goes into the steel that goes into a refrigerator bought by a consumer - Included indirectly through the value of the final product in GDP.
For the last part, when discussing the most important commodity in a postindustrial society, a) Electricity b) Money c) Information d) Computers, the answer is c) Information. This is because information is the basis for knowledge, innovation, and the service-oriented economy that characterizes postindustrial societies.