Average World Income Began to Increase Rapidly During the

question 8

Multiple Choice

Average world income began to increase rapidly during the

• A) Enlightenment.
• B) Dark Ages.
• C) Second World War.
• D) War of the Ring.
• E) Industrial Revolution.

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Definitions:

Total Cost Curve

A graphical representation that shows the total cost of producing different quantities of output.

Ratio

A mathematical expression that represents the quantitative relationship between two numbers, showing how many times one value contains or is contained by the other.

Output

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

Average Fixed Costs

The fixed costs of production divided by the quantity of output produced, decreasing as production increases.