Measures Such as HDI and the Gini Contribute to an Understanding

question 10

Multiple Choice

Measures such as HDI and the Gini contribute to an understanding of development as ______.

• A) welfare of people
• B) level of economic growth
• C) welfare of places
• D) evidence of modernization

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Definitions:

Linear Marginal Cost

A situation where the additional cost of producing one more unit of output is constant, regardless of the quantity produced.

Sunk Costs

Expenses that have already been incurred and cannot be recovered or refunded.

Fixed Costs

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

Explicit Costs

Input costs that require an outlay of money by the firm