About ______ of the World's Population Lives in the Sixty-Four

question 77

Multiple Choice

About ______ of the world's population lives in the sixty-four low-income economies, where most people engage in agricultural pursuits, reside in nonurban areas, and are impoverished.

• A)25 percent
• B)33 percent
• C)50 percent
• D)75 percent

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Definitions:

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of units produced.

Fixed Cost

refers to expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Cell Phones

Portable electronic devices that allow for telecommunication over a network of stations without the need for a physical connection to a telephone line.

Output Level

The output level refers to the total amount of goods or services produced by an individual, firm, or economy at a given time.