South Sudan

question 33

Multiple Choice

South Sudan:

• A)was the first state to be created since the end of the Cold War.
• B)has never been colonized by a European power.
• C)was one of numerous states to gain independence since the end of the Cold War.
• D)separated peacefully from North Sudan.
• E)has yet to be recognized internationally as a state by others in the international system.

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Definitions:

Average Total Cost

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

AFC

Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced; a measure of economies of scale.

AVC

Average Variable Cost is the per-unit variable cost of production, which changes with the level of output.

Average Variable Cost

The cost per unit of output that varies directly with the volume of production, excluding fixed costs.