___________ Is the Level of Material Affluence of a Group

question 20

Multiple Choice

___________ is the level of material affluence of a group or nation,measured as a composite of quantities and qualities of goods.

• A)International business
• B)Capital flight
• C)Sovereignty
• D)Quality of life
• E)Standard of living

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Definitions:

Economies

The large set of interrelated production and consumption activities that aid in determining how scarce resources are allocated.

Diseconomies

Circumstances where increasing the scale of production leads to higher per-unit costs, often due to inefficiencies gained at larger scales.

Average Total Costs

The average cost per unit is calculated by dividing the entire production cost by the quantity of units produced.

Total Fixed Costs

The sum of all costs that remain constant in total amount regardless of changes in the level of production or output.