The "Short Twentieth Century" Is Characterized by a Fairly Coherent

question 37

True/False

The "short twentieth century" is characterized by a fairly coherent period of economic and geopolitical development that occurred between the outbreak of World War I (in 1914)and the collapse of the Soviet Union (in 1989).

---

Definitions:

Average Variable Costs

This represents the total variable costs (costs that vary with the production level) divided by the quantity of output produced.

Total Costs

The sum of all costs incurred by a business in producing a particular quantity of a good or service, including both fixed and variable costs.

Economic Cost

The total cost of choosing one action over another, including both explicit costs and opportunity costs.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.