In the Developing World,what Government Institution Is Often the Most

question 93

Multiple Choice

In the developing world,what government institution is often the most well-funded and organized?

• A) agricultural department
• B) educational system
• C) military
• D) ministry of trade
• E) social services network (foster care, homes for the elderly, etc.)

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Definitions:

Long-run Cost Curve

A graphical representation showing the minimum cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Hair Dryers

Electrical devices used to blow dry hair by emitting warm air.

Economies of Scope

Cost advantages that arise from a firm or company expanding its product line or markets, exploiting shared resources or technologies.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the cost per unit as output increases.