The Washington Consensus Follows the Dictates of ________

question 53

Multiple Choice

The Washington consensus follows the dictates of ________.

• A) laissez-faire
• B) the moral economy
• C) socialism
• D) communism

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Definitions:

AVC

Average Variable Cost, the cost of labor or material that changes with the level of output or production.

ATC

Average Total Cost, which is the total cost divided by the quantity of output produced, representing the per unit cost of production.

Diminishing Returns

A rule which posits that when investment in a specific sector grows, the profit rate from that investment will not continue to rise past a certain threshold if all other factors are kept unchanged.

AVC

Average Variable Cost is the total variable cost per unit of output.