The Statement, __________, Is Not True

question 47

Multiple Choice

The statement, __________, is not true.

• A)"the world system is based on economies oriented toward world market for profit"
• B)"the world system depends on each nation producing all that is needed by its own population"
• C)"the world system was established primarily through European colonialism"
• D)"the standard of living tends to be higher for populations living in core nations"
• E)"nations may change their positions in the world system"

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Definitions:

Labor

The human effort, either physical or mental, used in the production of goods and services.

Curves

In economics, curves are graphical representations that show the relationship between two variables, demonstrating how one variable changes in response to the other.

ATC

Average Total Cost; the sum of all production costs divided by the quantity of output produced, representing the cost per unit.

MC

An abbreviation often used for Marginal Cost, which represents the cost of producing one more unit of a good.