Over the Course of the Last Century,the Extent of Global

question 37

Multiple Choice

Over the course of the last century,the extent of global economic inequality has

• A)decreased sharply.
• B)stayed about the same.
• C)increased.
• D)become smaller,but not by much.

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Definitions:

Production Of Socks

The manufacturing process of creating socks, involving various steps from the sourcing of materials to the final product packaging.

Production Possibilities Frontier

A graphical representation showing the maximum combinations of goods and/or services that can be produced with a fixed set of resources.

Opportunity Cost

The lost benefit that could have been enjoyed if the chosen option had not been taken, implying the trade-off of forgoing the next best alternative.

Efficient Production Process

A method of production that uses the least amount of resources to achieve the maximum output.