The Biggest Losers from World War I and Its Aftermath

question 31

Multiple Choice

The biggest losers from World War I and its aftermath were

• A)the great multinational empires.
• B)merchants and bankers.
• C)England and her allies.
• D)nationalists.
• E)people in the smaller European countries.

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Definitions:

Marginal Output

Refers to the additional output that results from using one more unit of a production input, such as labor or capital, in the production process.

Total Output

The total quantity of goods and services produced in an economy during a given period.

Fixed Cost

Expenses that do not change in total regardless of the level of output or activity, such as rent, salaries, and insurance.

Variable Cost

Expenses that vary directly with the volume of output or business operations.