Utility Numbers Provide

question 5

Multiple Choice

Utility numbers provide:

• A)positive information to society.
• B)precise differences between consumption bundles.
• C)normative information to society.
• D)positive information to individuals.

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Definitions:

Quantity Supplied

The quantity of a product that suppliers are ready to sell at a particular price during a defined time frame.

Comparative Advantage

An individual's, a business's, or a nation's potential to produce a service or good at an opportunity cost that is inferior to that of its competition.

Production Possibilities

Production possibilities refer to the different combinations of goods and services that an economy can produce given its available resources and technology.

Specialization

The process of focusing effort and resources on a limited number of activities to increase efficiency and productivity.