While It Does Not Apply in Every Case, Modernization Theory

question 48

Multiple Choice

While it does not apply in every case, modernization theory does help explain how _____ became successful through an emphasis on a national work ethic.

• A) Brazil
• B) Japan
• C) the United States
• D) Vietnam

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Definitions:

Total Utility

The total satisfaction received from consuming a particular quantity of goods or services.

Marginal Utility

The added satisfaction a consumer gets from having one more unit of a good or service.

Diminishing Marginal Utility

A principle in economics that posits an individual gains less satisfaction from consuming each additional unit of the same product or service.

Marginal Utility

The extra pleasure or advantage gained from using another unit of a product or service.