The Principles of Conduct Governing an Individual or a Group

question 30

Multiple Choice

The principles of conduct governing an individual or a group are referred to as ________.

• A) judgments
• B) morals
• C) ethics
• D) laws

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Definitions:

Comparative Advantage

Situation in which Country 1 has an advantage over Country 2 in producing a good because the cost of producing the good in 1, relative to the cost of producing other goods in 1, is lower than the cost of producing the good in 2, relative to the cost of producing other goods in 2.

Marginal Costs

The additional cost incurred by producing one more unit of a product or service.

MP3 Players

Portable electronic devices designed specifically for playing audio files in the MP3 format, a popular digital audio encoding and compression format.

Lumber

Timber that has been processed into beams and planks, a stage in the process of wood production.