How Are New Communication Technologies Used to Promote Globalization

question 76

Multiple Choice

How are new communication technologies used to promote globalization?

• A) Advancements in communications have made markets and jobs more accessible.
• B) High-speed, high-capacity, and relatively low-cost communications have made geographical location virtually irrelevant for many activities and services.
• C) The Web permits instantaneous oral and written communication across time zones and continents.
• D) All of these choices

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Definitions:

Optimal Consumption Rule

A guideline suggesting that to maximize utility, consumers should allocate their budget in a way that the last dollar spent on each good or service yields the same level of marginal utility.

Marginal Utility

The extra gratification or advantage a person receives by consuming an additional unit of a specific good or service.

Marginal Utilities

The extra pleasure or benefit a consumer gets from purchasing and using an additional unit of a product or service.

Utility-Maximizing

A principle in economics where consumers aim to achieve the highest level of satisfaction with their choices, subject to their income and the prices of goods and services.