The Ability of One Nation to Produce a Commodity Using

question 15

Multiple Choice

The ability of one nation to produce a commodity using fewer resources than another nation is:

• A)absolute advantage
• B)comparative advantage
• C)mercantilism
• D)specialization

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Definitions:

Marginal Utility

The additional satisfaction or benefit (utility) a consumer derives from consuming one additional unit of a good or service.

Brussels Sprouts

Edible buds that resemble miniature cabbages, known for their nutritional benefits and grown mainly for culinary uses.

Marginal Utility

The extra satisfaction or benefit gained from consuming an additional unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a good or service.