Resources Are Used More Efficiently If People, Regions, and Countries

question 7

Multiple Choice

Resources are used more efficiently if people, regions, and countries specialize in goods for which they have a(n) :

• A)disincentive to trade with others.
• B)higher opportunity cost.
• C)absolute advantage in production.
• D)comparative advantage in production.
• E)None of the above. People, regions, and countries should learn to be self-sufficient.

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Definitions:

Income

The monetary payment received for work or through investments, pensions, or social benefits, used by individuals or households to consume goods and services.

Marginal Utility

The increased enjoyment or value a buyer gets by consuming an extra unit of a merchandise or service.

Broccoli

A green vegetable from the cabbage family, known for its nutritional benefits and eaten either raw or cooked.

Rice

A staple food grain consumed worldwide, known for its versatility and ability to be grown in diverse environments, from mountain terraces to flat plains.