The Ability to Produce a Good or Service at a Lower

question 185

Multiple Choice

The ability to produce a good or service at a lower opportunity cost than other producers is

• A) absolute advantage.
• B) comparative advantage.
• C) opportunity advantage.
• D) special advantage.

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Definitions:

Professional Merit Selection

A system of appointment based on qualifications and performance rather than political connections or personal favoritism.

President

The elected head of a republican state or organization, holding the highest office and often acting as the chief executive or ceremonial figurehead.

SEC

stands for the Securities and Exchange Commission, a U.S. federal agency responsible for regulating the securities industry, enforcing federal securities laws, and ensuring market stability.

Administrative Process

The procedures and actions taken by administrative agencies executing laws, including rule-making, enforcement, and adjudication.