You missed the second question. 
The fee on the blockchain is implied as the remainder between inputs and outputs (inputs - outputs = fee). Block explorers will only display this as a value for convenience.
You can also have multiple addresses in a single wallet 
Unspent UTXO’s are basically what u think of when you think of your “available balance”. They are funds you can send to other addresses.
If you need to send .8 bitcoin but your wallet has two UTXOs of 0.3 and 0.7 then you would send a total of 1 and separate it into two outputs or 2 receiving addresses one for 0.8 and one you control for 0.1 leaving 0.1 btc to be used as the fee.
Leftover input amounts are automatically used as the “fee”. some wallets allow the user to customize the amount of said fee.
A single transaction can have multiple inputs and outputs making it almost impossible to tell which sent which funds and which are receiving.
UTXOs are the “coins” ( there are no coins) that my private keys can control. These are earlier spent transactions that someone else spent when they sent them to my wallet. I now have these unspent transactions to spend.
The wallet will add up my UTXOs just like “cash” and ad them together to cover the amount needed. I will then get back the rest just like change in a normal transaction with cash. The difference is that the nominations are what your UTXOs are and not in set numbers issued by the state.
3.The wallet looks at the Blockchain and it knows what the fees where in the last block and will from that information calculate the fee for you to be able to send the transaction in a “reasonably” fast manner. It will detract the fee from the UTXO so the sum is the INPUT minus the OUTPUT + Transaction Fee
Answer#1: Unspent Transaction Outputs (UTXO) are the previous unspent transactions from a sender.
Answer#2: The transaction will not execute if you don’t have any single UTXO that is large enough to cover your transaction.
Answer#3: A bitcoin wallet specifies the transaction fee by subtracting total inputs from total outputs.
Answer#4: You could use the notion of transaction inputs and outputs to increase privacy by increasing the number of outputs because it would be very difficult to tell where the output transactions are going.
1.Describe what Unspent Transaction Outputs (UTXO) are.
They are what I can spend, so let’s say someone has sent me some BTC the blockchain will know how much BTC i have in my wallet, according to that my spending will know how much UTXOs i have in my wallet and therefore how much i can spend.
2.What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Well if i don’t have enough UTXO to cover the transaction the nodes or SPV will know that this transactions are impossible because i don’t have any ‘‘unspend transactions outputs’’. So i am not able to send any inputs to anyone else.
3.How would a bitcoin wallet specify the transaction fee when creating a transaction?
The sum must always be : Inputs = outputs+transaction fees.
4.How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
Since you have to use the full amount of UTXOs you have you can send it back to one of your own adresses and no one will know which one is yours or not.
You don’t need to sum all of them, just as much as you need to fund the tx.
UTXO are the balance in your wallet from all inputs that have not been spent.
The transaction would be declined , unless you had multiple other UTXO,s then your wallet would combine them and the transaction would be complete.
Your wallet checks the blockchain and calculates the correct fee.
You can make more transactions to others and yourself, from outside it is almost impossible to know, which transaction went where.
Thank you kindly for the corrections!
1)UTXOs: are basically previous outputs of transactions sent to me .The blockchain doesn’t keep track of the balances of each wallet , instead it saves the UTXOs .Once we sum up all my UTXOs i get my balance , and the UTXOs become my inputs of the Tx which I will make in the future.
2)If i don’t have any large UTXO to spend , i use 2 or more UTXOs as inputs , and resend the change(the extra money) back to my self or a wallet which I control .
3)It reads the blockchain and it approximately gives a number close to the previous fees payed in previous blocks.
4)use many adresses which I contol as outputs of Txs to distract the stalkers .
UTXOs are received and unspent bitcoins belonging to a specific private key. They are stored on the blockchain. The sum of all UTXOs make up the balance of an account.
I will have to spend multiple UTXOs that in total are large enough. I will receive a change back.
The fee is not specified explicitly. It will be the difference between the inputs and the outputs of the transaction.
You could create additional outputs that belong to yourself.
1. Describe what Unspent Transaction Outputs (UTXO) are.
UTXO is how much balance you have,
2. What would happen if you don’t have any single UTXO that is large enough to cover for your transaction?
Transaction will be rejected
3. How would a bitcoin wallet specify the transaction fee when creating a transaction?
A wallet would have a recommended fee, the higher the fee the faster the transaction will go through.
4. How could you use the notion of transaction inputs and outputs to increase privacy in your transaction?
By sending into multiple addresses, the identity of the receivers will always be unknown
You can always combine smaller utxo’s together of different addresses that your keys can spend. Only if the sum of all your available utxo’s aren’t enough to cover for your transaction it will fail
UTXO are unspent transactions of bitcoin in address of wallet or in address transaction to be received. If you do not have enough bitcoin in a single UTXO, wallet will construct this action, adds UXTOs until the amount for spending and fees are reached anything left over is to be sent back to your wallet through the same process. The transaction fees are calculated by substracting input from output. Every input and output uses different addresses to increase privacy.
Unspent Transaction Outputs (UTXOs) are all the spendable outputs for a given address available to be used in new transactions.
If a single UTXO isn’t large enough to cover a desired transaction then the wallet will use a second and third (if necessary) UTXO etc until the total UTXOs is greater than or equal to the amount to be sent (output). If the combined UTXOs is greater than is required (e.g. for a purchase), the excess is sent back to the sender as a newly created UTXO assigned to the sender (think of this as “change”). If there is not enough bitcoin in multiple UTXOs then the transaction is invalid and not accepted.
The transaction fee is the difference between the total inputs and total outputs (Bitcoin sent to new recipient(s) and “change”), which the successful miner will receive.
To increase your privacy in your transactions it is good practice to always generate a new bitcoin receiver’s address every time you receive bitcoin, this makes it hard to link two or more transactions to you.
1: UTXO’s are the transactions you have recieved but have not spent in outgoing transactions.
2: You have to spend all UTXO’s in a transaction, so even if no single UTXO was sufficient to cover the transaction, as long as your total balance was enough, the remainder after the fee would be sent back to you as another UTXO.
3: It wouldn’t, the fee is implied by the remainder of the outputs minus the inputs.
4: Since outputs plus fees must equal all inputs, which outputs are being used for the transaction and which are being sent to addresses under the senders control can be difficult to discern.