The Greater Exposure of Professionals to Liability for Professional Negligence

question 17

Multiple Choice

The greater exposure of professionals to liability for professional negligence has led to the extensive use of

• A)private investigators.
• B)acceleration clauses.
• C)liability insurance.
• D)disclaimer clauses.
• E)professional fees.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

National Security

National security involves the safety and defense of a nation, including its citizens, economy, and institutions, protected against threats ranging from terrorism to foreign invasions.

Infant Industries

Newly established industries often with limited capabilities compared to established competitors, and potentially protected by a government until they become competitive.

Absolute Advantage

The ability of a country or entity to produce a good or service in a more efficient manner (with fewer resources or in less time) than other countries or entities.