Which of the Following Roughly Approximates the Meaning of the Term

question 66

Multiple Choice

Which of the following roughly approximates the meaning of the term caveat emptor?

• A) voluntary assumption of risk
• B) let the buyer beware
• C) the thing speaks for itself
• D) haste makes waste

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Definitions:

Labor-Force Participation

The ratio of the working-age group that is involved in the labor market, being either in employment or actively searching for a job.

Since 1950

A phrase indicating a time frame that starts from the year 1950 to the present, often used to denote changes or developments over that period.

Comparative Advantage

The ability to produce a good at a lower opportunity cost than another producer

Sectoral Shocks

Unexpected events that cause significant shifts in demand or supply in a specific sector of the economy, leading to changes in prices and output levels.