A Concern About Long-Run Economic Growth Was Important in Economics

question 101

Multiple Choice

A concern about long-run economic growth was important in economics:

• A)from the time of Adam Smith and his The Wealth of Nations.
• B)from the time of Karl Marx and his Das Kapital.
• C)from the time of John M. Keynes and his General Theory.
• D)only since the 1970s.

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Definitions:

Risk-Seeking

characterizes the tendency of an individual or entity to take decisions that have a significant level of uncertainty or potential for negative outcomes in the hope of achieving higher gains.

Risk Technique

Methods or strategies used to identify, assess, and manage potential risks in a project or process to minimize negative outcomes.

Groupthink

A phenomenon where a group makes faulty or ineffective decisions for the sake of reaching a consensus, often suppressing dissenting viewpoints.

Abilene Paradox

A situation where a group of people collectively decide on a course of action that is counter to the preferences of many or all of the individuals in the group because each member mistakenly believes their own preferences are counter to the group's.