The Central Question in Economics Is How To

question 19

Multiple Choice

The central question in economics is how to:

• A) deal with the problem of scarcity.
• B) change government economic policy.
• C) change people's wants to match their needs.
• D) manage money and become wealthy.

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Definitions:

Punitive Damages

Monetary compensation awarded in a lawsuit that goes beyond what is necessary to compensate the plaintiff and is intended to punish the defendant for egregious behavior and deter similar conduct in the future.

Constitution

The foundational legal document that establishes the framework of a government, outlining the structure, powers, and limitations of government institutions.

Grossly Excessive

Describes an amount or action that is much more than what is reasonable or appropriate.

Philip Morris USA v. Williams

A landmark U.S. Supreme Court case that significantly impacted punitive damages in cases of personal harm, focusing on a punitive damages award against a tobacco company.