A Social Contract Can Be Summarized as ______

question 28

Multiple Choice

A social contract can be summarized as ______.

• A) a written agreement to act based on the laws
• B) giving up some freedom to benefit from community rules
• C) exchanging most civil rights and civil liberties for safety
• D) accepting that the government has absolute authority to make laws

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Definitions:

U.S. Economy

The economic system of the United States characterized by a mixed economy that supports both private and public enterprises.

Pure Monopsony

A market condition where there is only one buyer for many sellers, giving the buyer significant power over prices and terms of sale.

Labor Market

The supply and demand for labor, in which employees provide the supply and employers provide the demand.

Employment Opportunities

Job openings available in the economy for individuals seeking employment, reflecting the demand for labor and the health of the economic environment.