In Your Many Travels, You Have Suddenly Found Yourself in an Auto

question 105

Multiple Choice

In your many travels, you have suddenly found yourself in an auto accident - the very first one where you are at fault. Both cars are blocking a bridge with heavy city traffic. What should you do?

• A) Stay at the scene of the accident - have someone call the police and get medical help.
• B) Move the cars to a safe place so no one else gets hit.
• C) Call a lawyer to meet you at the scene of the accident.
• D) Refrain from admitting guilt or signing anything.
• E) all of the above except C

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Definitions:

Utility

A measure of satisfaction, usefulness or pleasure a consumer obtains from consuming a good or service.

Redistribution of Income

A policy or practice by which income is redistributed from wealthier segments of society to poorer ones through mechanisms like taxation and government spending.

Income Distribution

The way in which a nation’s total income is spread among its population, often analyzed to understand the extent of economic inequality.

Incentives to Produce

Factors or motivations that encourage firms or individuals to increase the production of goods or services.