Sociologists Reserve the Use of the Expression Normal Accident for Errors

question 180

True/False

Sociologists reserve the use of the expression normal accident for errors arising from the unpredicted but inevitable failure of highly complex technologies.

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Definitions:

Asset Liquidity

A measure of how easily an asset can be converted into cash without significantly affecting its market price.

Default Risk

The probability that a borrower fails to meet the obligations of paying back the interest or principal on a debt on time.

Nominal Wages

Wages paid to employees that have not been adjusted for inflation, representing the amount of money earned in current dollars.

Inflation Rate

The rate at which the overall price level of goods and services increases, thereby reducing the buying power.