The Process by Which Inherently Unstable Opposing Economic Forces and Counterforces

question 26

Multiple Choice

The process by which inherently unstable opposing economic forces and counterforces lead to crisis, revolution, and to the next stage of history is called

• A) evolution.
• B) class conflict.
• C) a dialectical process.
• D) law of disproportionality.

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Definitions:

Lloyd's Of London

A UK-based marketplace for insurance and reinsurance where participants form syndicates to jointly insure and distribute risk.

Merchant Ships

Commercial vessels used in international trade to transport goods and sometimes passengers.

Risk Aversion

The tendency of individuals to prefer outcomes with lower uncertainty over outcomes with higher uncertainty, even if the latter may offer a higher expected return.

Equilibrium Premium

The price at which the supply and demand for insurance coverage balance, setting a market rate for premiums.