In a Market Economy, Which of the Following Is Most

question 17

Multiple Choice

In a market economy, which of the following is most important if one is going to achieve high earnings?

• A) hard work
• B) provision of goods and/or services that others value highly
• C) having a graduate degree in a field like history or sociology
• D) membership in a labor union

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Definitions:

Noncompetition Clause

A contract provision that prohibits a party from engaging in similar business or trade in competition against another party.

Liability Waiver

A legal document in which a person agrees to relinquish the right to sue or claim against another party in case of injury or damage.

Illegal Agreement

A contract based on the premise or performance of an activity that violates the law, making it unenforceable.

Noncompetition Clause

A provision in a contract that restricts one party from entering into or starting a similar profession or trade in competition against another party.