If Society Decides It Wants More of One Good and All

question 88

Multiple Choice

If society decides it wants more of one good and all resources are fully utilized, then

• A)it is unable to do this unless technology advances.
• B)additional resource supplies will have to be found.
• C)it has to give up some of another good and incur some opportunity costs.
• D)more unemployment will occur.

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Definitions:

Insurance

A financial product or agreement that provides compensation for specific losses or damages in return for payments made.

High Risk

Refers to situations or investments that have a high potential for loss or failure.

Average Premium

The mean amount paid for insurance coverage across a defined set of policies, reflecting the average cost to the insured.

Expected Loss

A financial term representing the anticipated amount of loss a company may suffer, calculated as the probability of an event times the potential loss amount.