When We Trust the Judgments of People Who Have Special

question 31

Multiple Choice

When we trust the judgments of people who have special training,such as a doctor or a lawyer,we are accepting their:

• A) wisdom
• B) expertise
• C) authority
• D) word

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Definitions:

Marginal Land

Land of little agricultural value because inputs of labor and capital produce relatively low outputs of crops or livestock.

Joseph Schumpeter

An economist known for his theories on business cycles and innovation as the driving force behind capitalism.

Frank Knight

An influential economist known for his work on risk, uncertainty, and profit, contributing significantly to the field of economics.

Reward For Innovation

Financial or other incentives provided to encourage the development and implementation of new ideas, processes, or products.