In the Economy with Efficient Institutions,technological Advancement

question 61

Multiple Choice

In the economy with efficient institutions,technological advancement

• A) occurs predictably.
• B) is the result of individuals responding to incentives.
• C) tends to occur by accident.
• D) is exogenous.
• E) depends mainly on luck.

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Definitions:

Disability Insurance

Insurance coverage that provides income support to individuals who are unable to work due to disability.

Expected Utility

A theory in economics that quantifies how choices are made under uncertainty based on the perceived utility or satisfaction from different outcomes.

Disability Insurance

A type of insurance that provides financial benefits to individuals who are unable to work because of a disabling illness or injury.

Expected Value

In statistics and probability theory, the average result of a random variable, computed as the weighted average of all possible values.