Choose the Word or Phrase in [ ] Which Will

question 29

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Insurance is a tool that can lessen [economic | accident] risk.

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Definitions:

Outward Shift

A movement of a curve away from the origin on a graph, typically indicating an increase in supply or demand.

Comparative Advantage

The proficiency of an individual or group in executing a certain economic function more effectively than other tasks.

Lowest Cost

The scenario in which the expenditure required to achieve a certain objective or to purchase goods and services is minimized.

Opportunity Cost

The act of sacrificing possible gains from alternative decisions when one is made.