Economists Generally Assume That Workers Maximize

question 43

Multiple Choice

Economists generally assume that workers maximize

• A) their income.
• B) their leisure time.
• C) their utility.
• D) their nonpecuniary benefits.

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Definitions:

Adequate Remedies

Legal solutions or compensation that are considered sufficient to remedy a breach of contract or violation of rights.

Commercial Impracticability

A doctrine in contract law allowing parties to be released from their obligations due to unforeseen events that make execution of the contract excessively burdensome.

Frustration of Purpose

A doctrine in contract law that excuses performance of a contract when an unforeseen event undermines the contract's original reason for existence.

Liquidated Damages Clause

A contractual provision that specifies the amount of damages to be paid if a party breaches the agreement.