Consider a Ratio for the Total Number of Miles Traveled

question 24

Essay

Consider a ratio for the total number of miles traveled by car divided by the total number of drivers.
(A)If both the total number of miles traveled by car and the total number of drivers increase over time,what must be true for the ratio to rise over time?
(B)If both the total number of miles traveled by car and the total number of drivers fall over time,what must be true for the ratio to rise over time?
(C)If the ratio is not changing over time,what must be true about the total number of miles traveled by car and the total number of drivers over time,and relative to each other?

Evaluate the impact of design defects, warning defects, and manufacturing defects on product liability.

Understand the concept of strict liability and its application.

Recognize the significance of warnings and their adequacy in product use.

Distinguish between various parties' liability in the stream of commerce.

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Definitions:

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over a period of time.

Entrepreneurship

The act of creating, organizing, and running a new business venture, typically characterized by risk-taking and innovation to achieve profit and growth.

Capital

Resources, especially financial assets, used to create goods, services, or wealth.

Production Possibilities Curve

A graphical representation showing the maximum quantity of two goods or services that can be produced with limited resources.