Technological Improvements Are More Likely to Occur If

question 12

Multiple Choice

Technological improvements are more likely to occur if

• A)the economy is centrally planned.
• B)entrepreneurs are compensated with higher profits for taking risks.
• C)economic decisions are made by politicians rather than entrepreneurs.
• D)companies face little competition in their markets.

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Definitions:

Damages

Monetary compensation awarded by a court to a person who has suffered loss or harm as a result of another's action or inaction.

Statutory Amount

A specific sum of money that is prescribed by statute or law for various purposes.

Extortion

A criminal offense in which a person obtains money, property, and/or services from another by wrongfully threatening or inflicting harm on the other’s person, property, or reputation. Also called blackmail.

Rescind

To rescind is to revoke, cancel, or repeal a contract, agreement, or law, effectively making it as if it never existed.