In 1963,the State of __________ Became the First State to Adopt

question 7

Multiple Choice

In 1963,the state of __________ became the first state to adopt the __________ theory,after the state supreme court decided the Greenman v.Yuba Power Products case.

• A) California; strict product liability
• B) California; product negligence
• C) New York; strict liability
• D) Florida; breach of warranty

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Definitions:

Absolute Advantage

A situation where a country, individual, or firm can produce more of a good or service with the same amount of resources compared to other entities.

Specialize

When individuals or businesses focus on producing a limited range of goods or services to increase efficiency and output quality.

Comparative Advantage

Being able to manufacture a good or provide a service with a smaller opportunity cost than that of competing individuals, companies, or nations.

Absolute Advantage

The capacity of an entity to create a product or offer a service more effectively than its rivals, utilizing fewer resources.