A Decline in Borrower Net Worth Will Result in

question 11

Multiple Choice

A decline in borrower net worth will result in

• A)lower output, but a higher price level.
• B)a lower price level, but higher output.
• C)lower output and a lower price level.
• D)higher output and a higher price level.

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Definitions:

Oral Evidence

Testimony given by a witness in court or during a legal proceeding that is spoken and not written.

Written Contract

A legally binding agreement between two or more parties that is put in writing and signed by the parties.

Statute of Frauds

A legal doctrine that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.

Land Leases

Agreements in which landowners allow tenants to use their land for a specified period and conditions, without transferring ownership.