If the Government Share of GDP Equals 25 Percent of GDP

question 58

Multiple Choice

If the government share of GDP equals 25 percent of GDP and the nongovernment share of GDP equals 85 percent of GDP, then

• A)interest rates will increase until the government share of GDP declines to 20 percent.
• B)nothing will happen unless the government reduces its share of purchases.
• C)interest rates will decrease, resulting in a decrease in the investment, consumption, and net export shares.
• D)interest rates will increase, resulting in a decline in the investment, consumption, and net export shares.
• E)GDP will increase, shrinking each share until the sum of all shares equals 1.

Identify the defenses available in product liability cases.

Recognize the role of government regulation and premarket approval in product liability.

Analyze the applicability of statutes of repose in product liability cases.

Understand the importance of warnings in product safety and liability.

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Definitions:

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law across state lines.

Finance Lease

A type of lease in which it is assumed that the lessee will use the leased asset for the majority of its useful life, often with an option to purchase the asset at the end of the lease term.

Lease Contract

A legal agreement in which one party grants another party the right to use a property or equipment for a specified period in exchange for payment.

Merchant

A person or corporation involved in the trade of offering products or services for sale.