Under the Infancy Doctrine,a Contract Involving a Minor and an Adult

question 119

True/False

Under the infancy doctrine,a contract involving a minor and an adult can be avoided by either party.

Understand and explain the concept of property rights and their implications for efficient market solutions.

Understand the definitions and differences between Pigovian taxes and command-and-control policies.

Recognize the concept of externalities and their impact on market efficiency.

Identify and contrast different public policies toward externalities.

---

Definitions:

Adults Employed

The portion of the adult population that is currently employed and working.

Adults Unemployed

Individuals who are of working age, not currently employed, and actively seeking employment but unable to find work.

Adults Not in the Labor Force

Individuals over the age of working who are neither employed nor actively seeking employment, excluding them from labor force statistics.

Bureau of Labor Statistics

The Bureau of Labor Statistics is a unit of the United States Department of Labor, responsible for collecting and analyzing economic data related to labor market activity, working conditions, and price changes.