The Statement That 'Increases in the Tax on Petrol Increase

question 90

Multiple Choice

The statement that 'increases in the tax on petrol increase the price of petrol' is an example of which of the following?

• A) Marginal statement.
• B) Rational-decision statement.
• C) Macroeconomic statement.
• D) Positive statement.
• E) Normative statement.

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Definitions:

Liquidated Damages

A predetermined sum agreed upon by the parties to a contract to be paid as compensation in the event of a breach.

UCC

stands for the Uniform Commercial Code, a set of laws that provide legal standards and regulations for commercial transactions in the United States.

Non-breaching Seller

A seller who has complied with the terms of a contract and has not violated any conditions or obligations.

Withhold Delivery

The act of intentionally not delivering goods or services that are part of a contractual agreement.