Assume an Economy Which Is Producing Only One Product

question 140

Multiple Choice

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are:

• A)$180 and $30.
• B)$30 and $5.
• C)$180 and $120.
• D)$120 and $100.

Understand the basic principles of title transfer in the sale of goods.

Recognize the legal obligations of parties to a sales contract under the UCC.

Identify the rules governing good faith and commercial reasonability in sales contracts.

Comprehend the significance of risk of loss provisions and how they apply in different scenarios.

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Definitions:

E-Sign Act

A federal law enacted in 2000 that facilitates the use of electronic records and signatures in commerce by ensuring their validity and legal effect.

Electronic Signature

A digital form of a signature that legally binds an individual to an electronic document, as recognized by law.

UETA

The Uniform Electronic Transactions Act, which establishes the legal validity of electronic signatures and records.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty providing a uniform set of rules for the international sale of goods.