Because Resources Tend to Be Specialized, Increased Production of Military

question 104

Multiple Choice

Because resources tend to be specialized, increased production of military goods tends to

• A)decrease the opportunity cost of more military goods.
• B)increase the opportunity cost of more non-military goods.
• C)increase the opportunity cost of more military goods.
• D)change the position of the production possibilities curve.
• E)alter the slope of the production possibilities curve.

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Definitions:

Misrepresentation

Misrepresentation refers to a false statement of fact made by one party to another, which induces that other party into entering a contract.

Undue Influence

A situation where an individual is persuaded or coerced in a way that disrupts their free will, often leading to unfair agreements.

Non Est Factum

A defense in contract law that allows a person to avoid liability because they were mistaken about the nature of the document signed, not merely its contents.

Unconscionable Transaction

An equitable principle allowing courts to set aside a contract in which a party in a superior bargaining position took advantage of the other party and the consideration was grossly unfair.