Which of the Following Correctly Lists the Three Fundamental Economic

question 93

Multiple Choice

Which of the following correctly lists the three fundamental economic questions?

• A) If to produce? Why to produce? When to produce?
• B) If to produce? What to produce? How to produce?
• C) Why to produce? What to produce? How to produce?
• D) What to produce? How to produce? For whom to produce?

Differentiate between valid and invalid consideration.

Recognize the role of promissory estoppel in the absence of formal consideration.

Identify exceptions to the consideration requirement.

Analyze the effect of modifications on contracts under various laws.

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Definitions:

Division Of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Widowhood

The state or period of being a widow or widower, experienced after the death of a spouse.

Stress Hormones

Chemicals released in the body in response to stress, including cortisol and adrenaline, which prepare the body for a fight or flight response.

Ego Integrity

A sense of satisfaction and fulfillment that comes from looking back on one’s life, typically achieved in late adulthood.