The Long-Run Trends of Relative Prices of Primary Products Suggest

question 35

Multiple Choice

The long-run trends of relative prices of primary products suggest that the countries that are dependent on the export of primary products are most likely to:

• A)experience deterioration in their terms of trade.
• B)experience improvement in their terms of trade.
• C)be able to import more from abroad.
• D)experience an increase in their growth rates.

Distinguish between express and implied warranties in sales contracts.

Recognize the automatic provision of warranties of title in sales transactions and implications of breaching these warranties.

Evaluate how sellers can disclaim or modify warranties and when such disclaimers or modifications are effective.

Identify the nature of puffery and its distinction from express warranties.

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Definitions:

Adult Males

A demographic group defined by individuals who are male and have reached the age of majority, often considered for research or statistics.

Probability Distribution

A mathematical function that defines the likelihood of obtaining the possible values that a random variable can assume.

Sampling Distribution

The pattern of probabilities that emerge from a statistic calculated from a random-sample origins.

Deli Purchases

Transactions involving the buying of food and related items from a deli or delicatessen.