Adam Owns a Second Hand Car Yard

question 27

Multiple Choice

Adam owns a second hand car yard.In which of the following transactions is Adam not a 'consumer' within the meaning of the ACL?

• A)Adam buys petrol from Caltex to fill up his own Volkswagen Beetle.
• B)Adam buys a second-hand Toyota for his son from a used-car dealer.
• C)Adam buys a Volvo in order to sell it in his yard.
• D)Adam buys a Ferrari as a wedding anniversary present for his wife.

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Definitions:

Global Financial Panic

A worldwide period of financial instability characterized by widespread fear and withdrawal of investment.

Aggregate Supply

The total supply of goods and services that firms in an economy plan to sell during a specific time period at various price levels.

Aggregate Demand

The total demand for final goods and services in an economy at a given time, encompassing consumption, investment, government spending, and net exports.

September 2008

A significant month marking the peak of the financial crisis of 2008, characterized by the collapse of Lehman Brothers and a global economic downturn.