When a Person Becomes Better Educated and Is Able to Produce

question 43

Multiple Choice

When a person becomes better educated and is able to produce a better product, the person's education is referred to as:

• A)human capital.
• B)physical capital.
• C)land.
• D)labor.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States.

Exculpatory Condition

A provision in a contract or agreement that frees one party from legal liability for any harm or damage caused.

Condition Precedent

A contractual condition that must be fulfilled before a party’s performance is required under a contract.

Anticipatory Breach

A situation where one party indicates they will not fulfill their contractual obligations before the performance is due, allowing the other party to seek legal remedies.