Microeconomics Deals with the Analysis of All the Following Questions

question 39

Multiple Choice

Microeconomics deals with the analysis of all the following questions except how:

• A) the wages of carpenters are determined.
• B) high did unemployment rise during the Great Depression.
• C) does Ford decide how to price its cars.
• D) does a college student decide how to spend her income.

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Definitions:

Contractual Obligations

Duties that are legally required to be performed under the terms of a contract.

Foreseeable Loss

Losses that could have been anticipated or predicted as a consequence of an action or inaction, relevant in determining liability.

Non Est Factum

A defense in contract law where a party claims they were mistaken about the nature of the document signed, not merely its terms.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," placing the responsibility on the buyer to perform due diligence before making a purchase.