The Following Sales Are Excluded from the CISG

question 43

Multiple Choice

The following sales are excluded from the CISG:

• A) the sale of industrial equipment.
• B) the sale of consumer goods.
• C) the sale of ships and aircraft.
• D) all of the above.

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Definitions:

Marginal Rate

The rate at which one variable changes over the change in another variable, often used in the context of taxes or marginal rate of substitution in economics.

Substitution

The economic concept whereby consumers replace costlier items with less expensive alternatives, or firms switch between inputs to minimize costs.

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, representing equal levels of utility.

Income Effect

Adjustments in the financial earnings of an individual or an economy and the corresponding effect on the quantity of goods or services demanded.