While Much of the U

question 23

Multiple Choice

While much of the U.S.business world was struggling with the problems of the Great Depression and clinging to the classical view that the country's economic problems would rectify themselves,John Maynard Keynes felt that the way out of the depression was to

• A) hold the lid on consumer demand while expanding production.
• B) expand effective aggregate demand by using government's power to spend and tax.
• C) make larger numbers of people employable.
• D) limit government power to tax.
• E) nationalize all basic industries as the first step toward socialism.

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Definitions:

Express Warranty

A seller's explicit promise or guarantee, assuring the quality or performance of a product, often included in the written contract.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law among the states.

Warranty Rights

Legal entitlements or protections afforded to consumers, guaranteeing that a product will meet certain standards of performance and quality.

Privity

The direct relationship between parties to a contract, which determines who can sue whom to enforce rights or obligations under the contract.