Acceptance of an Offer to Form a Unilateral Contract Need

question 1

True/False

Acceptance of an offer to form a unilateral contract need not be communicated to the offeror to be effective.

Interpret the concept of national saving and its equivalence to investment in a closed economy.

Clarify misconceptions regarding government purchases, taxes, and public saving in a closed economy.

Analyze the effects of fiscal policy on loanable funds, interest rates, and investment.

Distinguish between different financial instruments and their roles in the economy.

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Definitions:

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, leading to technological innovation and urbanization.

Socialist Regimes

Socialist regimes are political systems where the government owns or regulates the means of production and distribution of goods, aiming for equal wealth distribution.

Andrew Carnegie

A 19th-century industrialist and philanthropist known for his massive wealth derived from the steel industry and his significant contributions to education, libraries, and peace initiatives.

Philanthropy

The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.