If Each of Us Relied Exclusively on the Market to Determine

question 1

Multiple Choice

If each of us relied exclusively on the market to determine what to buy,we would probably end up with few,if any:

• A)cars.
• B)bananas.
• C)national parks.
• D)computers.
• E)t-shirts.

Grasp the concept of novation and its function in altering the terms or parties of a contract.

Understand the concept of wealth and net worth and their differences.

Distinguish between normative and positive economic questions.

Comprehend the calculation of economic income and its components.

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Definitions:

Probability

An indicator of how probable an event is to happen, represented by a numerical value ranging from 0 to 1.

Probability

The likelihood or chance that a particular event will happen, quantifiable as a value between zero (impossible) and one (certain).

Independent

Pertains to variables or events that are not influenced or affected by each other.

P(A ∪ B)

The likelihood that either event A or event B, or both, will happen.