Privity of Contract Applies in Which of the Following Situations

question 158

Multiple Choice

Privity of contract applies in which of the following situations?

• A) Where an interest in land is involved
• B) Where a trust is involved
• C) Where an insurance contract is involved
• D) Where goods are being sold
• E) Where a trust has been created

Differentiate between comparative and absolute advantage.

Grasp the role of opportunity cost in economic decisions.

Explain the characteristics and benefits of a market economy.

Describe the implications of private ownership and free exchange.