Suppose That in 2019, All Prices in the Economy Double

question 51

Multiple Choice

Suppose that in 2019, all prices in the economy double and that all wages and salaries have also doubled.In 2019 you

• A)are worse off than you were in 2018 as you can no longer afford to buy as many goods and services.
• B)are better off than you were in 2018 as your salary is higher than it was in 2018 and you can now buy more goods and services.
• C)are no better off or worse off than you were in 2018 as the purchasing power of your salary has remained the same.
• D)cannot determine whether you are better off or worse off than you were in 2018 because the purchasing power of your salary cannot be determined.
• E)are better off as an increase in your income always increases your options.

Learn the legal protocols for notifying a party of a breach in sales contracts.

Recognize the importance and impact of timely and appropriate communications in contractual obligations.

Understand how the CISG mediates between the contracting parties' obligations and rights.

Understand the impact and regulation of pricing practices in the marketplace.

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Definitions:

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A systematic approach to making choices among possible options to achieve a desired outcome.

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An individual who excels in making choices by identifying and considering all possible options and outcomes, leading to the best possible solution.

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