All of the Following Are Economic Functions of the Government

question 114

Multiple Choice

All of the following are economic functions of the government EXCEPT

• A) providing a legal system.
• B) determining the wage rate for most jobs.
• C) promoting competition in the market.
• D) providing public goods.

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Definitions:

Enforceable

A term describing a contract or provision that is legally binding and can be upheld in court.

Postbox Rule

A legal principle in contract law stating that an offer is considered accepted at the moment the acceptance is dispatched by the offeree, not when it is received by the offeror.

Revocation

The process of formally withdrawing, cancelling, or annulling a decision, offer, or legal power.

Valid Contract

An agreement between two or more parties that is enforceable by law, meeting essential elements such as offer, acceptance, consideration, and legal purpose.