The Specific Factors Model Assumes That There Are ________ Goods

question 19

Multiple Choice

The specific factors model assumes that there are ________ goods and ________ factor(s) of production.

• A) two; three
• B) two; two
• C) two; one
• D) three; two
• E) four; three

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Definitions:

Exemption Clause

A provision within a contract that limits or exempts a party's liability under certain conditions.

Faulty Steering Mechanism

A defect in a vehicle's steering system that can lead to loss of control, potentially causing accidents or injuries.

Merchantable Quality

A standard for goods being sold under a contract, ensuring they are of sufficient quality to be sold for their ordinary purpose.

Implied Terms

Provisions not expressly stated in a contract but understood to be included based on the nature of the agreement, legal requirements, or customary practice.