At 17,Otto Signed a Contract to Purchase a New Hummer

question 33

Multiple Choice

At 17,Otto signed a contract to purchase a new Hummer by advancing a payment of $50,000.However,when Otto turned 20,he wished to disaffirm this contract.Does the law permit this?

• A) Yes,because he was a minor when he signed the contract.
• B) Yes,because he is not yet 21 years of age.
• C) No,because a car is a "necessary."
• D) No,because Otto implied his ratification.

Identify and distinguish between different types of taxes, such as sales, excise, and income taxes.

Calculate and understand the significance of average tax rates.

Analyze the impact of taxation on income distribution.

Understand the principles underlying taxation, including the ability-to-pay and benefits-received principles.

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Definitions:

Sherif's Study

Refers to the social psychology experiments conducted by Muzafer Sherif, particularly known for demonstrating the formation of social norms and group dynamics through the Robbers Cave Experiment.

Pressure of the Group

The social influence exerted by a collective on individual members to conform to the group's norms, values, and behaviors.

Pluralistic Ignorance

A psychological state in which individuals in a group mistakenly believe their thoughts, feelings, or behaviors are different from those of the group, leading to conformity with perceived norms.

Group Members

Individuals who belong to a specific group and contribute to its collective identity, goals, and dynamics.