The Last Year We Did Not Have a Deficit in Our

question 45

Multiple Choice

The last year we did not have a deficit in our current account was

• A)1960.
• B)1973.
• C)1986.
• D)1991.

Comprehend the enforceability of liquidated damages and the alternatives for an injured party when such clauses are unenforceable.

Identify the limitations on remedy provisions under the UCC, especially regarding consumer goods and personal injury.

Analyze the application of common law concepts like rescission within the context of UCC remedies.

Understand the scope and limitations of incidental and consequential damages under the UCC.

---

Definitions:

Retail Price

The total price charged for a product sold to the end consumer, inclusive of all taxes and charges.

Five-firm Concentration Ratio

An indicator of market concentration, measuring the combined market share of the top five firms within an industry.

Market-clearing Quantity

is the quantity of goods or services at which supply equals demand, so there are no surpluses or shortages in the market.

Elasticity of Demand

A determination of demand elasticity in relation to the price changes of a product.