Statement I: Institutional Constraints Such as "Blue Laws" or Child

question 223

Multiple Choice

Statement I: Institutional constraints such as "blue laws" or child labor laws put restrictions on our capacity to produce and thus limit our production possibilities curve.
Statement II: We would be operating at full employment with an unemployment rate of five percent and a capacity utilization rate of 85 percent.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

20th Century Contract Law

The legal principles and rules governing contracts that were developed and evolved during the 20th century, focusing on agreements, obligations, and remedies for breach.

Subjective Standard

A criterion for judgment based on personal feelings, tastes, or opinions rather than external facts.

Outward Manifestations

Actions or expressions that show an intention to make an agreement or contract, observable to others.

Parties' Intent

The actual aim or purpose that contracting parties had in mind at the time of entering into an agreement.