Each of the Following Is an Example of the Price

question 150

Multiple Choice

Each of the following is an example of the price mechanism at work,except when

• A)wage and price controls were used during World War II to control inflation.
• B)consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005.
• C)American farmers during World War I expanded production on previously unused land in response to higher crop prices.
• D)factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months.

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Definitions:

Delegation of Duty

The act of assigning responsibility or authority from one person to another to perform a specific task or duty.

Assignment

The transfer of rights, property, or obligations from one party to another.

Language

is a system of communication used by a particular community or country, consisting of written, spoken, or signed words and the methods of combining them to create meaning.

Novation

A mutual agreement, between all parties concerned, for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another, or a like agreement for the discharge of a debtor to his creditor by the substitution of a new creditor.