Ethan Is a Minor

question 39

Multiple Choice

Ethan is a minor.He takes out a financial loan and uses the money to buy food.The loan is

• A)likely to be considered a necessary.
• B)not likely to be considered a necessary.
• C)considered a necessary due to the doctrine of promissory estoppel.
• D)considered a necessary because Ethan is a minor.

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Definitions:

Wealthy Classes

Social groups consisting of individuals or families that possess significantly higher amounts of capital, assets, or wealth compared to the average population.

Central Planning Board

A government body responsible for determining the allocation of resources and directing economic activity in a centrally planned economy.

Pure Capitalist Economy

An economic system where private individuals and firms control all resources, and market forces determine resource allocation with minimal government intervention.

Price Mechanism

The system by which the forces of supply and demand determine the prices of goods and services and allocate resources within an economy.