Merchants Are Not Required to Warrant That the Goods They

question 72

True/False

Merchants are not required to warrant that the goods they sell are fit for their ordinary purpose.

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Definitions:

Income Tax

A tax imposed by the government directly on individuals' or organizations' income.

Proportional Tax

At the individual level, a tax whose average tax rate remains constant as the taxpayer’s income increases or decreases. At the national level, a tax for which the average tax rate (= tax revenue/GDP) remains constant as GDP rises or falls.

Economy

The system by which a country's money and goods are produced and used, encompassing production, distribution, and consumption.

Tax-Transfer System

The mechanism through which governments collect taxes from individuals and businesses and redistribute the revenue in the form of government spending or transfers.