Which of the Following Explains Why Individuals Must Make Choices

question 65

Multiple Choice

Which of the following explains why individuals must make choices?

• A) competition among firms
• B) scarcity of resources
• C) inflation
• D) changes in the money supply
• E) conflict between positive and normative economic statements

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Definitions:

Sale-Or-Return Contracts

Agreements where goods are provided to a buyer with the option to purchase or return them within a specified period.

Mixed Sale

A transaction that involves both goods and services, requiring different legal considerations than the sale of pure goods or services alone.

Uniform Commercial Code (UCC)

A statutory source of contract law in the United States applicable to transactions involving the sale of goods. The UCC was created in 1952 and adopted by all 50 states, the District of Columbia, and the Virgin Islands; it may be modified by each state to reflect the wishes of the state legislature.

Service-Warranty Test

A legal analysis used to determine whether a transaction involves a service contract or a warranty under consumer protection laws.