The Base Year Is 2005, and the GDP Price Index

question 80

Multiple Choice

The base year is 2005, and the GDP price index in 2004 is 92.0. This implies that the:

• A) Output in 2005 was higher than in 2004
• B) Prices in 2005 were higher than in 2004
• C) Output in 2005 was lower than in 2004
• D) Prices in 2005 were lower than in 2004

Recognize the basic principles and elements involved in forming, enforcing, and interpreting contracts.

Differentiate between various types of contracts (bilateral, unilateral, express, implied-in-fact, and quasi-contracts).

Identify the conditions under which a contract may be void, voidable, unenforceable, or illegal.

Understand the rights and obligations of parties in a contract, including remedies available for breach of contract.

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Definitions:

Slippery Slope Argument

A logical fallacy that assumes a relatively small first step will lead to a chain of related events culminating in some significant effect, often negative.

Consequences

The results or outcomes that naturally follow from a person's actions or a set of circumstances.

Fallacy Of Composition

The logical error of assuming what is true for a part is also true for the whole.

Slippery Slope Fallacy

A logical fallacy that occurs when an argument suggests that a minor first step will lead to a chain of related and undesired events.