Under Article 2 of the UCC,a Contract Is Usually Enforceable

question 16

Multiple Choice

Under Article 2 of the UCC,a contract is usually enforceable even if which of the following terms is omitted:

• A)Price.
• B)Quantity.
• C)Price or quantity.
• D)Neither price nor quantity may be omitted.

Analyze the relationship between unemployment rates, inflation, and the misery index.

Examine the impact of temporary-help industries on employment trends.

Identify primary criteria used by experts to determine economic peaks and troughs.

Understand the concept of deep-level diversity in the workplace.

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Definitions:

Behavioral Economics

The study of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

Basic Economic Theory

Refers to the foundational concepts and principles that explain how individuals, firms, and governments make decisions on allocating scarce resources to satisfy unlimited wants.

Rational Consumers

Consumers who make choices to maximize their utility, based on preferences, budget constraints, and available information.

Budget Constraint

An economic model that represents all the combinations of goods and services that a consumer can afford to purchase at given prices within their income level.