National Defense and Knowledge Are Generally Considered to Be

question 58

Multiple Choice

National defense and knowledge are generally considered to be

• A)private goods.
• B)public goods.
• C)proprietary goods.
• D)societal goods.

Explain the defenses available in a breach-of-contract lawsuit, including the meaning of adequate consideration.

Describe the process of offer and acceptance in online contracting environments.

Understand the concept of promissory estoppel and its requirements as an exception to the consideration requirement.

Identify the types of contracts that require a written form under the Statute of Frauds.

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Definitions:

Reserve Ratio

The fraction of deposits that banks are required to keep on hand as reserves, determined by central banking authorities.

Deposit Expansion Multiplier

The ratio that describes the potential increase in money supply through the banking system via fractional reserve banking.

Government Bonds

Debt securities issued by a government to support government spending and obligations, typically offering a fixed rate of return over a specified period.

Market Rate

The market rate refers to the prevailing interest rate available in the marketplace for financial products or the current price of goods and services in a competitive market.