Fact Pattern 12-1AJesse defends against a breach-of-contract suit by College Credit Corporation by claiming that their deal¾a student loan accruing interest at a certain rate and payable beginning on a certain date¾was unfair because the consideration for their contract was inadequate.Refer to Fact Pattern 12-1A. "Adequacy" of consideration refers to
A. "how much" consideration is given.
B. legally sufficient value in the eyes of the law.
C. the intangible value to a contracting party of a thing exchanged.
D. the substantiality of the consideration exchanged.
Answer: A
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The traditional household consists of ________
A) a husband, wife, and children (and sometimes grandparents) B) a group of related persons living together C) two or more families living together D) a man and a woman living together (whether married or not) E) related or unrelated persons who share living arrangements
Which of the following BEST describes the term "economic system"?
A. A nation's system for allocating resources among its citizens B. The value of all of the products a nation exports minus the economic value of its imported products C. The total value of all goods and services produced by a national economy within a given period D. A nation's policy to smooth out fluctuations in output and unemployment and to stabilize prices E. The system for controlling the size of the nation's money supply
Your textbook identifies four characteristics of mass communication – one is that it primarily involves one way communication. Which of the following is NOT one of the other three?
a. It usually involves communication to a large, anonymous and heterogeneous audience b. It is usually transmitted through channels that work fast c. Senders are usually big organizations rather than individuals d. It is easily personalized to ensure all the audience perceive the message as important
The shadow price is the value of one additional unit of a scarce resource
Indicate whether the statement is true or false