Mr. Frank, a foreman supervisor some 43 employees, was asked by his secretary to sign a form requesting additional supplies needed on the factory floor. He was not careless when he examined the form, but his secretary had cleverly arranged the signature line so that instead of signing a request form for supplies he signed a cheque payable to his secretary. What plea, if any, would be used to defend against her action on the cheque?
a. Mistake
b. Illegality of object
c. Rescission
d. Non est factum
e. Rectification
Answer: d. Non est factum
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Inflation is known as a ________ because it ________
A) tax; redistributes goods and services from households and businesses to the government B) revenue; is the only source of business income for the government C) good thing; keeps the value of goods and services increasing D) bad thing; allows people to obtain the wrong kind of wealth E) tax; redistributes goods and services from the government to households and businesses
In the market for labor:
A. individuals make up the demand. B. firms create the supply. C. the price in the market is the wage. D. individuals are never paid above their productivity.
Assume that the U.S. interest rate is 5%, the European interest rate is 2%, and the future expected exchange rate in one year is $1.224. If the spot rate is $1.24, then the expected dollar return on euro deposits is:
a. 4% b. 7.1% c. 0.71% d. 0.129%
You would expect the price elasticity of demand for transportation generally to be:
A. less than price elasticity of the demand for bus tickets. B. the same as price elasticity of the demand for bus tickets. C. greater than price elasticity of the demand for bus tickets. D. greater than price elasticity of the demand for bus tickets when bus tickets are expensive, but less than price elasticity of the demand for bus tickets when the prices of bus tickets fall.