Author name: Administrator

1566. Which is not a capacity to enter into contract?

Minor
Major
Sound mind
Not disqualified under law
✅ The correct answer is A.
Minors (those under the age of 18, in most states) lack the capacity to make a contract. So a minor who signs a contract can either honor the deal or void the contract.

1571. Nominal rate which is quoted to consumers on loans is considered as

annual percentage rate
annual rate of return
loan rate of return
local rate of return
✅ The correct answer is A.
Nominal rate which is quoted to consumers on loans is considered as annual percentage rate. An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.

1555. Profits

Are lower in the long run than in the short run
Can be negative
Are less in perfect competition than in monopoly
All of the above
✅ The correct answer is D.
Profits are lower in the long run than in the short run, it can be negative and are less in perfect competition than in monopoly.
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