Begin of Session 4 BE Business contracts and economy 1 recap

An invitation to treat is an offer?

• True

• False

What does recession mean?

• Where GDP is in decline for 2 consecutive quarters

• An upturn in the economy

• A return to positive actual growth

• When the rate of economic growth decelerates

Jo advertised her car for sale on facebook for £4,000, Jim saw the post and messaged Jo stating he would like to buy the car. Jo ignored Jim's message and sold the car to Tim for £4,400. Is there a contract between Jo and Jim

• Yes- Jo should have told Jim she was not accepting the offer

• Yes - Jo should have acknowledged the message

• No- Jo did not reply and accept the offer

What does CPI stand for ?

• Consumer price index

• Customer price index

• Customer product index

• Consumer product index

A consequence of high unemployment is

• Increase in consumer spending

• Slow economic growth

Which of the following is not a principle of an effective tax system?

• Convenience

• Equity

• Integrity

• Fairness