Fact Pattern 9-1

question 33

Multiple Choice

Fact Pattern 9-1
First State Bank issues a letter of credit in favor of Whirlwind Instruments Company, an American firm, to facilitate an international sales contract to buy resources from Lapland Mining, Ltd., a Finnish company.
-Refer to Fact Pattern 9-1. In a letter of credit, the beneficiary is

• A) Lapland.
• B) Whirlwind.
• C) First State Bank.
• D) none of the choices.

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Definitions:

Demand Function

A mathematical representation that describes the quantity of a good or service consumers are willing and able to purchase at various prices.

Tickets

Documents that grant the holder the right to enter an event, travel on a vehicle, or participate in an activity.

Price Elasticity

Measures the responsiveness of quantity demanded or supplied of a good to a change in its price, with elasticity types including elastic, inelastic, and unitary.

Demand Function

An equation that describes the relationship between the quantity of a good consumers are willing to buy and the price of the good.