What Would a Seller of Goods Use to Assure Payment

question 7

Multiple Choice

What would a seller of goods use to assure payment from the sale of goods overseas?

• A) bill of lading
• B) warehouse receipt
• C) letter of credit
• D) negotiable draft

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Definitions:

Economic System

Refers to the structure and methods by which a society manages and allocates its resources, including how goods and services are produced, distributed, and consumed.

Marketplace

A venue (physical or digital) where buyers and sellers interact to exchange goods, services, or information.

Efficient Allocation

This refers to the optimal distribution of resources among competing uses to achieve the best output or outcomes, efficiency in production, and welfare.

Cell Phone Users

refers to individuals who own or have regular access to a cellular phone for communication purposes.