In a Sale on Approval

question 34

Multiple Choice

In a sale on approval:

• A) possession but not title is transferred to the buyer for a stated period of time.
• B) possession and title are transferred to the buyer for a stated period of time.
• C) title but not possession is transferred to the buyer for a stated period of time.
• D) title but not risk of loss remains with the seller until the buyer accepts the goods.

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Definitions:

Productivity

The measure of the efficiency of production, often expressed as the ratio of output to inputs used in the production process.

Labor Force

The total number of people who are able and willing to work, either employed or actively seeking employment.

Technology

The use of scientific understanding for pragmatic objectives, particularly within the industrial sector.

Marginal Productivity

The additional output that is produced by adding one more unit of a specific factor of production, while other factors are held constant.