A Check Involves 3 Parties: a Maker Who Signs the Check

question 185

True/False

A check involves 3 parties: a maker who signs the check, a payee who is the recipient, and a bank on which the check is drawn.

---

Definitions:

Marginal Rate of Transformation

The rate at which one good must be sacrificed in order to produce an additional unit of another good, assuming constant technology.

Hormone-free Cow

A cow that has not been treated with artificial hormones, often used to promote growth or increase milk production in dairy cows.

Organic Plant Fertilizer

A fertilizer made from natural materials that provides nutrients to plants without the use of synthetic chemicals.

Profit Maximization

The sequence of actions a firm takes to decide on the optimal pricing and output for the best profit outcome.