A Cheque

question 69

Multiple Choice

A cheque:

• A)Involves the maker, the payee, and the bank.
• B)Involves the writer, the signers, the casher, and the bank.
• C)Involves the bookkeeper, the payee, and the bank.
• D)Involves the maker and the payee.
• E)Involves the signer, the casher, and the company.

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Definitions:

Scarcity

A basic issue in economics where human desires appear unlimited, but the world has finite resources.

Price of Contact Lenses

The cost at which contact lenses are sold, determined by factors like brand, technology, supply, and demand.

Supply of Contact Lenses

The total amount of contact lenses that manufacturers are willing and able to sell at a given price level.

Law of Demand

The principle that, all else being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.