The Price System Features

question 144

Multiple Choice

The price system features

• A) exchanges made in currency only.
• B) voluntary exchange that makes both the consumer and producer better off.
• C) exchanges made only on a barter basis.
• D) an exchange in which consumer is made better off and the producer is made worse off.

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Definitions:

Collusion

A secret agreement or cooperation between two or more parties, often for a fraudulent or deceitful purpose, especially to cheat or deceive others.

NSF Cheques

Cheques that have been returned by a bank because the issuer's account does not have enough funds to cover the cheque.

Depositor's Account

An account maintained by a bank for an individual or a company, where the account holder can deposit and withdraw money.

Prenumbered

Prenumbered refers to documents or forms that are sequentially numbered in advance to help ensure completeness and control over paperwork, useful in accounting and inventory management.