Francenie Has a Checking Account at Corner Bank

question 34

Multiple Choice

Francenie has a checking account at Corner Bank.She wants tickets to an upcoming concert.She writes a check to Ticketmaster for the cost of two tickets.In this scenario:

• A)Francenie is the drawee, Corner Bank is the drawer, and Ticketmaster is the payee.
• B)Francenie is the maker, Corner Bank is the drawee, and Ticketmaster is the payee.
• C)Francenie is the drawer, Corner Bank is the drawee, and Ticketmaster is the payee.
• D)Francenie is the payee, Corner Bank is the drawer, and Ticketmaster is the maker.

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Definitions:

Coase Theorem

A principle that asserts if property rights are clearly defined and transaction costs are low, private negotiations will lead to the efficient resolution of disputes over the allocation of resources.

Transaction Costs

The costs that parties incur during the process of agreeing to and following through on a bargain.

Mutually Beneficial Agreement

An arrangement between parties where both or all receive benefits or advantages.

Coase Theorem

A legal and economic theory that states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property.