SELECT ALL THAT APPLY

question 67

Multiple Choice

SELECT ALL THAT APPLY. Key assumptions of the simplified rational choice model include which of the following?

• A) the actor is unitary, making decisions as a single actor
• B) the actor does not have access to complete information, so it makes decisions based on preferences
• C) the actor has preset goals and preferences that it uses to evaluate circumstances
• D) the actor selects the courses of actions that maximize its goals and minimize costs

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Definitions:

Indorsement

Writing on the back of an instrument; the contract whereby the holder of an instrument (such as a draft, check, or note) or a document (such as a warehouse receipt or bill of lading) transfers to another person his right to such instrument and incurs the liabilities incident to the transfer.

Negotiated

The process of discussing terms in order to reach a mutual agreement, often used in the context of contracts, salaries, and business deals.

Fixed Amount

A specified sum that does not vary or change under specified conditions.

Principal

A main party to a transaction, such as the owner of a business or the party who has authorized an agent to act on their behalf.