Which Activity Is an Example of a Nonmarket Transaction

question 16

Multiple Choice

Which activity is an example of a nonmarket transaction?

• A) hiring a maid to clean your home
• B) employing a lawn service worker to trim your bushes
• C) hiring a nanny to take care of your children
• D) growing your own food in a vegetable garden

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Definitions:

Chapter 7

A chapter of the U.S. Bankruptcy Code that deals with the process of liquidation, where a debtor's non-exempt assets are sold off to pay creditors.

Nonexempt Assets

Assets that can be seized in a bankruptcy proceeding because they are not protected by exemption laws.

Avoidance Powers

Legal abilities granted typically to a trustee in bankruptcy to nullify certain transactions made by the debtor before bankruptcy to ensure equitable distribution of assets to creditors.

Bankruptcy Trustee

An individual or corporation appointed in a bankruptcy case to represent the interests of the bankruptcy estate and the creditors.