Refer to the Given Diagram, in Which Line AB Is

question 6

Multiple Choice

Refer to the given diagram, in which line AB is the U.S. production possibilities curve and AC is its trading possibilities curve. We can conclude that the United States

• A) has chosen to specialize in the production of cheese.
• B) has chosen to specialize in the production of beef.
• C) has decided to trade beef for cheese.
• D) is relatively more efficient than its trading partners in producing both cheese and beef.

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Definitions:

Payee

The individual or entity entitled to receive payment in a transaction.

Electronic Banking

The use of computer networks and digital technologies to conduct financial transactions and access banking services.

On-us Item

A check or draft that is drawn on the same bank or one of its branches where it is being presented for payment.

Negotiable Instrument

A formal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee's name either mentioned or left blank.