Efficiency Means

question 54

Multiple Choice

Efficiency means:

• A) producing the desired result.
• B) producing goods and services using the least amount of resources.
• C) the amount of output you generate given the amount of input.
• D) the buying and selling of goods using the most amount of resources.

---

Definitions:

Qualified Endorsement

A clause on a negotiable instrument which limits the liability of the endorser or specifies a particular payee.

Without Recourse

A financial agreement where the seller is not liable to the purchaser for any failure of the assets or obligations sold.

Materially Altered

A change in a document or agreement that significantly affects its terms or conditions.

Holder In Due Course

A legal term for a person who has acquired a negotiable instrument in good faith and for value, and thus is protected against certain defenses and claims that could be raised against the original payee.