Welfare Economics Is the Study of How

question 1

Multiple Choice

Welfare economics is the study of how

• A)the allocation of resources affects economic well-being.
• B)a price ceiling compares to a price floor.
• C)the government helps poor people.
• D)a consumer's optimal choice affects her demand curve.

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Definitions:

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they are in agreement.

Disbursements

Cash or fund outflows from a company for expenses, investments, and other financial activities.

EFT

Electronic Funds Transfer, a system of transferring money from one bank account directly to another without any paper money changing hands.

Remittance Advice

A document sent by a customer to a seller, informing the seller that an invoice has been paid, typically accompanying a payment.