A Sight Draft Is a Payment for Purchase of Goods

question 96

True/False

A sight draft is a payment for purchase of goods and services across national borders which is payable only on a specific future date.

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Definitions:

Price Control

Government-imposed limits on the prices that can be charged for goods and services in the market, usually aimed at curbing inflation or protecting consumers.

Profit-Maximizing Quantity

The level of production at which a business achieves the highest amount of profit, where marginal revenue equals marginal cost.

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs.

Total Fixed Costs

The sum of all costs that remain constant regardless of the level of production or output in the short term.