In the Market for Office Workers

question 103

Multiple Choice

In the market for office workers:

• A)there are no substitutes because each human is unique.
• B)computers are complements.
• C)an increase in wages will increase the number of workers demanded.
• D)a decrease in wages will shift the demand for workers to the left.

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Definitions:

Fictitious Payee Rule

A legal principle stating that if a negotiable instrument is issued to a fictitious payee, it may be treated as payable to bearer, affecting endorsement requirements.

Imposter Rule

A rule that holds that if one obtains a negotiable instrument by impersonating another and endorses it with the impersonated party’s signature, the loss falls on the drawer of the instrument.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify transactions across state lines.

Proper Presentment

The correct or formal presentation of a document for acceptance or payment, such as a check.