The ________ Is the Instrument Normally Used to Actually Effect

question 61

Multiple Choice

The ________ is the instrument normally used to actually effect payment in international commerce.

• A) banker's acceptance
• B) bill of exchange
• C) bill of lading
• D) letter of credit

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Definitions:

Voters' Interest

The concerns or benefits that motivate individuals to participate in political activities, including voting.

Government Failure

Inefficiencies in resource allocation caused by problems in the operation of the public sector (government). Specific examples include the principal-agent problem, the special-interest effect, the collective-action problem, rent seeking, and political corruption.

Size and Scope

Refers to the scale of a business's operations and the breadth of its products, services, and market reach.

Invisible Hand

A concept introduced by Adam Smith to describe how individuals' self-interested actions can lead to positive outcomes for the society as a whole.