What Is the Name of the Request for Payment That

question 6

Multiple Choice

What is the name of the request for payment that is created when an importer asks its bank to write a letter to an exporter indicating that the importer's bank will honor the request?

• A) draft
• B) bill of lading
• C) banker's acceptance
• D) commercial invoice

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Definitions:

Comparative Advantage

The ability to produce a good at a lower opportunity cost than another producer

Sectoral Shocks

Unexpected events that cause significant shifts in demand or supply in a specific sector of the economy, leading to changes in prices and output levels.

Frictional Unemployment

Unemployment due to the time workers spend in job search, usually short-term and occurring when individuals are transitioning between jobs.

Natural Rate

Often referred to as the natural rate of unemployment, it is the level of unemployment consistent with a stable rate of inflation, where the labor market is in equilibrium.