Fact Pattern 26-1B

question 36

Multiple Choice

Fact Pattern 26-1B
Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn, indorses it to Mona, who then in?dorses it to Nat, the present holder.
-Refer to Fact Pattern 26-1B. Nat properly pre?sents the note to Jake for pay?ment, but Jake dishonors it. With timely notice to the proper parties, Nat may collect payment on the note from

• A) Kim, Lou, or Mona.
• B) Kim or Lou only.
• C) Mona only.
• D) no one.

Acknowledge that using resources for one purpose reduces their availability for other purposes.

Learn about the economizing problem of allocating limited resources to satisfy unlimited wants.

Appreciate the role of assumptions in economic modeling and the scientific method in economics.

Understand that personal and societal costs and benefits guide human decisions in predictable ways.

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Definitions:

Production

The process of creating goods or services using inputs such as labor, materials, and technology.

Spreading Effect

refers to the phenomenon where the impact of a particular event, policy, or action extends or disperses across a wider area or population.

Diminishing Returns

An axiom indicating that beyond a certain level, additional investments in a given domain will not yield proportionally higher returns unless other variables are adjusted.

Variable Costs

Costs that vary directly with the level of production or output, such as materials and labor directly involved in production.