The Set of Mechanisms and Institutions That Resolve the Basic

question 143

Multiple Choice

The set of mechanisms and institutions that resolve the basic economic questions is called the

• A)economic system
• B)production possibilities dilemma
• C)business resolution device
• D)absolute advantage determination
• E)comparative advantage determination

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Definitions:

Physical Possession

The direct, physical control or holding of an object or property by an individual or entity.

Bill of Lading

A legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being transported.

Document of Title

A legal document evidencing the right to control the disposition of goods, such as a bill of lading or warehouse receipt.

Storage of Goods

The act of keeping goods in a space designated for their preservation or until they are sold or distributed.