The Obligation of an Acceptor Is

question 7

Multiple Choice

The obligation of an acceptor is:

• A)to make an unconditional promise to pay a fixed amount of money and is responsible for making good on that promise.
• B)to pay the check according to its terms at the time he issued it.
• C)to pay the draft according to the terms at the time of its acceptance.
• D)to pay the amount due on the instrument according to its terms at the time he indorsed it.

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Definitions:

Excess Demand

Excess demand occurs when the quantity demanded of a product or service at a given price exceeds the quantity supplied, often leading to a shortage.

Income

The money received, especially on a regular basis, for work or through investments.

Wages

Wages are the compensation paid to employees for their labor, often calculated on an hourly, daily, or piecewise basis.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.