As compared to manual processing, electronic processing of cash transactions generally makes kiting:
A) impossible to accomplish.
B) easier to accomplish.
C) more difficult to accomplish.
D) neither easier, nor more difficult to accomplish.
Answer: C) more difficult to accomplish.
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Which of the following statements is false?
A. Government can remove individuals from a prisoner's dilemma setting and make them better off. B. In a prisoner's dilemma setting, it is impossible for the government to define and enforce property rights that the individuals involved in the setting want to have defined and enforced. C. As long as government charges each individual in a prisoner's dilemma setting a tax that is less than the gain received by being removed from the setting, then government has made the individuals better off. D. Depending upon the amount of the tax charged to each individual in a prisoner's dilemma setting, the government can make both persons better off, both persons worse off, or one person better off and the other person worse off.
The prohibitive tariff is a tariff that
A) is so high that it eliminates imports. B) is so high that it causes undue harm to trade-partner economies. C) is so high that it causes undue harm to import competing sectors. D) is so low that the government prohibits its use since it would lose an important revenue source. E) is so low that it causes domestic producers to leave the industry.
When someone is served pizza and soda for dinner, it is typical behavior to eat some pizza, then drink some soda, then eat more pizza, and so on, until the person stops consuming both. How can this behavior be explained using economic concepts?
A. The individual is revealing that he can't decide whether he gains more utility from pizza or from soda. B. People tend to act irrationally around food, and the concept of utility maximization cannot be applied. C. The person eats pizza until his marginal utility for pizza is lower than it is for soda, then he switches to soda. D. The concept of unlimited wants says he will never tire of eating pizza and soda.
Which of the following financial institutions was acquired by Bank of America as a result of the financial crisis of 2007 and 2008?
A. Merrill Lynch B. Lehman Brothers C. Goldman Sachs D. AIG