The legal system is designed to resolve public disputes but private disputes are always resolved informally
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is the best definition of transaction cost?
A) the expense of changing national or regional prices B) the cost of participating in a market C) the cost of finding suitable products in the market D) the cost merchants pay to bring their goods to market
One of the drawbacks of exporting is
A. loss of control over quality. B. high transportation costs. C. decreased scale volume. D. loss of control over technology. E. loss of scale economies.
Which of the following is NOT a characteristic of firms that are followers?
A. They do not get the loyalty of customers. B. They are often more successful than the first-mover firms because they do not repeat their predecessor's mistakes. C. They can benefit by learning from the first movers. D. They are the firms that enter the market after the first mover.
Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $15,000 cash and inventory with a fair value of $20,000 (inside basis of $10,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $27,000. What is the amount and character of Randolph's gain or loss on the distribution?
A. $2,000 capital loss. B. $8,000 capital loss. C. $8,000 capital gain. D. $0 gain or loss.