In a society such as ours that promotes the primacy of free market economics (free enterprise), why do we have a regulatory agency such as the Federal Trade Commission?
The focus should highlight abuses of harmful, if uncontrolled, business practices, such as business collaboration rather than competition in the allocation of markets, price fixing, unfair trade practices, and monopolistic mergers.
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Goods held on consignment are the property of the ____________________
Fill in the blank(s) with correct word
Charges on a debit card are immediately deducted from bank account
Indicate whether the statement is true or false
One micron is about 1/________ of an inch
A) 25 B) 250 C) 2,500 D) 25,000
The City of Portland gives Data Corporation $60,000 cash and land worth $100,000 to induce it to move. The cash was not spent during the 12 months following contribution. The contribution results in
A) income recognition in the amount of $160,000 to the corporation at the time of contribution. B) income recognition in the amount of $60,000 to the corporation 12 months after the time of contribution. C) a zero basis in the land and $60,000 ordinary income to the corporation 24 months after the time of contribution if the cash is not used to purchase an asset. D) a zero basis in the land and a $60,000 basis reduction in other assets.