Sham transactions are: a) contracts in form, but not in substance. b) contracts in substance, but not in form. c) contracts in both form and substance. d) contracts neither in form nor in substance.
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- . A U.S. corporation, after performing due diligence, hires a foreign agent to negotiate contracts in foreign countries. That agent bribes a foreign government official to secure a contract for the U.S. corporation who did not authorize or even know about the bribe. Under these circumstances, the foreign agent, but not the U.S. corporation, has violated the FCPA. True or False?BPO Services is in the business of digitizing information from forms that are filled out by hand. In 2006, a big client gave BPO a distribution of the forms that it digitized in house last year, and BPO estimated how much it would cost to digitize each form. Form Type Mix of Forms Form Cost A 0.5 $3.00 B 0.5 $1.00 The expected cost of digitizing a form is . Suppose the client and BPO agree to a deal, whereby the client pays BPO to digitize forms. The price of each form processed is equal to the expected cost of the form that you calculated in the previous part of the problem. Suppose that after the agreement, the client sends only forms of type A. The expected digitization cost per form of the forms sent by the client is . This leads to an expected loss of per form for BPO. (Hint: Do not round your answers. Enter the loss as a positive number.)Show that expectation damages are efficient with respect to breach, but not efficient with respect to reliance.
- Which is CORRECT about information asymmetry and adverse selection 1. Information asymmetry refers to the situation when buyers have more information on the product than the sellers. 2. Information asymmetry is the result of adverse selection. 3. In a used car market, if sellers with good cars are unwilling to sell at a large discount, then only bad cars will get sold. This suboptimal outcome is so-called “adverse selection”. 4. Due to information asymmetry, market investors interpret firm’s SEO announcement positively because they believe insiders consider the firm undervalued.Two employees witness fraud committed in their firm. Each has two pure strategies: to become a whistleblower and report a crime, or not to report a crime. Each employee gets a payoff of 1 if the crime is reported by someone (it does not matter if both or only one employee reports). However, reporting the crime is costly. An employee who reports has to pay the cost of reporting equal to 0.5-0.25*d, where d=1 if the other employee also reports, and d=0 otherwise. Suppose that employees simultaneously decide to report or not. There is a unique mixed strategy Nash equilibrium in this game where each employee reports with the same positive probability less than 1. What is the probability that the crime is reported by at least one employee in such an equilibrium? ________Select three services ?one high in search attribute,one high in experience attribute,and one high in credence attributes. Specify what product characteristics make them easy or difficult for consumers to evaluate , and suggest specific strategies that marketers can adopt in each case to facilitate evaluation and reduce percieved risk .
- Vertical integration involves deciding whether to "make or buy." Group of answer choices True FalseAsymmetric information can lead to adverse selection which means: a. Only a specific subset of a market participates, usually in an adverse way from the point-of-view of just the seller. b. Only a specific subset of a market participates, usually in an adverse way from the point-of-view of either the seller or the buyer. c. Only a specific subset of a market participates, usually in an adverse way from the point-of-view of just the buyer. d. Every subset of a market participates, usually in an adverse way from the point-of-view of either the seller or the buyer.Which of the following is generally true of the experiments created by Kahneman and Tversky? Choose best answer: a. Individuals are generally indifferent between payouts in expected value and payouts in certainty in most situations. b. Individuals will generally take an expected value payment over a guaranteed payout in most gambling situations. c. Individuals will generally take a guaranteed payout less than expected value in most gambling situations.
- The VHS rental market, lead primarily by Blockbuster for decades, has largely been decimated by streaming services like Netflix. The demise of the rental market is due in large measure to moral hazard opportunism adverse selection (WRONG) creating destructionThe illusion of control bias refers to: (a)None of the other answers are correct (b)A bettor thinking they have control over the outcome of a match/game (c)A bettor overestimating their ability to pick the outcome of a game (d)An individual with a gambling problem arguing they do not have a gambling problemDavid wants to auction a painting, and there are two potential buyers. The value for eachbuyer is either 0 or 10, each value equally likely. Suppose he offers to sell the object for $6, and the two buyers simultaneously accept or reject. If exactly one buyer accepts, the object sold to that person for $6. If both accept, the object is allocated randomly to the buyers, also for $6. If neither accepts, the object is allocated randomly to the bidders for $0. (a) Identify the type space and strategy space for each buyer. (b) Show that there is an equilibrium in which buyers with value 10 always accept. (c) Show that there is an equilibrium in which buyers with value 10 always reject.