recently, economists carol shiue and wolfgang keller of the university of texas at austin published a study of "market efficiency" in the eighteenth century in england, other european countries, and china. if the markets in a country are efficient, a product should have the same price wherever in the country it is sold, allowing for the effect of transportation costs. if prices are not the same in two areas within a country, it is possible to make profits by buying the product where its price is low and reselling it where its price is high. this trading will drive prices to equality. trade is most likely to occur, however, if entrepreneurs feel confident that their gains will not be seized by the government and that contracts to buy and sell can be enforced in the courts. therefore, the more efficient a country's markets were, the more its institutions would have favored long-run growth. shuie and keller found that in 1770, the efficiency of markets in england was significantly greater than the efficiency of markets elsewhere in europe and in china. source: carol h. shiue and wolfgang keller, "markets in china and europe on the eve of the industrial revolution," american economic review, vol. 97, no. 4, september 2007, pp. 1189-1216. this finding supports douglas north's argument concerning why the industrial revolution occurred in england because

Which value describes the desire to be one’s own boss? a. autonomy b. status c. security d. entrepreneurship

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Zapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and investments by stockholders of $6,000. its ending equity is