The major goals of the legal system of a certain country are to encourage collectivization of the economy and to maintain national security. In addition, most property belongs to the state, particularly industrial and agricultural property. This country has a(n) ________ law system.

Decentralization of production is appropriate when location externalities are important

a. true b. false

Three years ago, Michelle bought a custom-made bookcase to fit in the corner of her apartment. She paid $1,000 for it. To replace it today would cost $1,500; however, if she had to sell it, she believes she could get only $700

The appropriate balance sheet amount for the bookcase is A) $1,000. B) $1,500. C) $ 700. D) $1,200.