If an Agent Receives a Gift from a Third Person

question 14

True/False

If an agent receives a gift from a third person with whom he is dealing on behalf of the principal,he can keep it without notifying the principal.

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Definitions:

Fascist Economies

Economic systems under fascist regimes characterized by strong governmental control over private sector activities, often involving significant collaboration between the state and large businesses.

External Cost

Costs that are not borne by the parties involved in an economic transaction, often imposed on others in the form of environmental pollution or other negative side effects.

Market Failure

A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.

Suburbs

Residential areas located on the outskirts of cities, typically characterized by lower population density, individual housing, and a reliance on commuting.