The Concept of Privatization Refers to

question 51

Multiple Choice

The concept of privatization refers to

• A) the replacement of government services with services provided by private firms.
• B) federal loan guarantees for small businesses.
• C) the hiring practices of the civil service.
• D) the replacement of federal government services with state or local government services.
• E) reducing the number of levels in the federal hierarchy.

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Definitions:

Shipment Contracts

Agreements where the seller is obligated to ship goods but does not need to deliver them to a specific destination, transferring risk to the buyer upon shipment.

Sale of Goods

A commercial transaction where the ownership of physical items is transferred from a seller to a buyer in exchange for payment.

Destroyed

To have been completely ruined, damaged beyond repair, or made non-functional.

Profession

A vocation founded upon specialized educational training, the purpose of which is to supply disinterested objective counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain.