Otherwise Legal Transactions That Go Unreported or Unrecorded Are Called

question 197

Multiple Choice

Otherwise legal transactions that go unreported or unrecorded are called

• A)the underground economy.
• B)the shadow economy.
• C)the informal economy.
• D)All of the above are correct.

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Definitions:

Diversity Jurisdiction

A principle in United States federal law allowing federal courts to hear cases where the parties are from different states or countries and the amount in controversy exceeds a specified threshold.

Federal Court

A court established under the federal government’s authority, with jurisdiction over matters specifically enumerated in the constitution or federal statutes.

Product Liability

The legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages that are caused by the goods.

Exclusive Jurisdiction

The power of a court to adjudicate a case to the exclusion of all other courts.