10 Questions
Who introduced the idea that transactions form the basis of economic thinking?
John R. Commons
According to Douglass C. North, what is key in the determination of transaction costs?
Institutions
How does Williamson define transaction costs?
Costs of running an economic system of companies
What are transaction costs according to Oliver E. Williamson's Transaction Cost Economics article?
Total costs of making a transaction
What boosts economic growth?
Institutions that facilitate low transaction costs
In accounting, revenue is a subsection of which section of the balance statement?
Equity
What does 'top line' refer to in the context of accounting?
Revenue
What does 'bottom line' denote in accounting?
Net income
In general usage, revenue is the total amount of income generated by what?
Sale of goods or services related to the company
What does profits or net income generally imply in accounting?
Total revenue minus total expenses
Test your knowledge of transaction costs in economics with this quiz. Explore the concept introduced by John R. Commons and popularized by Oliver E. Williamson's Transaction Cost Economics article. Challenge yourself with questions related to the costs associated with making economic trades in markets.
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