The financial system of a country is important for long-run economic growth because :
a. most firms rely on their own retained earnings and do not use the financial system.
b. firms that use the financial system predominantly are being reckless.
c. firms need the financial system to acquire funds from households.
d. people can increase their wealth very quickly under a healthy financial system.

Telecom co. enters into a two-year contract with a customer to provide wireless service (voice and data) for $40 per month. to induce customers, telecom co. provides a free phone. telecom co. normally sells the phone on a stand-alone basis for $200. telecom co. also charges the customer a one-time activation fee of $35.which of the following is true? a) there are two distinct performance obligations: the voice service and the data service b) the free phone constitutes as a marketing expense c) the activation fee is a separate performance obligationd) there are two distinct performance obligations: the wireless services and the phone