Which of the following statements is correct. The auditor should document the understanding of the client's internal control obtained to plan the audit c. Working papers may be regarded as a substitute for the client's accounting records. Which of the following statements is TRUE? Which of the following statements regarding minimum wages is correct? 15. Question 18.5 Choose the correct answer(s) The following diagram shows Carlos’ and Greta’s feasible production frontiers and their utility-maximizing choices of consumption between wheat and apples under autarky (no trade). Which of the following statements about working papers is correct? Question 12 Question 12 Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows. Pages 81 Ratings 90% (20) 18 out of 20 people found this document helpful; This preview shows page 40 - 43 out of 81 pages. Carlos will choose to consume 10,000 apples. a. Econ 50 Final. Choose one answer. A. a. a. Working papers are not permitted to be used as a reference source by the client. b. Which type of business organization is owned by only one owner? The robot market is competitive and the market price is £340. The profit is increased due to the new higher price. b. Based on this information, which of the following statements is correct? 0 A. A. b. The real interest rate on the loan is zero. Novels are likely to be produced in a monopolistically competitive industry. II. A. School Thompson Rivers University; Course Title ECON 1900; Uploaded By catherine321. The quantity of cars produced is reduced. Choose one answer. Which of the following is / are correct statements regarding the Mixed Economy? Maintaining fiscal balance in a recession helps to stabilize the economy. (1) and (2) only B. Which of the following statements regarding Smith’s thought on the relationship between poverty and inequality is true? d. The nominal interest rate on the loan is equal to the real interest rate. 4. Subject. At a higher price than P*, the maximum number of cars that can be sold is less than 32, and the firm will not produce more cars than it can sell. Economics. **correct: -Nominal GDP cannot indicate whether the economy is getting stronger or weaker. Created. B. increases the multiplier. A model is an economic relationship that is represented by mathematics. ECON 1900. C. If the cost of quitting is high, job turnover will decline. Saving equals planned investment only at the equilibrium level of GDP. b. Which of the following statements is correct? **incorrect: -GDP accurately captures all economic activity. (I) The quantity demanded oflocal vegetables falls. C. increases the equilibrium level of income. Taxes must lead to inefficiency. Any degree of inequality with regard to material resources is acceptable as long as everyone is able to satisfy their basic needs. (3) A fall in the interest rate increases present consumption. B. Accounting is the information system that… 2. Based on this information, which of the following statements are correct? Which of the following statements are correct? 9. b. Study Choose the Correct Option for the Following Economic Theory Flashcards Flashcards at ProProfs - Can you choose the correct option for the following economic theory? A. B) The total surplus from trade is maximized. A model is an exact representation of what goes on in the economy. The Nash equilibrium is the high price. Description. Free trade benefits everyone in each country. a. Both A and B are correct. 2. (3) The demand for imported vegetables rises. Undergraduate 1. 5. Social surplus is maximized when the private marginal benefit equals the social cost. E. creates scope for fiscal policy. Which of the following statements about interest are correct? Which of the following statements is correct if Brian and Matt will play this game only once? Competitive markets produce too many units of a good in the presence of negative externalities. This type of tax is an example of a payback tax. Automatic stabilizers refer to the fact that economic shocks are partly offset by households smoothing their consumption in … A Nash equilibrium cannot be established unless Brian and Matt collude. Mixed economy combines the features of both capitalist and socialist market India is an excellent example of mixed economy Select the correct option from the codes given below: Create your own flash cards! Level. Demand is elastic at high prices and inelastic at low prices. The graph shows that real GDP per capita in the UK in 1955 was about £8,000. Social surplus is maximized when the private marginal benefit equals the social cost. Cable television is likely to be produced in a monopoly industry. c. Equilibrium is a self-perpetuating situation that does not change, unless a force for change is introduced from the outside and alters the basic data describing the situation. a. Which of the following statements are good assessments of the value of GDP as an economic statistic? Transactions in the underground economy are legal and therefore an estimate of their total value is included in GDP. Sign up here. .. Transactions in the underground economy are not legal, are not reported for tax purposes, and therefore not included in GDP. A. Accounting profit is the same as economic profit. (4) The total expenditure on imported vegetables may rise or fall depending on the elasticity of demand. (a) Scarcity is the cause of all economic problems; (b) Market mechanism can solve all economic problems; (c) Consumer is sovereign in a socialist economy; (d) Opportunity cost equals cost of production. .. Markets are efficient. Question:) Which Of The Following Statements Is CorrectT A) Ims In Monopolistie Competition And Monopoly Can Earn Econ Mis Prois N Buwhs Thve Sws Un And The Long Run.ID) Both Perfectly Competitive And Monopolistically Competitive Ws Prodxcs Sshitley Eficient Level Of Output. ANS: Thethree most important expenditure programs of the federal government are SocialSecurity, national defense, and Medicare. Economic profit always exceeds accounting profit. Younger workers are more likely to quit a job than are older workers. Which of the following statements is NOT correct? Choose one correct answer in each question (2 marks each) Which of the following statements regarding asset price bubbles is correct? The marginal cost of producing an extra car is higher. 1) Which of the following statements is not correct? 1）Which of the following statements about a competitive equilibrium allocation are correct? Which of the following statements is not correct. D. leaves the slope of the aggregate spending function unchanged. IUPUI ECON E270 - Which of the following statements Available for: $ 15.00 Posted By: dr.tony Posted on: 11/23/2016 08:21 AM Tutorial # 00425327 Puchased By: 2 (1) Interest is a premium received for postponing current consumption. more than one statement may be correct a. Study 79 econ test 2 flashcards from Erik L. on StudyBlue. Q. .. The introduction of government spending into the simple Keynesian model: A. increases the level of aggregate spending. The local authority has now passed a law that ensures that the nurses have the right to undisturbed sleep (meaning zero production). Question 14.7 Choose the correct answer(s) Which of the following statements is correct? Generally Accepted Accounting Principles (GAAP) are currently formulated by the… 4. c. In the range of prices in which demand is elastic, total revenue will be diminishing as price decreases. External costs result in markets producing too much output. What would be the correct inference from Amelia’s stipulation? d. Equilibrium in GDP growth rate is when the growth rate is zero. Economic theory is a proper explanation of the relationship between economic conditions or variables. Which of the following statements is correct for a private, closed economy? 3. External costs result in markets producing too much output. c. A Nash equilibrium cannot be established without the players repeating the game. I. b. Click here to study/print these flashcards. If an activity creates an external cost of $15, the government should subsidize the activity by $15. Question 66. Some economists believe that bubbles do not exist. Additional Economics Flashcards . If an activity creates an external cost of $15, the government should subsidize the activity by $15. Answer: View Answer. Econ 121 Final Exam Review Chapter 1 Quick Check: 1. 05/01/2010. D. Larger firms have lower quit rates. Which of the following is not an external user of a business’s financial system? A) It is the best possible allocation. Which of the following statements is correct? III. Which of the following statements is correct? c. Milk is likely to be produced in a monopolistically competitive industry. (2) An interest rate does not exist in a barter economy. (1) and (3) only C. (2) and (3) only D. (1), (2) and (3) 4. 1. -GDP is correlated with many measures of human welfare. Job quits rise during economic recessions and fall during economic expansions. III. (2) The total expenditure on local vegetables rises. Which of the following statements is correct regarding the market supply of. II. 1. The following graph depicts the MPC and MSC of the robot factory production. d. Your employer is required by law to pay $400 to match the $400 deducted from your check. [Select all correct answers]. Question 13.1 Choose the correct answer(s) The following is the graph of the natural log of UK real GDP per capita between 1875 and 2014: Based on this information, which of the following statements is correct? Total receipts will not change if price varies within a range where the elasticity coefficient is unity. I. Which of the following statements is correct? Cards Return to Set Details. Question 25 Which one of the following statements is incorrect? final review for econ. The interest rate on the loan is zero. 1. Which of the following statements is TRUE? Which of the following statements about job turnover is false? The UK introduced a national minimum wage in 1998. c. The nominal interest rate on the loan is zero. Which of the following statements is CORRECT? IV. d. All of the above are correct. Total Cards. All levels of GDP where planned investment exceeds saving will be too high for equilibrium. The relationship between two variables is linear when it is represented by a curved line and nonlinear when it is represented by a straight line O B. These flashcards may be of assistance. B. b. The total cost of production is higher. MCQs. a. Which of the following statements are correct? Choose one answer. C) Firms In Producing Where Marginal Revenue Equals Margimai Cost. Term. Real GDP is the total market value of the final goods and services produced in America for sale in a year valued in the prices of 1992. b. Which of the following statements about the underground economy and how it relates to GOP is correct? Answer: View Answer. a. d. The Nash equilibrium price is the low price. b. Inequalities should only exist to the degree to which they benefit the worst off in society. 3. Home > ECON E 444 Midterm. c. The $400 that you paid is the true burden of the tax that falls on you, the employee. The University of Adelaide - ECON 7200 Quiz 3 1)Which of the following statem 41. a. d. Cigarettes are likely to be produced in an oligopoly industry. C）The allocation must be Pareto efficient. Which of the following statements is correct? C. Planned and actual … Economic profit takes into account all costs involved in producing a product. University of Wales, Cardiff ECON econ 101 - Which of the following statements is correct - Subject Economics - 00279762 Accounting profit is not relevant in preparing the firm's financial statement. Question 59. IV. (1) and (2) only B.
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