Which of the following is an example of an intermediate good or service?
A) gasoline purchased by Sam for her commute to work
B) flour purchased by Jake to bake a cake for his spouse
C) training seminars for employees of an accounting firm
D) golf balls sold to Tiger Woods
E) None of the above are examples of intermediate goods or services.
C
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The reason the marginal cost curve increases as output increases for the typical firm is because
A. more productive resources must be employed as a firm increases output. B. less productive resources must be employed as a firm increases output. C. of diseconomies of scale. D. of diminishing marginal benefit.
What is market failure?
What will be an ideal response?
In general, as wages increase:
A. the benefit of working goes down. B. people are willing to work more. C. it does not affect people's willingness to work. D. people are willing to work less.
Which of the following audit procedures is the most appropriate when internal control over cash is weak or when a client requests an investigation of cash transactions?
A) Cash confirmation. B) Bank reconciliation. C) Evaluation of ratio of cash to current liabilities. D) Proof of cash.