In response to accounting scandals in 2002, the federal government passed legislation requiring, among other things, that auditors disclose any potential conflicts of interest. What is the name of this legislation?
A) the Accountant Reliability Act
B) the 24th amendment to the Constitution
C) the Kennedy-Lott Act
D) the Sarbanes-Oxley Act
Answer: D
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Refer to Figure 6.2. The situation pictured is one of
A) constant returns to scale, because the line through the origin is linear. B) decreasing returns to scale, because the isoquants are convex. C) decreasing returns to scale, because doubling inputs results in less than double the amount of output. D) increasing returns to scale, because the isoquants are convex. E) increasing returns to scale, because doubling inputs results in more than double the amount of output.
Prior to World War II most consumers in the United States:
A. paid for catastrophic illness out of their own pockets but owned medical insurance for routine medical care. B. had no medical insurance of any type. C. owned medical insurance for catastrophic illness but paid for routine medical care out of their own pockets. D. owned medical insurance covering both catastrophic illness and routine medical care.
A demand curve with constant slope over all quantity values can have a continuously changing price elasticity of demand.
Answer the following statement true (T) or false (F)
“In the last four months, GDP has been declining and many sectors have shown a contraction in business activity. Still, employment has remained constant. We are currently in a recession.” Evaluate this statement.
What will be an ideal response?