The United States Constitution:
a. is the oldest written constitution except for those in England (U.K.) and Spain b. created the three branches of government
c. established the common law
d. created the cabinet officers (Secretary of State, Secretary of Defense, etc.)
e. all of the other choices are correct
b
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Answer the following statements true (T) or false (F)
1.Changes in a "large" country's economic conditions or trade policies can affect the terms at which it trades with other countries. 2.If a "large" country levies a tariff on imports it cannot improve the terms at which it trades with other countries. 3.For a "large" country, a tariff on an imported product may be partially absorbed by the domestic consumer via a higher purchase price and partially absorbed by the foreign producer via a lower export price. 4.If a "large" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect exceeds the monetary value of the terms-of-trade effect. 5.If a "small" country levies a tariff on an imported good, its overall welfare increases if the monetary value of the tariff's consumption effect plus protective effect is less than the monetary value of the terms-of-trade effect.
What is the general goal of awarding compensatory damages in a breach of contract situation?
A) Modify the contract terms to be more equitable to the parties B) Punish the breaching party for the wrongdoing C) Require the breaching party to actually do what was called for in the contract D) Return the parties to the situation that they were in prior to the contract E) Place the nonbreaching party in the same position as if the contract had been fully performed
Closing the temporary accounts at the end of each accounting period does all of the following except:
A. Brings the revenue and expense accounts to zero balances. B. Has no effect on the retained earnings account. C. Prepares the dividends account for use in the next period. D. Serves to transfer the effects of these accounts to the retained earnings account on the balance sheet. E. Causes retained earnings to reflect increases from revenues and decreases from expenses and dividends.
Promissory estoppel claims:
a. arise when employment contracts are breached b. require evidence of intent to deceive c. require reasonable reliance on a clear promise d. all of the above e. none of the above