In response to accounting scandals in 2002, the federal government passed legislation requiring that corporate directors have a certain level of expertise with financial information and mandating that chief executive officers personally certify the
accuracy of financial statements. What is the name of this legislation?
A) the 24th amendment to the Constitution B) the Sarbanes-Oxley Act
C) the Kennedy-Lott Act D) the Accountant Reliability Act
B
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Use the following graph for a perfectly competitive firm generating a loss in the short run to answer the next question.
Which area in the graph represents the portion of total cost that the firm can recoup by continuing to produce rather than shutting down?
A. 0cdg B. acdf C. 0beg D. abef
Kenneth Chay and Michael Greenstone examined the impact of reductions in air pollution since the passage of the Clean Air Act of 1970. Which of the following statements summarizes their findings?
A) In the two years following passage of the Act, fewer infants died than would have died if the Act had not been passed. B) The benefits of reducing the six main air pollutants in the two years following the Act greatly exceeded the costs. C) The marginal cost of reducing emissions of sulfur dioxide has increased over time as the marginal benefit of the reductions has increased. D) The marginal benefit of reductions in air pollution was less than the marginal cost.
The interest rate effect is one of the
A) reasons why an AD curve is downward-sloping. B) shifters of an AD curve. C) reasons why a short-run aggregate supply curve can be derived. D) shifters of a short-run aggregate supply curve.
In response to an increase in the wage rate, the income effect will usually cause a person to
A) supply fewer hours of labor. B) supply more hours of labor. C) supply the same hours of labor. D) have a horizontal labor supply curve.