The financial statements of firms generally are audited by
A) employees of the firm being audited.
B) employees of private accounting firms.
C) the board of directors of the corporation being audited.
D) employees of the federal government.
B
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An economic model
a. uses equations to understand normative economic phenomena b. often omits crucial elements c. simplifies reality in order to focus on crucial elements d. tries to make simple concepts more complex e. cannot be proven wrong
In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. choice option. B. default option. C. processing option. D. auto option.
Suppose that inventories were $40 billion in 2012 and $50 billion in 2013. In 2013, national income accountants would ________.
A. subtract $45 billion (= $90/2) from other elements of investment in calculating total investment B. add $45 billion (= $90/2) to other elements of investment in calculating total investment C. subtract $10 billion from other elements of investment in calculating total investment D. add $10 billion to other elements of investment in calculating total investment
Markets promote
A) equity and competition. B) voluntary exchange and equality. C) equity and equality. D) competition and voluntary exchange.