Artificial intelligence simulates human thinking and behavior, such as the ability to reason and learn. What is the ultimate goal of AI?
A. To build a system that can mimic an expert agent.
B. To build an intelligent agent.
C. To build an intelligent system.
D. To build a system that can mimic human intelligence.
Answer: D
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In an event study, what two steps does a researcher take to adjust for the valuation effects of other new (and simultaneously-revealed) value-relevant information, in order to isolate the valuation effect of a specific event?
a. (i) using the market model to remove the effects of other firm-specific factors; and (ii) averaging abnormal returns across many firms with a similar event to wash out the effect of the market. b. (i) using the market model to remove the effect of the market; and (ii) averaging abnormal returns across many firms with a similar event to wash out the effects of other firm-specific factors. c. (i) averaging returns on ‘event' stocks over several days to ‘smooth' the information impact; and (ii) washing out the effect of the market by including only days when the market return was small. d. (i) averaging returns on ‘event' stocks over several days by including only days when the market return was small; and (ii) washing out the effect of the market to ‘smooth' the information impact.
If the Fed wants to raise the federal funds interest rate, it will ________ securities to ________ the banking system
A) sell; add reserves to B) sell; remove reserves from C) buy; add reserves to D) buy; remove reserves from
Even though the quantity, type, and content of working papers will vary, the working papers generally would include:
A. Auditor's comments concerning the efficiency and competence of client management personnel. B. Auditing procedures followed and the testing performed in obtaining audit evidence. C. Copies of those client records examined by the auditor during the course of the engagement. D. An evaluation of the efficiency and competence of the audit staff assistants by the partner responsible for the audit.
Pickrel Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per Month Variable Element per Well ServicedRevenue $5,500Employee salaries and wages$53,700 $1,300Servicing materials $600Other expenses$34,400 When the company prepared its planning budget at the beginning of November, it assumed that 27 wells would have been serviced. However, 31 wells were actually serviced during November.The amount shown for "Other expenses" in the planning budget for November would have been closest to:
A. $34,100 B. $33,800 C. $34,400 D. $29,439