Which of the following statements related to economic systems is incorrect?
a. Cuba's system involves distributing goods based on the capacity to pay.
b. Mexico's economy is dependent on other countries.
c. Japan imports over half of its food supply.
d. Canada's economy is capitalistic with socialistic controls in health care and the retirement system.
B
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An effective control environment:
A. identifies and responds to business risks. B. guarantees that all controls are followed as prescribed. C. creates a commitment to competence. D. does not need an effective board of directors or internal audit function.
Which one of the following statements is TRUE?
A. Asset switching occurs when a company borrows money for a safe investment but uses it for a risky investment. B. An example of an agency cost is when the board of directors pays a dividend to shareholders. C. An example of an agency cost is when an attorney hires an expert witness for a trial. D. The commission required by the Federal Housing Agency for a small business loan is an example of an agency cost. E. An example of an agency cost is the salary of the agent hired to work for the principal.
Which of the following services provided by a wholesaling intermediary would be an example of the intermediary’s creating place utility for consumers?
a. ?risk taking b. ?selling c. ?financing d. ?transporting e. ?buying
The Generalized System of Preferences, allows developing countries to export all (or nearly all) of their products to a participating developed country on a nonreciprocal basis
Indicate whether the statement is true or false