Answer the following statements true (T) or false (F)
1.Frederic Bastiat's "Petition of the Candle Makers" was a satire that illustrated the disadvantages of free trade as opposed to protectionism.
2.A worker is likely to benefit from a tariff in the short run if the worker is employed in the industry that is protected by the tariff.
3.Democratic candidates for federal public office in the United States have always advocated for tariffs while Republican candidates uniformly favor free trade.
4.Regressive tariffs benefit the poor because they are levied only on luxury items.
5.Most American importers support tariffs because, in the United States, tariffs are levied directly on exporters.
1.False
2.True
3.False
4.False
5.False
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Each of the following might, by itself, form a valid basis for an auditor to reduce substantive testing except for the:
A. difficulty and expense involved in testing a particular item. B. assessment of control risk at a low level. C. high quality of the evidence gathered. D. low inherent risk involved.
Which of the following should be classified as an investing activity on the statement of cash flows?
a. interest on notes payable b. payment to suppliers for inventory c. payment of dividends d. None of these
This activity involves a detailed examination of what happened during the call, "win––loss" reports on new business won or customers lost, any information picked up about competition such as their prices, and any other market intelligence
Identify this salesperson activity. A) planning the sales call B) filling out the call report C) post-call analysis D) communicating with the customer
Millennials comprise the most financially affluent group in America today
Indicate whether the statement is true or false