The "lapping" of cash receipts is most likely to occur when one person has both responsibility for record keeping for cash receipts and custody of cash.
a. true
b. false
Answer: a. true
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A sudden increase in inflation, ceteris paribus,
A. Raises the CPI and reduces real income. B. Raises the real income of lenders relative to borrowers. C. Makes everyone worse off. D. Reduces the nominal income of those who have constant real incomes.
The free-trade agreement signed by Canada, Mexico, and the United States in 1992 is known as
A. NAFTA. B. GATT. C. DOHA. D. WTO.
In the current account, the largest category of international transactions is
A) imports. B) international investment. C) statistical discrepancy. D) net interest. E) net transfers.
When property rights are assigned and transactions costs are low,
A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient. B) externalities will result in market failure. C) the marginal social benefit curve shifts leftward and the marginal social cost curve does not shift. D) the marginal social cost curve shifts rightward and the marginal social benefit curve does not shift. E) the marginal social cost curve shifts rightward and the marginal social benefit curve also shifts rightward.