In Adam Smith's view, which of the following is not the role of government in business?
A. Providing defense against foreign governments
B. Regulating business activity
C. Ensuring internal order
D. Furnishing public works
E. Providing education
Answer: B
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Producers should be held strictly liable for harms caused by performance of products even if the said harms are not caused by their negligence. Which of the following statements does not challenge this view?
A. Strict liability places domestic producers at a competitive disadvantage with foreign businesses. B. Strict liability adds significant hidden costs to every consumer product. C. If it is unfair to penalize businesses for harms they couldn't prevent, it is equally unfair to penalize consumers for harms they could not prevent. D. Strict liability discourages product innovation and encourages frivolous and expensive lawsuits.
An understatement of year 1's beginning inventory will
a. cause year 2's gross margin to be overstated. b. cause year 1's cost of goods sold to be understated. c. cause year 2's gross margin to be understated. d. have no effect on year 1's gross margin.
______ can be described as certain words or metaphors and expressions specific to an organization.
What will be an ideal response?
When production is more than sales, which of the following is true?
a. Absorption costing results in a lower net operating income than variable costing. b. The use of both the costing methods will result in the same net operating income. c. Absorption costing results in a higher net operating income than variable costing. d. Absorption costing results in a higher total operating expenses than variable costing.