In response to accounting scandals in 2002, the federal government passed legislation requiring that corporate directors have a certain level of expertise with financial information and mandating that chief executive officers personally certify the
accuracy of financial statements. What is the name of this legislation?
A) the Accountant Reliability Act
B) the 24th amendment to the Constitution
C) the Kennedy-Lott Act
D) the Sarbanes-Oxley Act
Answer: D
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If output is increased in the long-run, average production costs in the presence of internal diseconomies of scale will ________, and in the presence of external diseconomies of scale, will ________
A) decrease; decrease B) increase; remain constant C) remain constant; increase D) decrease; remain constant E) increase; decrease
The long-run supply curve for a competitive industry may be upward sloping if
a. there are barriers to entry. b. firms that enter the industry are able to do so at lower average total costs than the existing firms in the industry. c. some resources are available only in limited quantities. d. accounting profits are positive.
When the money supply is expanding rapidly and the general level of prices increasing sharply, economic growth is
A) slowed by the resulting unpredictability of the future level of prices. B) enhanced because profits are higher so that capital investment is greater. C) enhanced because existing debt is reduced in value, so people are willing to buy more goods. D) enhanced as economic activity grows more rapidly.
Which of the following workers would be most likely to work fewer hours as a result of a wage increase?
A. Farm worker B. Surgeon C. Lifeguard D. Bartender