KP
Kelly Pesciotta
Answers (6)
KP
Answered
The independent internal verification principle involves each of the following except the ______________ of data prepared by other employees.
A) comparison
B) reconciliation
C) review
D) segregation
A) comparison
B) reconciliation
C) review
D) segregation
On Jul 24, 2024
D
KP
Answered
At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?
On Jul 20, 2024
Profit can be calculated as (P-ATC)xQ. ($12.50-10)x1,000 = $2,500. Firms are likely to enter this market because existing firms are earning economic profits.
KP
Answered
A good that is excludable is one that someone can be prevented from using if she did not pay for it.
On Jun 22, 2024
True
KP
Answered
If the interest rate is 3 percent, to get back $500 in two years you would need to deposit ________ today.
A) $242.72.
B) $471.30.
C) $485.44.
D) $494.00.
A) $242.72.
B) $471.30.
C) $485.44.
D) $494.00.
On Jun 19, 2024
B
KP
Answered
How does the study of economics depend upon the phenomenon of scarcity?
On May 23, 2024
Because economics is the study of how society allocates its scarce resources, if there were no scarcity, there would be no need for economics. Everyone could have all the goods and services they wanted. No one would have to make decisions based on tradeoffs, because there would be no opportunity cost associated with the decision. (It is difficult to conceive of a situation where time is not scarce, however).
KP
Answered
According to the Holmes-Rahe Readjustment Scale, if a person scores 150-299 life change units, he or she has 50 percent chance of developing a stress-related illness.
On May 20, 2024
True