Growers Mart buys one hundred cases of berries from Hilltop Farm. The parties agree that the berries will be transported "F.O.B. Hilltop Farm" via Intrastate Trucking Company. Intrastate's truck and the berries are lost in a fire following an accident. The loss of the berries is suffered by

A) Growers.
B) Hilltop.
C) Intrastate.
D) all of the parties as owners in common in equal measure.

Which of the following statements is true?

A) When the forces of supply and demand determine for whom goods are produced in a society,an equitable distribution of income will naturally result.
B) An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party.
C) One of the roles of our government is to transfer some income from the rich and the middle class to the poor.
D) According to most economists' definition of competition,the American economy is very competitive.

Two alternative methods of accounting for the cost of oil and gas properties have been widely used.The method that capitalizes all costs associated with all wells is the

A) successful-efforts method
B) full-cost method
C) variable-cost method
D) specific-cost method

Collective bargaining

A) deals only with issues relating to wages.
B) substitutes one labor negotiator for many independent workers.
C) is NOT a function of labor unions.
D) is illegal in the United States.

The LIFO conformity rule states that

A) if LIFO is used for tax purposes,the external financial statements must also use LIFO.
B) if FIFO is used for tax purposes,the external financial statements must also use FIFO.
C) if LIFO is used for tax purposes,the external financial statements must also use FIFO.
D) if FIFO is used for tax purposes,the external financial statements must also use LIFO.

Under the Food, Conservation, and Energy Act of 2008, subsidies to farmers based on gaps between actual prices of crops and targeted prices were called

A) direct payments.
B) price supports.
C) countercyclical payments.
D) price gap set-asides.