A Herfindahl-Hirschman Index of 10,000 would mean there is (are) how many firm(s) in the industry?

A) 1
B) 10
C) 1,000
D) 10,000

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

A) The adjusted trial balance will show the net income (loss) as an additional account.
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance.
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.
D) The adjusted trial balance will be used to record the adjustments for the period.

Changes in a company's capital expenditures or fixed asset sales over time must

A) be carefully analyzed for changes in the company's strategy.
B) be indicative of changes in the company's strategy.
C) indicate incompetent management.
D) raise the company's risk of default on its debt.

Refer to Figure 2-3. If this economy devotes all of its resources to the production of forks, then it will produce

A) 80 knives and 0 forks.
B) 40 knives and 50 forks.
C) 0 knives and 100 forks.
D) 50 knives and 80 forks.

A holder may still become a holder in due course if he or she is aware of which of the following defects?

A) The instrument has been dishonored.
B) The instrument is overdue.
C) The instrument contains an unauthorized signature.
D) The instrument contains a misspelled name.
E) There is a claim to the instrument.

Distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts ________.

A) are void
B) are voidable
C) lack consideration
D) lack legality
E) are entitled to enforcement in a court of equity

Wealth is redistributed from creditors to debtors when inflation is

A) high, whether it is expected or not.
B) low, whether it is expected or not.
C) unexpectedly high.
D) unexpectedly low.

Leader behavior that is associated with too much concern for political ramifications,or the analysis of alternatives in terms of their political repercussions,are key determinants of:

A) the framing bias.
B) the overconfidence bias.
C) majority rule.
D) groupthink.