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Questions
Q:
The ________, an organization created by the accounting profession, issues new GAAP rules and amends existing rules.
A) Financial Accounting Standards Board (FASB)
B) International Accounting Standards Board (IASB)
C) International Financial Reporting Board (IFRB)
D) American Institute of Certified Public Accountants (AICPA)
Q:
Which of the following statements is true of Generally Accepted Accounting Principles (GAAP)?
A) They are used by auditors as a guide, but only for non-audit services.
B) They are accepted and applied by accounting firms globally.
C) They cannot be modified once initially established by the American Institute of Certified Public Accountants.
D) They establish rules for how corporations and accounting firms prepare financial statements.
Q:
In a situation in which property rights are not well -defined and social costs exceed private costs, government can use all of the following to induce producers to bring private costs into alignment with social costs EXCEPTA) taxing production. B) coercive limits on production. C) subsidization of production. D) regulation of production.
Q:
Standards for the preparation and presentation of financial statements are known as ________.
A) engagements and agreements
B) auditors' opinions
C) generally accepted accounting principles
D) generally accepted auditing standards
Q:
Which of the following is the form of business ownership used by most public accounting firms?
A) limited liability partnership
B) C corporation
C) S corporation
D) general partnership
Q:
Accountants who meet certain educational requirements, pass the CPA examination, and have a certain number of years of auditing experience are called ________.
A) certified public accountants
B) central private accountants
C) central public accountants
D) certified private accountants
Q:
Once the national health care program goes into effect, we can expectA) the quantity of health care services supplied will increase. B) total expenditures on health care will decrease.C) more individuals will pay more out of pocket expenses. D) moral hazard will increase.
Q:
Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
B) Accountants cannot be held liable by provisions of common law.
C) Accountants cannot be held liable to clients and third parties.
D) Accountants who lack CPA certification are called public accountants.
Q:
The Foreign Sovereign Immunities Act (FSIA) ________.
A) stipulates the rules for conflict resolution among the DR-CAFTA members
B) endows the president with powers to enter into treaties with foreign nations
C) governs exclusively suits against foreign nations in the United States
D) regulates commerce between the United States and foreign nations
Q:
The ________ doctrine states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.
A) sovereign immunity
B) act of state
C) Colgate
D) Noerr
Q:
A ________ clause in an international contract designates which nation's court has jurisdiction to hear a case arising out of the contract.
A) forum-selection
B) treaty
C) foreign commerce
D) choice of law
Q:
Refer to the above figure. Which of the above panels represents complete income equality?A) Panel A B) Panel B C) Panel C D) Panel D
Q:
A(n) ________ clause in an international contract designates which nation's laws will be applied in deciding a dispute arising out of the contract.
A) equal protection
B) supremacy
C) forum-selection
D) choice of law
Q:
The majority of cases involving international law disputes are heard by ________.
A) the International Court of Justice (ICJ)
B) the World Court
C) national courts
D) the United Nations (UN)
Q:
Explain the Treaty Clause of the U.S. Constitution.
Q:
________ are treaties that are sponsored by international organizations, such as the United Nations (UN).
Q:
A situation in which union membership is required before a person can be hired is aA) closed shop. B) union shop.C) agency shop. D) restricted shop.
Q:
Under the ________ Clause of the Constitution, treaties become part of the "law of the land," and conflicting state or local law is void.
Q:
The Treaty Clause of the U.S. Constitution designates the president of the United States as its agent to deal with foreign affairs.
Q:
Under the Treaty Clause, both the federal government and state governments can enter into treaties with foreign nations.
Q:
Any state or local law that unduly burdens foreign commerce is considered to be in violation of the Foreign Commerce Clause.
Q:
When hiring additional workers, a firm operating in a perfectly competitive labor market willA) have to offer higher wages to hire additional workers, but the old workers do not get the higher wage.B) have to offer higher wages to hire additional workers, and the old workers will also receive the new, higher wage.C) be able to hire additional workers without offering higher wages.D) be able to hire additional workers at lower wages because the new workers have been unemployed.
Q:
The U.S. Constitution divides the power to regulate foreign affairs equally between the federal and state governments.
Q:
Treaties arranged by international organizations like the United Nations (UN) are known as ________.
A) arraignments
B) easements
C) amendments
D) conventions
Q:
An agreement between two or more nations that is formally signed by an authorized representative of each nation and ratified by each nation is defined as a(n) ________.
A) statute
B) charter
C) treaty
D) arraignment
Q:
Antitrust laws in the United StatesA) are an attempt to foster competition.B) are not necessary in the twenty-first century.C) have not been used in the past twenty -five years. D) are the same as the laws in the European Union.
Q:
Under the Treaty Clause, the ________ is seen as the agent of the United States in dealing with foreign countries.
A) United Nations (UN) Secretariat
B) U.S. president
C) United Nations (UN)
D) U.S. Senate
Q:
Which of the following statements is true of the Treaty Clause?
A) It provides that the president can make treaties autonomously.
B) It provides that the president can enter into treaties with two-thirds senate approval.
C) It provides that the states have exclusive power to regulate internal and foreign affairs.
D) It provides that the federal government has supremacy over the state in matters of international trade.
Q:
If a state enacts a law that increases its tax on imported automobiles but not on American-made automobiles, it violates the ________ Clause of the U.S. Constitution.
A) Equal Protection
B) Foreign Commerce
C) Privileges and Immunities
D) Due Process
Q:
Which of the following constitutional provisions give the federal government the authority to regulate foreign affairs?
A) the Due Process Clause and the Double Jeopardy Clause
B) the Supremacy Clause and the Equal Protection Clause
C) the Free Exercise Clause and the Establishment Clause
D) the Foreign Commerce Clause and the Treaty Clause
Q:
The goals of rate regulation have included the prevention ofA) monopoly profits. B) oligopolistic pricing.C) marginal cost pricing. D) average cost pricing.
Q:
Which of the following statements is true about international law?
A) All legal matters of international importance are prosecuted by a single world court that is responsible for interpreting international law.
B) The enforcement of all international laws is regulated by a unitary world executive branch.
C) There is no single legislative source from which all international laws are created.
D) All countries have to follow the international laws enacted by other countries.
Q:
How are disputes settled in the World Trade Organization (WTO)? What are the different WTO bodies that handle disputes?
Q:
The ________ is a board composed of one representative from each WTO member nation that reviews panel reports.
Q:
In 1995, the ________ was created as a successor to the General Agreement on Tariffs and Trade (GATT).
Q:
The joining of firms that are producing or selling a similar product isA) competition by merger. B) a vertical merger.C) a horizontal merger. D) a hostile takeover.
Q:
The World Trade Organization (WTO) appellate body hears appeals that are limited to issues of law, not fact.
Q:
The World Trade Organization (WTO) dispute settlement body is required to adopt the panel report unless the body, by consensus, agrees not to adopt it.
Q:
The World Trade Organization (WTO) dispute settlement body is the first body to hear a settlement dispute among member nations.
Q:
A monopolistic competitor is in long-run equilibrium when
A) it is making zero profits and price equals marginal cost.
B) its average total cost curve is tangent to the demand curve at the profit -maximizing rate of output.
C) price is greater than marginal cost.
D) it is making positive profits or zero profits and price is greater than marginal cost.
Q:
The World Trade Organization (WTO) was created as a successor to the General Agreement on Tariffs and Trade (GATT).
Q:
What is the role of the World Trade Organization (WTO) dispute settlement body?
A) to serve as the "court of last resort" for appeals from the WTO appellate body
B) to create panel reports based on findings of fact and law
C) to hear and decide war disputes and issue sanctions against aggressor nations
D) to review WTO panel reports and adopt them if appropriate
Q:
In case of a breach in trade agreements of the World Trade Organization (WTO), which of the following WTO bodies first hears the dispute?
A) the WTO panel
B) the WTO appellate body
C) the WTO dispute settlement body
D) the WTO General Council
Q:
Which of the following replaced the General Agreement on Tariffs and Trade (GATT) in 1995?
A) the World Bank
B) the World Trade Organization (WTO)
C) the International Monetary Fund (IMF)
D) the North American Free Trade Agreement (NAFTA)
Q:
If the above figure accurately portrays the market conditions for a given monopolist, we can be assured that the monopolistA) is making a normal profit.B) is producing at the level that will maximize benefit to society. C) is making excessive profits.D) will be forced to go out of business in the long run.
Q:
The ________ is an international organization of 160 member nations created in 1995 to promote and enforce trade agreements among member countries and customs territories.
A) World Trade Organization (WTO)
B) International Monetary Fund (IMF)
C) North American Free Trade Commission (NAFTA)
D) General Agreement on Tariffs and Trade (GATT)
Q:
What are the implications of the North American Free Trade Agreement (NAFTA) treaty?
Q:
The ________ is a treaty between the United States, Mexico, and Canada to create a free trade zone between the three countries.
Q:
The countries that have voted to use the euro comprise the ________.
Q:
The market structure in which there is a single supplier of a good or service for which there is no close substitute isA) oligopoly. B) perfect competition.C) monopoly. D) monopolistic competition.
Q:
The European Union's (EU's) ________ is composed of representatives from each member country who meet periodically to coordinate efforts to fulfill the objectives of the treaty.
Q:
The Organization of the Petroleum Exporting Countries (OPEC) sets quotas on the output of oil production by its individual member nations.
Q:
The Association of Southeast Asian Nations (ASEAN) was created as a treaty among the oil-producing countries of Asia.
Q:
If the firm in the above figure produces output level D, it incurs an average fixed cost of production equal to the distanceA) DK. B) RN. C) JL. D) KR
Q:
The Dominican Republic-Central America Free Trade Agreement (DR-CAFTA) prohibits its member nations from entering into treaties with countries in Central America that are not part of the DR-CAFTA.
Q:
The North American Free Trade Agreement (NAFTA) has eliminated or reduced most of the duties, tariffs, quotas, and other trade barriers among Mexico, the United States, and Canada.
Q:
The North American Free Trade Agreement (NAFTA) is a bilateral treaty between the United States and Mexico.
Q:
The euro can be used in all countries of the eurozone.
Q:
In economics, the planning horizon is defined asA) 10 years for every firm.B) the longest time period over which the firm can make decisions.C) the period of time for which technology is fixed. D) the long run, during which all inputs are variable.
Q:
Under the European Union (EU), customs duties have been eliminated among member nations.
Q:
The European Union Commission has delegated substantial powers to individual member nations to enact legislation and take enforcement actions to ensure compliance with the European Union (EU) treaty.
Q:
The European Union (EU) treaty creates open borders for trade by providing for the free flow of capital, labor, goods, and services among member nations.
Q:
Ecuador, Algeria, and the United Arab Emirates are members of the ________.
A) North American Free Trade Agreement (NAFTA)
B) Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)
C) Association of Southeast Asian Nations (ASEAN)
D) Organization of the Petroleum Exporting Countries (OPEC)
Q:
The production functionA) shows the maximum level of output for a given set of inputs. B) is an economic relationship between revenue and cost.C) shows the relationship between input prices and amount of input used. D) always shows increasing marginal product of labor.
Q:
Indonesia, Vietnam, Thailand, and the Philippines are members of the ________.
A) Organization of the Petroleum Exporting Countries (OPEC)
B) Association of Southeast Asian Nations (ASEAN)
C) Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)
D) North American Free Trade Agreement (NAFTA)
Q:
Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?
A) It allows a member country to reinstitute tariffs if an import surge from one of the other nations hurts its economy or workers.
B) It has significantly improved the environment in Mexico due to its strict pollution measures that are mandatory on all member nations.
C) It disallows a NAFTA member from trading with another country without the consent of the other member nations.
D) It has been hailed by economists as a perfect example of a free trade pact.
Q:
The ________ is a trilateral treaty that has removed or reduced tariffs, duties, quotas, and other trade barriers between the United States, Canada, and Mexico.
A) Western Hemispheric Bloc
B) North American Free Trade Agreement (NAFTA)
C) Central America Free Trade Agreement (CAFTA)
D) General Agreement on Tariffs and Trade (GATT)
Q:
A disadvantage of the proprietorship form of business organization is
A) its limited access to capital.
B) its limited liability.
C) that it can issue only one class of stock.
D) that the owner must fight a lot of red tape to form the firm.
Q:
Which of the following statements is true of the European Union (EU)?
A) All issues have to be passed unanimously by EU members to be enforced.
B) Every EU country has adopted the euro as its monetary unit.
C) Customs duties have been eliminated among EU member nations.
D) Customs duties in trade between the EU and the rest of the world have been completely eliminated.
Q:
The ________ is a regional international organization that comprises many countries of Western and Eastern Europe and was created to promote peace and security as well as economic, social, and cultural development.
A) Eastern Bloc
B) Common Market
C) North Atlantic Treaty Organization (NATO)
D) European Union (EU)
Q:
Which of the following is true of the International Monetary Fund (IMF)?
A) It consists of representatives from all states located in the United States.
B) It is funded by the Superfund of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).
C) It promotes sound monetary, fiscal, and macroeconomic policies worldwide by providing assistance to poor countries.
D) It provides one-time grants to needy countries with no terms or conditions attached to the assistance.
Q:
To derive the demand curve from the indifference map,
A) vary the price of one good while holding the price of the other good and income constant.
B) vary the prices of both goods while holding income constant.
C) vary the price of one good and income while holding the price of the other good constant.
D) vary income while holding the prices constant.
Q:
What is the World Bank? What is its function?
Q:
The United Nations (UN) ________, composed of 15 member nations, is primarily responsible for maintaining international peace and security and has authority to use armed force.
Q:
The ________ administers the day-to-day operations of the United Nations (UN).
Q:
The judicial branch of the United Nations (UN) is known as the ________.
Q:
A consumer has spent all of his funds on hamburgers and movies. The price of a hamburger is$1 and the price of a movie is $5. The marginal utility of the last hamburger is 5 and the marginal utility of the last movie is 40. This consumer hasA) not maximized utility. To maximize utility, he should cut back on movies and buy more hamburgers.B) not maximized utility. To maximize utility, he should cut back on hamburgers and buy more movies.C) not maximized utility. To maximize utility, he should cut back consumption of each.D) maximized utility.
Q:
All United Nations (UN) members are part of the ________, which is the legislative body of the UN.
Q:
A unanimous vote of existing European Union (EU) members is needed to admit a new member country.
Q:
Only individuals or businesses, not nations, can have cases decided by the International Court of Justice (ICJ).