How is economic profit calculated?
What will be an ideal response?
Question 2
In addition to requiring that CEO's personally certify the accuracy of financial statements, the Sarbanes-Oxley Act of 2002 also requires that
A) auditors disclose any potential conflicts of interest.
B) CEO's conduct audits of their corporations themselves.
C) firms raise funds for expansion through the sale of bonds only, not stocks.
D) corporations issue financial statements monthly rather than quarterly.
Question 3
Refer to the Article Summary. Assume countries initially enacted protectionist measures against Chinese steel imports.
If these protectionist measures were eventually eliminated, then all else equal, the price of steel in those countries would ________ and the quantity of steel demanded in those countries would ________.
A) decrease; decrease B) increase; decrease C) decrease; increase D) increase; increase
Question 4
In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?
A) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers.
B) The charter of the GATT had run out and a new organization was needed to promote international trade.
C) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services, and intellectual property.
D) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.
Question 5
Selling a product at a price below its cost is known as dumping.
Indicate whether the statement is true or false
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