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Hogar Banco de preguntas Ciencias económicas Archive 2025 February 16

Economics Questions from Feb 16,2025

Browse the Economics Q&A Archive for Feb 16,2025, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Multiple Select Question Select all that apply Internal control for cash is important because \( \square \) the risk of cash-handling errors is significant \( \square \) it is the largest asset of all companies (Check all that apply.) \( \square \) cash is portable and is "owned" by whomever possesses it the \( \square \) of the large volume of cash transactions 5. A survey found that when incomes increased by \( 10 \% \), the following changes in quantifies demanded occurred: spring water up by \( 5 \% \); sports drinks down by \( 2 \% \); cruises up by \( 15 \% \). D) Calculate income clastictiy for spring waten Is ti a mormal goed, an finferfor good, or a luxury good? il) Caleulate income clasticity for sports drinks. Is it a normal good, an inferior good, or a Itaxury good? Iii) Caleulate income clasticity for cruites. Is if a normal good, an inferior good, or a Iturury geod? 4. When the price of home heating oil increases by \( 20 \% \), the quantity demanded of home heating oil decreases by \( 2 \% \) and the demand for wool sweaters increases by \( 10 \% \). D) Calculate the clasticity of demand for home heating ofl. II) Is the demand for home heating oil elastic or inclastic? Why? IiI) Ifthe price of a wool sweater did not change, calculate the cross elasticity of demand for wool sweaters with respeet to the price of home heating oil. (Hint: Good \( X \) is wool sweaters, and Good Y is home heating oil.] IV) Are home heating oil and wool sweaters substitutes or complements? Why? 3. Business travelers and vacationers have different price elasticities of demand for airline tickets from Jacksonville to Atlanta. When the price of airline tickets increases by \( 20 \% \), the number of tickets bought by business travelers declines by \( 5 \% \), and the number of tickets bought by vacationers declines by \( 30 \% \). D) Calculate price clasticities of demand for business travelers and vacationers, respectively. II) Who is less sensitive to price change: business travelers or vacationers? Multiple Select Question Select all that apply The principles underlying the internal control system include___ (Select all that apply.) \( \square \) documenting procedures establishing responsibility increasing sales each year restricting access \( \square \) keeping expenses as low as possible \( \square \) segregating duties Assigning sequential numbers to cash sales, so that the accounting staff can ensure that every sale has been recorded is required by the internal control principle of _ establishing responsibilities segregating duties documenting procedures Multiple Select Question Select all that apply The quality of financial reporting for publicly traded companies is improved through \( \qquad \) (Check all that apply.) evaluating and reporting on the effectiveness of internal controls establishing audit committee of independent directors the preparation of financial statements by external auditors Multiple Choice Question A common principle of internal control is to 0 combine activities to ensure efficiency 0 assign each task to only one employee O have cashiers verify that the cash in their cash register drawer reconciles with the accounting records Multiple Select Question Select all that apply The Sarbanes-Ordey Act (SOX) contains measures aimed at reducing both opportunities and incentives to commit fraud. Which of the following are designed to reduce the opportunity for fraud? (Select all that apply) Intemal control audit by external auditors Internal control report from management stiffer fines and prison terms stronger oversight by directors
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