John's friend just gave him a pair of concert tickets to see his favorite rock group perform this
weekend. Each ticket sells for $25. John's boss asked him to work overtime the same weekend
and at the same time as the concert.
John currently makes $10.00 an hour and his overtime pay
for the four hours his boss asked him to work is double the hourly rate. If John decides to go to
the concert, his opportunity cost is
A) $50.00 for the two tickets.
B) $50.00 because that is what his friend paid for the tickets.
C) $40.00 in lost pay.
D) $80.00 in lost pay.
E) nothing because the concert tickets were free for John.
D
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Most Americans expect conflict to be dealt with directly and openly; most Mexicans expect conflict to be dealt with
a. immediately . b. through compromise. c. through authoritative command. d. in private. e. in public.
When establishing an understanding with the entity regarding the terms of the engagement, all of the following should be discussed, except:
A) The engagement letter. B) The internal audit function. C) The audit committee. D) The agreed upon limits on auditor liability for an improper audit.