The intent of the Sarbanes-Oxley Act was to
a. help companies be better able to deal with the ethical problems raised by increased technology
b. restore stakeholder confidence in the securities market after a series of scandals in the early 2000s
c. create a commission that would monitor the accounting records of major businesses
d. scare businesses into conforming with the GAAP standards in their accounting practices
Ans: b. restore stakeholder confidence in the securities market after a series of scandals in the early 2000s
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When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called
A) consumer surplus. B) monopoly profits. C) opportunity cost. D) deadweight loss.
Assume X and Y are the only two goods a person consumes. If after a rise in the quantity demanded of Y increases, one could say
a. the income effect dominates the substitution effect for Y. b. the substitution effect dominates the income effect for Y. c. it is impossible to determine whether the substitution or income effect dominates for Y. d. None of the above.