Final Exam

-The nation’s GDP is a good measure of its economic well being and progress because it represents the total value of all goods and services produced in an economy, and what a country produces and what it consumes are nearly identical.

Which of the following statistics is usually regarded as the best single measure of a society’s economic well-being? C

|0 |$ 60 |$ 0 |$ 60 |$ 0 |$ 0 |$ 0 |$ 0 |

The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status.

4. Explain why it is important to identify the following when preparing a budget: [2.3]

is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how

Quality of Life: For the purpose of this paper, the level of living standards which include fundamental factors like health, financial stability, living conditions, and education.

1. Noelle quits her $80,000-a-year job to stay home. What is the opportunity cost of her decision?

ii) There are five level one headings in this table, which are: real sector, fiscal sector, financial sector, external sector, and

What is the relative humidity when the air temperature is 75 degrees Fahrenheit and the Wet Bulb temperature is 65 degrees Fahrenheit?

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

It is perhaps useful to lay out the argument as stated in class. The Edwardsian version of the dilemma of freedom and foreknowledge can be formulated as the following:

According the to World Bank a countries income level is determined by it’s Gross National Product (GNP) per capita, which is the value of all final goods and services produced in a country in one year (gross domestic product) plus income that residents have received from abroad, minus income claimed by nonresidents divided by its population.("How We Classify Countries,") This measure is an indication of how well the population in a country lives. When comparing country income levels there are several differences that can be found between each group, listed in order of examination they are GNP per capita, political stability, life expectancy, and access to education.

Classify each of the following items as included or not included in GDP. Give an explanation for those that you judge as not included. State when applicable, the expenditure category in which each good is included.

Hypothesis 3: Increase in income does not translate to happiness since raise in income reciprocates the more material needs thus leaving the happiness quotient intact.