In Commenting on His Company's Responsibility for a Massive Oil

question 7

Multiple Choice

In commenting on his company's responsibility for a massive oil spill in the Gulf of Mexico,Tony Hayward (CEO of BP) stated: "There's no one who wants this over more than I do.I would like my life back." This is an example of:

• A)lack of strategic planning
• B)poor crisis management
• C)Ineffective contingency planning
• D)failure to set goals

Analyze how the imposition of taxes affects producer and consumer behavior.

Determine the incidence of taxation and how it is divided between consumers and producers.

Identify the shift in supply and demand curves due to taxation.

Evaluate the effects of taxes on market equilibrium, including changes in quantity and price.

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Definitions:

Interest

The cost of borrowing money, typically expressed as an annual percentage of the loan amount.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from revenue.

Profits

The financial gain obtained when the revenue from business activities exceeds expenses, costs, and taxes.

Retained Earnings

The portion of net income that is kept within a company rather than distributed to shareholders as dividends.