Macroeconomists Are Distinguished from Microeconomists Because Macroeconomists Are More Interested

question 200

Multiple Choice

Macroeconomists are distinguished from microeconomists because macroeconomists are more interested in

• A)inflation and unemployment than in individual markets.
• B)large corporations rather than small businesses.
• C)inflation in the United States rather than inflation in Costa Rica.
• D)the demand for oil rather than the demand for corn.

Understand the periodic inventory system and how it records transactions.

Calculate cost of goods sold under a periodic inventory system.

Identify various discounts and allowances in merchandising accounting.

Calculate and analyze gross profit.

---

Definitions:

Quid Pro Quo Corruption

A type of corruption involving a direct exchange of goods or services for personal gain or influence, where one party offers something to another in return for a favor.

Express Powers

Powers explicitly granted to an entity or individual by statutes or in a legal document, such as a constitution or contract.

Double Taxation

The imposition of tax on the same income, asset, or financial transaction at two different levels of government, for example, corporate profit followed by personal income tax on dividends.

Perpetual Existence

A feature of corporations allowing them to continue indefinitely, beyond the lives of their owners or members.