Who Is Noted for Making the Following Statement,"There Is One

question 78

Multiple Choice

Who is noted for making the following statement,"There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game,which is to say that it engages in open and free competition without deception of fraud."?

• A) Leon Sullivan
• B) Milton Friedman
• C) David Hume
• D) Jon Stuart Mill
• E) Immanuel Kant

Recognize different financial instruments used for hedging foreign exchange risk such as currency swaps and forward contracts.

Grasp the use of exchange rates (historical rate, spot rate, closing rate) in foreign currency transactions and financial reporting.

Understand the impact of fluctuating exchange rates on financial statements.

Gain knowledge on the treatment of gains or losses on foreign currency transactions and how to account for them.

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Definitions:

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good versus what they actually receive, highlighting the benefit to producers from higher market prices.

Factor Rents

Payments for the use of factors of production such as land, labor, and capital, reflecting their income in an economic system.

Total Profit

The overall financial gain made by a business after subtracting all costs from the total revenue.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service compared to what they actually receive, due to market price.