Suppose That the Production of Oranges Reduces Global Warming

question 116

Multiple Choice

Suppose that the production of oranges reduces global warming. The equilibrium price of oranges is _______ because not all of the _________ are accounted for in the marketplace.

• A)too high; benefits
• B)too low; benefits
• C)too low; costs
• D)optimal; costs

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Definitions:

Establishment of Responsibility

An internal control principle focusing on assigning specific responsibilities to particular employees to reduce errors and fraud.

Segregation of Duties

An internal control measure where no single individual is given too much responsibility in areas of financial reporting, transaction processing, or asset management to prevent fraud and errors.

Documentation Procedures

The methods and practices used for creating, managing, and safeguarding documents within an organization.

Physical Controls

Security measures implemented to protect tangible property, assets, or inventory from damage or unauthorized access.