In 2005, Ireland Began Taxing Residents on How Much Garbage

question 194

Multiple Choice

In 2005, Ireland began taxing residents on how much garbage they threw away in an effort to promote recycling. In response, residents began burning trash (which is environmentally more harmful and resulted in an increase in burn victims as people accidentally set themselves on fire) . This story suggests that the elasticity of demand for trash collection was more ______ than lawmakers believed because ______ than previously thought.

• A) elastic; the tax took up a larger part of residents' budgets
• B) elastic; there were more substitutes for trash collection
• C) inelastic; the tax took up a smaller part of residents' budgets
• D) inelastic; there were fewer substitutes for trash collection

Calculate and interpret the days' sales uncollected ratio to evaluate the liquidity of receivables.

Understand the need for and process of bank account reconciliation.

Recognize the documentation involved in cash disbursements and receipts, including invoices, purchase requisitions, and vouchers.

Understand the impacts of outstanding checks, deposits in transit, and other reconciling items on the bank reconciliation process.

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Definitions:

Influenza

A highly contagious viral infection of the respiratory tract that causes annual outbreaks and can be severe, leading to hospitalization or death in high-risk groups.

Communication

The process of transferring information, meanings, and understanding from one entity or group to another through the use of mutually understood signs and semiotic rules.

Schizophrenia

A long-term, serious mental illness marked by altered thoughts, feelings, communication, self-identity, and actions.