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The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based system. The rest of the world follows accounting standards developed by the International Accounting Standards Board (IASB) known as the international accounting financial reporting standards (IFRS). This system relies more on principles than rules. There is a movement to have one global standard, which would combine GAAP and IFRS.
What are the differences between GAAP and IFRS? How does each standard handle research and development costs? What issues might arise with combining a rules-based with a principles-based system?
Explain the economic effects of spillover benefits? Thoroughly and completely explain how spillover benefits are corrected and the economic implications of the corrections?
Do you agree or disagree with the following statement? "Politicians would make more rational economic decisions if they weren’t running for re-election every few years.” Are there any benefits of making politicians go up for re-election?
compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950s. applying the
Will the brothers gain if they specialize. Illustrate your answer with an example.
q1. given production function fxy cxabyb-awhere a b c are positive and bgtaa. discuss the returns to scale marginal
Evaluate whether and to what extent the human failures that led to the disaster can and will be corrected.
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant could rising wage rates of women explain both phenomena? Explain.
Explain and derive the relationship between Demand, Elasticity of Demand, Total Revenue (TR), and Marginal Revenue (MR).
If the bidders at a first-price auction have true values of $8, $7, $6, and $5, the item will sell for a. just under $7 b. $8 c. $7 d. just over $7. If the bidders at a second-price auction have true values of $78, $72, $66, and $65, the it..
Explain how do real GDP and the cost level change if the forecast of inflation turns out to be incorrect.
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q)=40+8Q+2Q2. how much output should the firm produce in the short run? what price should the firm charge in the..
The physician's office charges you a nonrefundable fee of $50 for the missed appointment, which cannot be applied to a future appointment. How much should you now be willing to spend for a new appointment? $50 $120 $0
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