The United States may be accused of endorsing the idea that firms have several different books, or records, of a company to reflect the differences among GAAP reporting, tax accounting, managerial accounting, and IFRS.

A) Why does this phenomenon exist in the US; whereas, other countries may appear to have a single source of documents for financial and tax reporting?

B) Please highlight two, or more, areas of GAAP accounting where US GAAP and IFRS GAAP are not in agreement, and explain the impact on the financial statements.

The United States has put a ban on the export of oil since four decades ago, which means that US oil producers are not allowed to sell their products in the international market.

a) Using a supply and demand diagram, show the effect of the ban on the export of oil, on consumers, producers, and total surplus in the domestic market for the US oil. [Suggestion: Use a table for your welfare analysis to make the comparison easier].

b) Is there a DWL associated with this policy? If yes, determine the DWL of this policy on your diagram. Carefully and thoroughly explain what the source of this DWL is.

c) What is the relationship between the elasticity of demand for oil and the DWL you determined in part (b)? Carefully explain your answer and the reasoning behind it.

d) Currently the government is contemplating lifting the ban on the export of oil. Does lifting the ban have a similar effect on consumers and producers of US oil in the domestic market? Explain. You can refer to the result of your analysis in part (a) to motivate your answer.

When plugged into a standard outlet in the United States, a toaster oven uses 1600 W att of power (on average).

(a.) On a power (watt) vs. time (seconds) graph, plot the power used by the toaster oven. For full points, your graph must use every tick mark, must show two cycles and must label both the time and peak current values. Assume that t = 0 corresponds to a time when the power is at its maximum value.

(b.) What is the toaster oven’s resistance?

(c.) On a current (amps) vs. time (seconds) graph, plot the current used by the toaster oven. For full points, your graph must use every tick mark, must show two cycles and must label both the time and peak current values.

The United States has a variety of regulations to address the economic harm resulting from monopoly power in an industry. This includes the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914. These acts were aimed at restricting the formation of cartels and monopolies to protect consumers and ensure competition.

• What are examples of firms in an oligopolistic market that abuse their power? Explain how they abuse their power and describe the impact on consumers.
• Do you agree with the author's feelings about increased government oversight of such industries? Why or why not?

An engineering firm is expanding its offices in the United States. The firm has selected four prime locations near major metropolitan areas. They want to determine if the average hourly wage is significantly different among the four chosen locations since this would impact overall cost. A survey of 20 wages of similar positions in each of the four locations was taken by random sampling, thus the sample size in each location was 5. The following ANOVA table was created based off the results of the study, let α = 0.05. Source of Variation SS df MS F Between Groups 95.28 3 31.76 4.3101 Within Groups 117.9 16 7.36875 Total 213.18 19 (a) Determine whether the following statement is true or false. It would be appropriate to perform the Tukey-Kramer (T-K) multiple comparisons procedure to identify differences in the means of the four locations. True False (b) The Tukey-Kramer method uses the formula (xi − xj) ± q MSE 2 1 ni + 1 nj . Using the formula, how many intervals will need to be calculated for this scenario to look at all pairwise comparisons for the study? (c) The Tukey-Kramer method uses the formula (xi − xj) ± q MSE 2 1 ni + 1 nj . Using the formula, what is the value of q from the table for this scenario? (Use a table.) (d) Consider the sample mean hourly wage for the four locations are: Location 1 = $42, Location 2 = $32, Location 3 = $37, Location 4 = $35. Are the mean hourly wages significantly different for Location 1 and Location 4? Yes No

In the United States in 2007, the proportion of adults age 21-24 who had no medical insurance was 28.1%. A survey of 75 recent college graduates in this age range finds that 30 of them are without insurance. Does this support a difference from the nationwide?

• Perform a two-sided significance test in R for a proportion, following the procedure of seven steps in the lecture note (choose a significance level of 0.05).

• Use the related function in R to report the p-value. What’s your conclusion based on the result?

The United States has a variety of regulations to address the economic harm resulting from monopoly power in an industry. This includes the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914. These acts were aimed at restricting the formation of cartels and monopolies to protect consumers and ensure competition. The article The Oligopoly Problem argued that oligopolies fall through the cracks of these regulations and leave consumers unprotected from harmful business practices where industries are highly concentrated.

• What are examples of firms in an oligopolistic market that abuse their power? Explain how they abuse their power and describe the impact on consumers.
• Do you agree with the author's feelings about increased government oversight of such industries? Why or why not?

The Bureau of Economic Analysis provides profit data for various industries in the United States. Go to www.bea.gov Click on Corporate Profits Click on National Income and Product Accounts Tables Choose a table from a list of Selected NIPA Tables Scroll down and find the Table 6.16D on Corporate Profits by Industry”

In your initial response to the topic you have to answer all questions:

1. Based on the most-recent figures, which of the following categories of industry classifications has the greatest profits:

•Financial or nonfinancial •Manufacturing , transportation and warehousing, wholesale trade, or retail trade •Durable goods or nondurable goods

2.During the past years, which sectors had the largest and smallest percentage increase in profit?

3. Which sectors, if any, experienced losses?

4. What are the implications of the profit changes for expansion or contraction of the particular industries?