67. What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics?

68. Interpret what an increase in demand and an increase in supply mean. Discuss the causes of an increase in demand and an increase in supply. How are increases in demand and supply expressed graphically?

69. What is scarcity and why does it exist? How is scarcity related to the study of economics?

70. Graphically express a production possibilities curve. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?

71. Discuss how a market reaches equilibrium. How is it expressed graphically?

72. Why are all costs really "opportunity costs"?

73. Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated graphically?

74. Discuss the three fundamental economic questions that all nations must address.

75. Distinguish macroeconomics and microeconomics.

D Question 4 2 pts Under the Ultramares Doctrine, an accountant is liable only to those with who the accountant is in privity of contract or a privity-like relationship. O True FalseQuestion 6 1 pts Rob owns Solar Panels Corporation, He uses Solarl's funds to pay his personal expenses, creates Thermal Power Inc. to engage in the same business as Solar, transfers Solar's assets to Thermal, and petitions Solar into bankruptcy. This most likely warrants O a bonus to Rob for financial maneuvers. O a discharge for Solar in bankruptcy. O a pierce of the corporate veil. O a review of Thermal's articles of incorporation.language of (?) 4. The "basic raw materials" of accounting are composed of business (?) Transaction data 5. Each state has laws providing for the licensing for certified public accountants. Who are commonly called (?) CPA 6. The applicability of accounting in an individual economic unit in society is based on the business (?) 7. A separate legal entity organized in accordance with state or federal statutes and in which owner- ship is divided into shares of stock is referred to as a (an) (?) 8. A partnership is owned by (?) or more individuals