List of concepts that you can find articles to explain: Discuss any two or 3 following concepts with references to articles.

1) Principle 1: People face tradeoffs

2) Principle 2: Opportunity Cost: The cost of something is what you give up to get it

3) Principle 3: Rational people think at the margin

4) Principle 4: People respond to incentives 5) Principle S: Trade (or Specialization) can make everyone better off

6) Principle 6: Markets are usually a good way to organize economic activity

7) Principle 7: Governments can sometimes improve market outcomes 8) The production possibilities frontier

9) Absolute advantage

10) Comparative advantage 11) Demand curve: a change in the price of the good itself

12) Demand curve: a change in income: normal good 13) Demand curve: a change in income: inferior good

14) Demand curve: a change in the prices of related goods: substitutes

15) Demand curve: a change in the price of related goods: complements

16) Demand curve a change in the number of buyers 17) Demand curve: a change in tastes and preferences.

18) Demand curve: a change in buyers' expectations

19) Supply curve: a change in the price of the good itself

20) Supply curve: a change in input prices 21) Supply curve: a change in technology

22) Supply curve: a change in sellers' expectations 23) Supply curve: a change in the number of sellers

24) A market equilibrium

25) A market surplus 26) A market shortage

27) The price elasticity of demand 28) The price elasticity of supply

29) The income elasticity of demand

30) The cross-price elasticity of demand

33) A price ceiling 32) A price floor

33) A tax on buyers and/or sellers

34) Consumer surplus

35) Producer surplus 36) The benevolent social planner and total surplus

37) Efficiency-allocating resources to maximize total surplus 38) Equality-allocating resources uniformly

24. Which statement is true? a. Solution-focused therapists help families notice "exceptions" to the problem, whereas narrative therapists help families notice "unique outcomes." b. Solution-focused therapists help families notice "unique outcomes", whereas narrative therapists help families notice "exceptions" to the problem 25. Which statement is true? a. It is always best to use an empirically- supported approach to couple therapy b. At the present time, some approaches to couple therapy have obtained much research support, but others that don't have such support may still be effective 26. Which of the following is NOT an empirically- supported treatment for teen substance abuse and/or conduct disorder? a. Multidimensional Family Therapy b. Brief Structural/ Strategic Therapy c. Multisystemic Therapy d. Bowen Intergenerational Family Therapy e. Functional Family Therapy 27. Which Statement is true? a. Qualitative research is open to biases of the researcher, whereas quantitative research is not b. Both qualitative and quantitative research may be open to biases of the researcherJoan Joan, a second hand bookseller, has been in business for two months. In this time she: (1) Paid in cash $5,000 as capital (2) Took the lease of a stall and paid two months' rent. The annual rental was $1,200 (3) Purchased, on credit from J Fox, books at cost of $825 (4) Spent $420 cash on the purchase of other books from W Smith (5) Paid an odd-job man $75 to paint the exterior of the stall and repair a broken lock ) Put an advertisement in the local paper at a cost of $10 (7) Sold three volumes containing The Complete Works of Shakespeare to an American for $60 cash (8) Sold six similar sets on credit to a local school for $300 (9) Paid J Fox $525 on account for the amount due to him (10) Received $200 from the school (11) Purchased cleaning materials at a cost of $ 10 and paid a char lady $30 (12) Took $ 100 from the business to pay for her own personal expenses (13) Made other cash sales during the two months of $ 1,500 (14) All books had been sold by the end of two months Required (a) Write up the relevant ledger accounts for these transactions. ( b) Balance off all of the ledger accounts. (C) Prepare a trial balance, a statement of profit or loss and a statement of financial position.Problems: Problem 1 - worth 10 points Prepare a bank reconciliation for Wainwright, Martinez, & Garcia, LLC as of August 31 from the following information: (a.) The August 31 cash balance in the general ledger is $2,500. (b.) The August 31 balance shown on the bank statement is $1,967. (c.) Checks issued by the LLC, but not returned with the bank statement were No. 435 for $25 No. 448 for $90, and No. 449 for $60. (d.) A deposit made on August 31 for $750 was included in the general ledger balance but not in the bank statement balance. (e.) Interest credited to the account during August but not recorded on the company's books amounted to $40. (f.) A bank charge of $25 for printing new checks was made to the account during August. Although the company was expecting a charge, the amount was not known until the bank statement arrived. (g.) In the process of reviewing canceled checks, it was determined that a check which cleared the bank was issued to a supplier for the amount of $125 was recorded in the general ledger erroneously as a $152 cash disbursement. P 1.1 The reconciled balance at August 31 is (worth 4 points) a. $2,488 b. $3.425 C. $2,592 d. $2,542 e. $2,500 f. None of the above P 1.2 As a result of the reconciliation, the journal entry necessary to post into the general ledger would include (worth 2 points). a. A credit of $175 to accounts payable b. A credit of $40 cash c. A debit of $125 to accounts payable d. All of the above e. None of the above a. True 1.3 The error noted in letter g does not need to be posted into the general ledger. (worth 2 pointsk b. FalseQuestion 15 4 pts Markley Manufacturing calculated its predetermined overhead rate to be 120% of direct labor cost. During June, the company incurred $90,000 of factory labor costs, of which $85,000 is direct labor and $5,000 is indirect labor. Actual overhead incurred was $84,000. How much will Markley debit to Work in Process Inventory in June? O $102,000 O $174,000 O $108,000 O $198,000Which of the following is correct? O Assume all other things being equal, the present value of annuity due exceeds the present value of ordinary annuity, and the future value of annuity due also exceeds the future value of ordinary annuity. Assume all other things being equal, the present value of ordinary annuity must exceed the present value of annuity due, but the future value of ordinary annuity may be less than the future value of annuity due. Assume all other things being equal, the present value of ordinary annuity exceeds the present value of annuity due, and the future value of ordinary annuity also exceeds the future value of annuity due. Assume all other things being equal, the present value of annuity due exceeds the present value of ordinary annuity, while the future value of annuity due is less than the future value of ordinary annuity