The components of audit engagement from the question are:
- Cost-benefit
- Circumvention
- designs
- application of controls
- control environment
<h3>The factors that increase inherent risks</h3>
- The integrity of the people that are in managerial positions.
- The experience and the effectiveness of managers.
- Pressures faced by management.
<h3>Factors that affect control risks:</h3>
- Presence of Novel situations
- The use of Outdated controls
- Improper separation of duties
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Based on the given scenario above regarding Wang's Techno toys which was successfully run by Ann Wang, the method of import or export financing that the Techno Toys' bank used if it functions as an intermediary without considering any financial risk is called the DOCUMENTARY COLLECTION.
The distribution channel control the flow of products from the manufacturer to a variety of retailers or business customers.
A distribution channel represents a chain of businesses or intermediaries through which the final buyer purchases a good or service.
Distribution channels include wholesalers, retailers, distributors, and the Internet.
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Given this quantity of permits, the price for each permit in the market that the U.S government should charge for pollution rights will be <u>$45</u> as this ensures the socially optimal quantity of pollution, which could have been imposed as a tax.
<h3>What are pollution rights?</h3>
Pollution rights are the rights given to firms in an economy to buy and sell government-issued licenses or permits.
Pollution rights or permits grant the holders the right to create and release a certain amount of pollution that achieves the socially optimal quantity.
Thus, given the number of permits, the price for each permit in the market that the U.S government should charge for pollution rights will be <u>$45</u>.
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Answer:
It is explained in the question itself that the resources are not specialized for the production of any one commodity. They have mid that the same resource can be used for the production of both smart phones as well as the tablets. Thus, when the UK increases the production of the smart phones, the opportunity cost of producing the Tablets remains constant or remains the same because the trade-off between the goods will be constant.
Thus, when the opportunity cost remains constant and the economy carries on the production, then the Production Possibility Frontier of the economy will be represented with the help of a straight line PPF. Here in the graphs, Graph 1 represents the straight line PPF and thus, the trade-off between the smart phones and the tablets will be represented by the Graph 1.
