Question : 41) In the above figure, Jill’s opportunity cost of producing : 1238974

Economics

41) In the above figure, Jill’s opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

42) Using the figure above, if Jack and Jill specialize and gain from trade, then

A) Jack produces equal amounts of gallons of water and bottled water.

B) Jack specializes in the production of bottled water.

C) Jack and Jill produce beyond their PPF.

D) Jack specializes in the production of soda.

E) Jack specializes on the production of soda and water.

43) On a typical acre of land, Iowa can produce either 300 pounds of beef or 100 pounds of soybeans in a year. On a typical acre of land, Nebraska can produce 150 pounds of beef or 200 pounds of soybeans. Which of the following is correct?

A) Nebraska should produce soybeans because its opportunity cost of soybeans is lower.

B) Nebraska should produce soybeans because its opportunity cost of soybeans is higher.

C) Iowa should produce soybeans because its opportunity cost of soybeans is lower.

D) Iowa should produce soybeans because its opportunity cost of soybeans is higher.

E) Nebraska and Iowa should divide each acre evenly between soybean and beef production.

44) The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat in France?

A) 1/4 of a pound of fish

B) 4 pounds of fish

C) 1 pound of fish

D) 100 pounds of fish

E) 2 pounds of fish

45) The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?

A) 1/4 of a pound of fish

B) 1/2 of a pound of fish

C) 1 pound of fish

D) 200 pounds of fish

E) 2 pounds of fish

46) The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will produce ________ and France will produce ________.

A) wheat; wheat

B) wheat; fish

C) fish; wheat

D) fish; fish

E) both wheat and fish; both wheat and fish

47) The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will export ________ and France will export ________.

A) wheat; wheat

B) wheat; fish

C) fish; wheat

D) fish; fish

E) nothing; nothing

48) What is gained when people engage in specialization and trade?

A) Specialization and trade allow people to consume outside their individual production possibilities frontiers.

B) Specialization and trade allow people to consume inside their production possibilities frontiers.

C) Specialization and trade allow people to consume at a point on their production possibilities frontiers.

D) Specialization and trade allow people to produce outside their individual production possibilities frontiers.

E) There are no gains from specialization and trade.

49) Gains from trade

A) occur when one party to the trade has an absolute advantage in both goods.

B) result in being able to consume beyond the trading individuals’ production possibilities frontiers.

C) occur when people do not specialize.

D) occur when opportunity costs are equal.

E) always benefit one party but not the other party of any trade.

50) Consider the United States’ production of soy beans and running shoes. If the United States has an absolute advantage in the production of both goods compared to China,

A) both countries can gain from trade.

B) only the United States can gain from trade.

C) only China can gain from trade.

D) each country will be able to produce at a point beyond its PPF.

E) only the United States will be able to operate beyond its PPF.

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July 1, 2023

11) Net income appears on the worksheet:

A) only in the balance sheet credit column.

B) only in the income statement credit column

C) in the income statement debit column and balance sheet debit column

D) in the income statement debit column and balance sheet credit column

12) Net loss appears on the worksheet:

A) in the income statement credit column and balance sheet debit column.

B) only in the income statement credit column.

C) in the income statement debit column and balance sheet credit column.

D) only in the balance sheet debit column.

13) The prepaid rent account has a balance that is $400 less in the worksheet's balance sheet debit column than in the worksheet's trial balance debit column. This would be the result of a:

A) $400 entry to prepaid rent in the worksheet's adjustments debit column.

B) $400 entry to prepaid rent in the worksheet's adjustments credit column.

C) $400 entry to rent expense in the worksheet's adjustments credit column.

D) mistake in cross-adding the worksheet.

14) Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:

A) salary expense with a debit balance of $64,900.

B) salary expense with a debit balance of $6,500.

C) salary expense with a debit balance of $65,900.

D) salary payable with a credit balance of $65,900.

15) Interest expense on a worksheet's trial balance debit column has a $3,400 balance and a $4,000 balance on the worksheet's income statement debit column. The difference is due to:

A) an entry in the adjustments credit column for $600 to interest expense.

B) an entry in the adjustments debit column for $4,000 to interest expense.

C) an entry in the adjustments credit column for $4,000 to interest expense.

D) an entry in the adjustments credit column for $600 to interest payable.

16) On a worksheet, the income statement debit column equals $190,800 and the income statement credit column equals $195,600. From this data, it can be determined that:

A) the company had a net loss of $4,800 added to the income statement credit column.

B) the company had a net income of $4,800 added to the income statement debit column.

C) the company had a net loss of $4,800 added to the income statement debit column.

D) the company had a net income of $4,800 added to the income statement credit column.

17) Which of the following appears in the balance sheet debit column of a worksheet?

A) service revenue

B) income summary

C) owner withdrawals

D) accounts payable

18) Which of the following appears in the income statement credit column of a worksheet?

A) service revenue

B) income summary

C) owner withdrawals

D) accounts receivable

19) If the unearned service revenue account had an unadjusted normal balance of $4,800, and an adjustment was made debiting the account for $1,500, the account would appear on the adjusted trial balance of the worksheet as a:

A) $4,800 debit.

B) $6,300 credit.

C) $3,300 credit.

D) $3,300 debit.

20) After all the account balances have been extended to the balance sheet columns of the worksheet, the totals of the debit and credit columns are $35,350 and $38,750, respectively. It can be concluded the company has a:

A) net income of $3,400.

B) net loss of $3,400.

C) $74,100 net loss.

D) $74,100 net income.