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Question : 41) If a consumer has allocated his or her budget : 1226095

Economics

 

41) If a consumer has allocated his or her budget and found the combination of goods where all marginal utilities divided by price are equal, what would happen if the consumer were forced to consume some other combination of goods? The consumer

A) will definitely have higher total utility.

B) will definitely have lower total utility.

C) will definitely not experience any change in total utility.

D) might be have higher, lower, or the same total utility but more information is needed to determine which.

E) None of the above answers is correct.

 

42) If Raul’s marginal utility per dollar from bread is 25 and the marginal utility per dollar from butter is 30,

A) rail should purchase more butter and less bread to increase his total utility.

B) Raul’s marginal utility from butter will fall if he buys more butter.

C) Raul’s marginal utility from bread will rise if he buys less bread.

D) Only answer B and answer C are correct.

E) Answer A, answer B, and answer C are correct.

43) Sheryl is maximizing her utility. She notices that her marginal utility from the last package of bubble gum consumed is greater than her marginal utility from the last package of mints consumed. This result means that the

A) price of a package of gum is greater than the price of a package of mints.

B) price of a package of mints is greater than the price of a package of gum.

C) total utility of gum must be falling as more gum is consumed.

D) total utility of mints must be falling as more mints are consumed.

E) More information is needed to determine which, if any, of the above answers is correct.

 

44) Assume you are in a store looking at a shirt you want. You expect to buy the shirt until you look at the price, then you decide the shirt is not a good buy. How can your decision be viewed in economic terms?

A) The shirt’s marginal utility divided by price was too low compared to other goods.

B) The shirt has zero marginal utility for you.

C) The opportunity cost of the shirt was too low.

D) The shirt’s marginal utility divided by price was too high compared to other goods.

E) None of the above answers is correct.

 

45) In a month, Samantha consumes the quantity of lobster dinners so that her marginal utility from a lobster dinner is 500 units. The price of a lobster dinner is $25. She also is consuming the quantity of spaghetti dinners so that its marginal utility is 300 units, while its price is $15. Samantha is allocating her entire budget. What should she do to maximize her total utility?

A) consume more lobster dinners and fewer spaghetti dinners

B) consume more spaghetti dinners and fewer lobster dinners

C) consume the current combination of lobster and spaghetti dinners

D) consume fewer lobster dinners and fewer spaghetti dinners

E) Not enough information is given to answer the question.

46) Suppose the price of a pair of jeans is $25 and the price of a T-shirt is $15. The consumer’s budget is entirely allocated. If the marginal utility from a pair of jeans is 100 units and the marginal utility from a T-shirt is 75 units, the consumer is

A) in equilibrium because his or her utility is maximized.

B) not in equilibrium and should purchase fewer jeans and more T-shirts.

C) not in equilibrium and should purchase fewer T-shirts and more jeans.

D) not in equilibrium but should maintain the current level of purchases.

E) not in equilibrium and should purchase more T-shirts and more jeans.

 

47) Mary is currently buying apples and oranges such that the last unit of apples has 30 units of utility and the last unit of oranges has 40 units of utility. She has allocated her entire budget. If the price of an apple is 10 cents and the price of an orange is 20 cents, to maximize her utility, what should Mary do?

A) buy more apples and fewer oranges

B) buy more oranges and fewer apples

C) continue to buy the same amounts of both goods

D) buy fewer apples and fewer oranges

E) None of the above answers is correct.

 

48) Suppose that Jen receives 400 units of utility from her last soda and 200 units of utility from her last slice of pizza. What can we conclude about Jen’s choices if the price of a soda is $1 and the price of a slice of pizza is $2?

A) Jen is maximizing utility because she buys more of the good providing the most utility.

B) Jen should buy more soda to maximize her utility.

C) Jen should buy more pizza to maximize her utility.

D) Jen needs to buy less soda and less pizza to maximize her utility.

E) None of the above answers is correct.

49) The price of coffee increases because of low crop yields. If the consumer’s utility schedule for coffee remains constant, we can predict that coffee consumption

A) will increase.

B) will decrease.

C) will stay the same.

D) will increase if the marginal utility of coffee diminishes and will decrease if the marginal utility of coffee increases.

E) might change but we need more information to determine if it increased, decreased, or did not change.

 

50) The consumption of bottled water increased dramatically during the 1990s. If consumers’ utility schedules for water remained constant over this time period, in order for consumers to stay in equilibrium, the price of bottled water must have ________.

A) risen because marginal utility increased since people consumed more bottled water

B) fallen

C) remained constant because the marginal utility schedule did not change

D) risen because the supply of water must have increased

E) We don’t have enough information to say what happened to the price.

 

 

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July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

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July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

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July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

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