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Question : Article Summary For only the second time in the previous 10 : 1388282

Economics

 

 

Article Summary

For only the second time in the previous 10 quarters, China’s GDP grew at a faster rate than from the same period a year earlier. From July through September 2013, China’s GDP increased 7.8 percent, but a decline in exports, growing inflation, and slowing growth in factory production all suggest that growth will be slowing down. China has recently been attempting to restructure its economy by moving toward increasing consumption and relying less on exports and investments as a means to achieving more sustainable economic growth. In the first nine months of 2013, 46 percent of growth was due to consumption, 56 percent was due to investment, and exports accounted for negative 1.7 percent.

Source: Aileen Wang and Kevin Yao, “China’s third-quarter GDP growth fastest this year, but outlook dim,” Reuters, October 18, 2013.

 

69) Refer to the Article Summary. The decline in export growth will hurt China’s GDP because

A) a decrease in exports will decrease net exports, assuming no change in imports.

B) a decline in export growth indicates an increase in import growth.

C) exports are added to imports when calculating GDP.

D) exports are subtracted from imports when calculating GDP.

 

 

70) Refer to the Article Summary. In China, ________ is (are) the main driver of economic growth, while in the United States, ________ is the main driver of economic growth.

A) consumption; investment

B) net exports; government purchases

C) investment; consumption

D) consumption; net exports

 

71) In a small economy, gross investment in 2013 is $1,500, consumption spending is $6,000, net investment is $200, government spending is $1,500, exports are $2,000 and imports are $1,000. What is GDP for this economy in 2013?

A) $10,700

B) $10,300

C) $10,200

D) $10,000

 

 

72) In a small economy, consumption spending in 2013 is $6,000, government spending is $1,200, gross investment is $1,500, exports are $2,000, and imports are $1,000. What is gross domestic product in 2013?

A) $9,700

B) $9,800

C) $10,800

D) $11,700

 

 

73) Consumption spending is $4.5 billion, gross private domestic investment is $3 billion, and government expenditures are $2 billion. If GDP is $14 billion, which of the following could be true regarding exports and imports in the economy?

A) Exports are $4.5 billion, and imports are $2 billion.

B) Exports are $6 billion, and imports are $8.5 billion.

C) Exports are $9 billion, and imports are $6 billion.

D) Exports are $15 billion, and imports are $10.5 billion.

 

Table 8-6

 

Product

Quantity

Price per Unit

Coke

       10,000

            $2

iPhones

         2,000

          150

Backpacks

         4,000

            25

Hershey bars

         8,000

              1

 

74) Refer to Table 8-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?

A) $428,000

B) $267,000

C) $24,000

D) $1,424

 

 

75) Which of the following would increase gross private domestic investment in an economy?

A) an increase in the shares of Apple stock households own

B) an increase in the number of workers Apple hires

C) an increase in the level of Apple’s inventory

D) an increase in the number of highway construction projects the government is funding

 

 

76) Which of the following equations correctly measures GDP in an economy?

A) GDP = C + I + G + X

B) GDP = C + net I + G + NX

C) GDP = C + I + G + NX

D) GDP = C + G + I – taxes

 

77) Between 2013 and 2014, if an economy’s exports rise by $8 billion and its imports fall by $8 billion, by how much will GDP change between the two years, all else equal?

A) Net exports will increase GDP by $8 billion.

B) The increase in exports is offset by the decrease in imports, so there is no change in net exports and no effect on GDP.

C) Net exports will increase GDP by $16 billion.

D) Net exports will decrease GDP by $8 billion.

 

 

78) Which of the following would result in GDP for an economy equal to $10 trillion?

A)C = $6 trillion

I = $2 trillion

G = $1.5 trillion

NX = -$2 trillion

B)C = $7 trillion

I = $2 trillion

G = $4 trillion

NX = $3 trillion

C)C = $5 trillion

I = $5 trillion

G = $2 trillion

NX = -$2 trillion

D)C = $4 trillion

I = $3 trillion

G = $2 trillion

NX = -$1 trillion

 

 

 

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July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

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