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Question : Scenario 17-1 In academia, professors in some disciplines receive higher salaries : 1387992

Economics

 

 

Scenario 17-1

 

In academia, professors in some disciplines receive higher salaries than others.  For example, professors teaching in business schools receive higher salaries than professors in the English department. Suppose at Unity College, assistant professors in the business school earn $80,000 while assistant professors in the English department earn $50,000. Now suppose the government passes comparable worth legislation that requires academic institutions to pay all faculty the same salaries.

 

20) Refer to Scenario 17-1.  Following the passage of comparable worth legislation, Unity College responds by placing salaries for all assistant professors at $80,000. Which of the following is the result of the legislation?

A) The supply of English professors increases; the market for business professors is not affected.

B) The demand for English professors decreases; the market for business professors is not affected.

C) There will be a surplus in the market for English professors and a shortage in the market for business professors.

D) There will be a surplus in the market for English professors and the market for business professors will not be affected.

 

21) Refer to Scenario 17-1. Following the passage of comparable worth legislation, Unity College responds by placing salaries at $65,000. Which of the following is the result of the legislation?

A) The supply of English professors increases and the supply of business professors decreases.

B) The demand for English professors decreases and the demand for business professors increases.

C) There will be a surplus in the market for English professors and a shortage in the market for business professors.

D) There will be a surplus in the market for English professors and the market for business professors will not be affected.

 

 

22) In a study conducted by Marianne Bertrand and Sendhil Mullianthan, identical resumes were sent in response to help wanted ads in newspapers, with half of the resumes assigned an African-American-sounding name and half assigned a white-sounding name. The study found that

A) employers were equally likely to interview workers with white-sounding names and with African-American-sounding names.

B) employers were 50 percent more likely to interview workers with African-American-sounding names.

C) employers were 50 percent more likely to interview workers with white-sounding names.

D) no employers chose to interview workers with African-American-sounding names.

 

23) One reason why the average salary of Major League Baseball players is higher than the average salary of college professors is

A) the careers of most baseball players are much shorter than the careers of most college professors.

B) the marginal revenue product of baseball players is greater than the marginal revenue product of college professors.

C) college professors accept lower salaries in exchange for better working conditions.

D) competition among baseball club owners forces player salaries to be much higher than the players’ marginal revenue products.

 

 

24) Zach Greinke’s marginal product as a baseball player would be about the same as a Los Angeles Dodger and a Kansas City Royal. Why were the Dodgers willing to pay Greinke a higher salary than he was paid as a Royal?

A) The Dodgers play needed a superstar to attract fans to their games. The Royals had no need to attract fans to their games.

B) The Dodgers play more home games than the Royals. As a result, the Dodgers earn more revenue from ticket sales that they can use to pay player salaries.

C) Greinke’s marginal revenue product is higher as a Dodger than it was as a Royal.

D) The owner of the Dodgers was under more pressure from the fans and the Los Angeles media to pay Greinke a higher salary than the Royals were willing to pay.

 

25) The total value to society of having garbage removed is greater than the value of baseball games. Why, then, are baseball players paid more than garbage collectors?

A) Although the total value of garbage removal is greater than the total value of baseball, wages are determined by average values.

B) Garbage removal results in significant external benefits that are not captured in the price paid for garbage removal. As a result, wages of garbage collectors do not reflect their social benefits.

C) There is greater competition in the garbage collection industry than there is in Major League Baseball.

D) Wages do not depend on total values but marginal values. The marginal revenue product of baseball players exceeds the marginal revenue product of garbage collectors.

 

 

26) The difference between the salaries paid to movie stars and to actors who play supporting roles is much greater today than it was in the 1930s and 1940s. What factor explains this increase in relative salaries over time?

A) Technological advances in the entertainment industry increase the revenue that successful movies can earn. This has increased the movie studios’ willingness to pay high salaries to movie stars.

B) Agents of movies stars are effective in obtaining large salaries for their clients today. Few movie stars had agents to negotiate for them in the 1930s and 1940s.

C) The studio system that dominated the industry in the 1930s and 1940s no longer exists. The studio system allowed movie studios to sign actors to long-term contracts that kept salaries down.

D) There was no actors’ union in the 1930s and 1940s. The rise of strong actors’ unions has caused salaries of movies stars to be greater today than in previous years.

 

27) Differences in marginal revenue products are the most important factor in explaining wage differences. Other factors that explain wage differences include all but one of the following. Which factor does not help explain differences in wages?

A) cognitive differentials

B) compensating differentials

C) discrimination

D) labor unions

 

 

28) Most economists believe that a small amount of the gap between the wages of white males and the wages of other groups is due to discrimination. Which of the following factors is not another factor that explains part of this gap?

A) differences in education

B) geographic location

C) differences in experience

D) differing preferences for jobs

 

 

29) An organization of employees that has the legal right to bargain with employers about wages and working conditions is called a

A) closed shop.

B) guild.

C) labor union.

D) monopsony.

 

 

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July 1, 2023
    

 

131. The assets of a company total $700,000; the liabilities, $200,000. What are the claims of the owners? 

A. $900,000.

B. $700,000.

C. $500,000.

D. $200,000.

E. It is impossible to determine unless the amount of this owners' investment is known.

132. On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year? 

A. $8,300

B. $13,050

C. $20,500

D. $31,100

E. $40,400

133. Assets created by selling goods and services on credit are: 

A. Accounts payable.

B. Accounts receivable.

C. Liabilities.

D. Expenses.

E. Equity.

134. An exchange of value between two entities is called: 

A. The accounting equation.

B. Recordkeeping or bookkeeping.

C. An external transaction.

D. An asset.

E. Net Income.

135. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? 

A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.

B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.

C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.

D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.

E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.

136. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed? 

A. +$10,000 accounts receivable, -$10,000 accounts payable.

B. +$10,000 accounts receivable, +$10,000 accounts payable.

C. +$10,000 accounts receivable, +$10,000 cash.

D. +$10,000 accounts receivable, +$10,000 revenue.

E. +$10,000 accounts receivable, -$10,000 revenue.

137. Zion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation? 

A. Assets increase by $75,000 and expenses increase by $75,000.

B. Assets increase by $75,000 and expenses decrease by $75,000.

C. Liabilities increase by $75,000 and expenses decrease by $75,000.

D. Assets decrease by $75,000 and expenses decrease by $75,000.

E. Assets increase by $75,000 and liabilities increase by $75,000.

138. Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: 

A. Total assets decrease and equity increases.

B. Both total assets and total liabilities decrease.

C. Total assets, total liabilities, and equity are unchanged.

D. Both total assets and equity are unchanged and liabilities increase.

E. Total assets increase and equity decreases.

139. If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have: 

A. Decreased $105,000.

B. Decreased $45,000.

C. Increased $30,000.

D. Increased $45,000.

E. Increased $105,000.

140. If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have: 

A. Increased $22,000.

B. Decreased $22,000.

C. Increased $89,000.

D. Decreased $156,000.

E. Increased $156,000.

 

 

default image
July 1, 2023
    

 

131. The assets of a company total $700,000; the liabilities, $200,000. What are the claims of the owners? 

A. $900,000.

B. $700,000.

C. $500,000.

D. $200,000.

E. It is impossible to determine unless the amount of this owners' investment is known.

132. On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year? 

A. $8,300

B. $13,050

C. $20,500

D. $31,100

E. $40,400

133. Assets created by selling goods and services on credit are: 

A. Accounts payable.

B. Accounts receivable.

C. Liabilities.

D. Expenses.

E. Equity.

134. An exchange of value between two entities is called: 

A. The accounting equation.

B. Recordkeeping or bookkeeping.

C. An external transaction.

D. An asset.

E. Net Income.

135. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? 

A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.

B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.

C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.

D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.

E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.

136. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed? 

A. +$10,000 accounts receivable, -$10,000 accounts payable.

B. +$10,000 accounts receivable, +$10,000 accounts payable.

C. +$10,000 accounts receivable, +$10,000 cash.

D. +$10,000 accounts receivable, +$10,000 revenue.

E. +$10,000 accounts receivable, -$10,000 revenue.

137. Zion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation? 

A. Assets increase by $75,000 and expenses increase by $75,000.

B. Assets increase by $75,000 and expenses decrease by $75,000.

C. Liabilities increase by $75,000 and expenses decrease by $75,000.

D. Assets decrease by $75,000 and expenses decrease by $75,000.

E. Assets increase by $75,000 and liabilities increase by $75,000.

138. Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: 

A. Total assets decrease and equity increases.

B. Both total assets and total liabilities decrease.

C. Total assets, total liabilities, and equity are unchanged.

D. Both total assets and equity are unchanged and liabilities increase.

E. Total assets increase and equity decreases.

139. If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have: 

A. Decreased $105,000.

B. Decreased $45,000.

C. Increased $30,000.

D. Increased $45,000.

E. Increased $105,000.

140. If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have: 

A. Increased $22,000.

B. Decreased $22,000.

C. Increased $89,000.

D. Decreased $156,000.

E. Increased $156,000.

 

 

default image
July 1, 2023
    

 

131. The assets of a company total $700,000; the liabilities, $200,000. What are the claims of the owners? 

A. $900,000.

B. $700,000.

C. $500,000.

D. $200,000.

E. It is impossible to determine unless the amount of this owners' investment is known.

132. On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year? 

A. $8,300

B. $13,050

C. $20,500

D. $31,100

E. $40,400

133. Assets created by selling goods and services on credit are: 

A. Accounts payable.

B. Accounts receivable.

C. Liabilities.

D. Expenses.

E. Equity.

134. An exchange of value between two entities is called: 

A. The accounting equation.

B. Recordkeeping or bookkeeping.

C. An external transaction.

D. An asset.

E. Net Income.

135. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? 

A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.

B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.

C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.

D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.

E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.

136. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed? 

A. +$10,000 accounts receivable, -$10,000 accounts payable.

B. +$10,000 accounts receivable, +$10,000 accounts payable.

C. +$10,000 accounts receivable, +$10,000 cash.

D. +$10,000 accounts receivable, +$10,000 revenue.

E. +$10,000 accounts receivable, -$10,000 revenue.

137. Zion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation? 

A. Assets increase by $75,000 and expenses increase by $75,000.

B. Assets increase by $75,000 and expenses decrease by $75,000.

C. Liabilities increase by $75,000 and expenses decrease by $75,000.

D. Assets decrease by $75,000 and expenses decrease by $75,000.

E. Assets increase by $75,000 and liabilities increase by $75,000.

138. Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: 

A. Total assets decrease and equity increases.

B. Both total assets and total liabilities decrease.

C. Total assets, total liabilities, and equity are unchanged.

D. Both total assets and equity are unchanged and liabilities increase.

E. Total assets increase and equity decreases.

139. If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have: 

A. Decreased $105,000.

B. Decreased $45,000.

C. Increased $30,000.

D. Increased $45,000.

E. Increased $105,000.

140. If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have: 

A. Increased $22,000.

B. Decreased $22,000.

C. Increased $89,000.

D. Decreased $156,000.

E. Increased $156,000.

 

 

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