Question : 21. Howard Inc. provides temporary clerical services to local businesses. The : 1291698

Economics

21. Howard Inc. provides temporary clerical services to local businesses. The company has determined that total costs for a given month can be predicted by using the following formula:Total costs = $2,500 + $20xwhere “x” equals total direct labor hours for the month. If total direct labor hours for June are expected to be 600, what are total costs expected to be? A. $ 9,500B. $14,500C. $12,000D. $ 2,520

22. Logan Inc. plans to double its rental space next year which will increase its fixed costs by 30% while variable costs will remain the same. Current year costs are as follows:

Variable costs

$20 per unit

Fixed costs

$15,000

If next year production is expected to be 13,500 units, estimated total costs will be: A. $289,500.B. $270,000.C. $285,000.D. $250,500.

23. Jansen Inc. currently produces and sells 9,000 units per year with the following cost data:

Variable costs

$7 per unit

Fixed costs

$7,500

Next year, Jansen plans to increase its advertising budget, which will increase fixed costs by 7%. With increased advertising, the company expects the number of units produced and sold to increase by 12%. Determine the budgeted total cost for next year. A. $70,500B. $78,060C. $78,585D. $71,025

24. Bob’s BurgersBob’s Burgers currently produces and sells 12,000 burgers per month with the following costs:

Variable costs

$2.40 per unit

Fixed costs

$60,000

Bob has recently switched food suppliers and anticipates that variable costs will decrease by $0.35 per unit. In addition, Bob has renegotiated his store lease and fixed costs will be dropping by $8,000 per month. Refer to the information provided for Bob’s Burgers. What will be Bob’s new cost equation? A. Total costs = $60,000 + $2.75xB. Total costs = $60,000 + $2.05xC. Total costs = $8,000 + $0.35xD. Total costs = $52,000 + $2.05x

25. Bob’s BurgersBob’s Burgers currently produces and sells 12,000 burgers per month with the following costs:

Variable costs

$2.40 per unit

Fixed costs

$60,000

Bob has recently switched food suppliers and anticipates that variable costs will decrease by $0.35 per unit. In addition, Bob has renegotiated his store lease and fixed costs will be dropping by $8,000 per month. Refer to the information provided for Bob’s Burgers. Bob anticipates selling 12,300 burgers during the month of July. What will be estimated total costs during July? A. $77,215B. $88,800C. $76,600D. $85,825

26. Quality Products Inc. incurred total costs of $50,000 to produce 1,400 units. Variable costs are $15 per unit. What are estimated fixed costs? A. $21,000B. $71,000C. $48,600D. $29,000

27. Bixby Inc. expects total costs to be $75,000 when 500 units are sold and the variable cost is $18 per unit. Bixby expects to sell 750 units in July. What will be expected total costs in July? A. $75,000B. $79,500C. $66,000D. $88,500

28. Chadwick Ski LodgeChadwick Ski Lodge decides how many housekeepers it needs to hire based on expected hotel occupancy. The following shows the budgeted housekeeping costs per month at various occupancies:

Number of occupied rooms

Housekeeping costs

0 – 25

$11,500

26 – 40

23,000

41 – 55

34,500

Refer to the information provided for Chadwick Ski Lodge. What type of cost is housekeeping? A. Semi variableB. VariableC. StepD. Mixed

29. Chadwick Ski LodgeChadwick Ski Lodge decides how many housekeepers it needs to hire based on expected hotel occupancy. The following shows the budgeted housekeeping costs per month at various occupancies:

Number of occupied rooms

Housekeeping costs

0 – 25

$11,500

26 – 40

23,000

41 – 55

34,500

Refer to the information provided for Chadwick Ski Lodge. The number of occupied rooms during the month of January is expected to be between 41 and 55 at all times. For the month of January, what type of cost does housekeeping effectively become? A. FixedB. VariableC. StepD. Mixed

30. A cost that has both a fixed and variable component is called a(n): A. step cost.B. mixed cost.C. irrelevant cost.D. relevant cost.

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July 1, 2023

41) The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

42) The above figure shows the production possibility frontier for an economy. The point or points that are attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

43) The above figure shows the production possibility frontier for an economy. The point or points that are NOT attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

44) In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of

A) producing at a point that lies beyond the PPF.

B) zero opportunity cost.

C) opportunity benefit.

D) a free lunch.

E) a tradeoff.

45) As we move along the production possibilities frontier,

A) the production of one good increases as the production of the other good decreases.

B) the possibilities of tradeoffs diminish.

C) a tradeoff is not possible because nations need all goods.

D) more of both goods can be produced.

E) less of both goods can be produced.

46) Which of the following statements is correct?

A) If capital is idle, the economy is producing at its full potential.

B) The production possibilities frontier shows that there are no limits to production.

C) A tradeoff is a limit that forces an exchange or a substitution of one thing for something else.

D) Any point on or within the PPF is production efficient.

E) None of the above answers is correct.

47) When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods

A) must increase.

B) must decrease.

C) must remain the same.

D) must change, but they might increase or decrease.

E) might increase if the nation can produce more efficiently.

48) The negative slope of the production possibilities frontier represents the idea

A) that free lunches are possible.

B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another.

C) of unemployment.

D) of inefficient production.

E) that prices rise as less is produced.

49) A movement from one point on a production possibilities frontier to another represents

A) a tradeoff.

B) a free lunch.

C) full employment of labor but not capital.

D) unemployment.

E) an advance in technology.

50) The saying "There's no such thing as a free lunch," applies

A) when there is some unemployment.

B) on the production possibilities frontier.

C) to unattainable combinations of goods and services.

D) when more of one good can be produced without decreasing production of another.

E) at all points inside the PPF.

July 1, 2023

31) Steve, an HR supervisor at APEX construction, has recently noticed a shortage of skilled workers due to a building boom in the area. He must find new workers quickly because it is uncertain how long the boom will last. He decides to hire nontraditional laborers. The most likely disadvantage of using nontraditional laborers is the:

A) high costs of making reasonable accommodations.

B) additional training that will be necessary.

C) extensive involvement of the EEOC.

D) high advertising costs.

32) Which of the following is primarily associated with hiring external candidates?

A) Lowers training costs

B) Provides new ideas and perspectives

C) Decreases recruitment time and expense

D) Motivates other workers to strive for advancement

33) One of the advantages of promoting internal candidates is:

A) rejuvenating work units.

B) reducing training costs.

C) fostering innovative ideas.

D) reducing employee turnover.

34) Tatiana needs to hire a line manager and has a very small recruiting budget. The firm's current employees don't feel they have many advancement opportunities. It would be best for Tatiana to recruit:

A) internally.

B) externally.

C) former military members.

D) nontraditional workers.

35) Which of the following is most likely a true statement about recruiting?

A) Internal recruiting enhances organizational communication.

B) External recruiting fills positions quickly and inexpensively.

C) External recruiting promotes innovation and new perspectives.

D) Internal recruiting requires developing new organizational policies.

36) Which of the following is most likely a true statement about recruiting employees in a protected class?

A) The recruiting message should be targeted to specific minority groups.

B) All private sector firms are legally required to have an affirmative action policy.

C) Using media that focuses on minorities is an effective way to recruit protected group members.

D) Intense minority competition for jobs ensures a large pool of qualified and motivated applicants.

37) Which of the following must have written affirmative action plans?

A) Non-profit groups

B) Government contractors

C) Privately-held corporations

D) Publicly-held corporations

38) In human resource planning the answer to the question, "How many candidates should we recruit?":

A) is based on the firm's affirmative action plan.

B) comes from the yield ratio calculated in the forecast.

C) is directed by EEO consideration and the size of the labor pool.

D) depends on the state of the labor pool and the current economy.

39) The offer-to-acceptance ratio at Central Manufacturing is 6:1. How many offers will the firm need to make in order to fill 80 positions?

A) 120

B) 240

C) 480

D) 540

40) After an extensive recruiting effort, your company has contacted 225 interested individuals. At the application deadline, you have received 75 applications. What is your contact-to-applicant ratio?