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Question : 21) For a firm that can effectively price discriminate, who : 1387939

Economics

 

 

21) For a firm that can effectively price discriminate, who will be charged a lower price?

A) customers who have an elastic demand for the product

B) customers who have an inelastic demand for the product

C) buyers that are members of the largest market segment

D) buyers that are members of the smallest market segment

 

 

22) Calling long distance is often more expensive on weekdays between 8 am and 5 pm than in the evening hours. Why is this the case?

A) Telephone companies hope to discourage customers from calling long distance during the day to keep their labor costs down.

B) The cost of making long-distance connections is higher during the day than in the evenings.

C) Businesses who must call suppliers or customers during business hours have few alternatives and therefore have an inelastic demand during the workday compared to after-work hours.

D) Increasingly, businesses who must call suppliers or customers during business hours resort to the internet, thereby reducing demand for long-distance calls. To make up for this fall in demand, telephone companies charge higher rates.

 

 

23) The Bay Area subway system, BART, offers senior citizens discounted fares for BART rides. This suggests that BART authorities believe that senior citizens have a ________ demand for subway rides.

A) more income elastic

B) less income elastic

C) more price elastic

D) less price elastic

 

24) An article on how prices in South Bend, Indiana rise during Notre Dame home football games noted: “For the Sept. 16 game against the University of Michigan, the South Bend Marriott is charging $649 a night for a double room. …… The Marriott’s regular weekend price is $149 a night.”

Source: Ilan Brat, “Notre Dame Football Introduces Its Fans To Inflationary Spiral,” Wall Street Journal, September 7, 2006, p. A1.

 

Which of the following statements is true?

A) The Marriott is practicing first-degree price discrimination by charging what the market will bear.

B) This is evidence of third-degree price discrimination because hotel accommodation on a particular day is not a product that can be resold later.

C) There is no evidence of price discrimination; the Marriott is responding to increased demand for hotel rooms in the face of constant supply.

D) The Marriott has adopted this pricing strategy to capitalize on arbitrage profits.

 

 

25) From an economic perspective, price discrimination is desirable because

A) the increase in profits is more than offset by the loss in consumer surplus, resulting in a net increase in economic surplus.

B) it enables firms to increase profits with no loss in economic surplus, and in turn, this could provide firms with incentives to engage in beneficial product innovation.

C) the increase in profits results in higher corporate tax revenues received by the government which could be used to subsidize consumption for low-income individuals.

D) it redistributes wealth from wealthy consumers to highly innovative firms.

 

26) Yield management and price discrimination have enabled firms to increase profits and, at the same time,

A) reduce the cost of production.

B) capture some consumer surplus.

C) reduce transactions costs.

D) transfer some producer surplus to consumers.

 

 

27) Which of the following is a reason why airline yield management is an effective method to increase revenue?

A) because airlines have invested heavily in developing computer models that identify optimal pricing strategies in the various market segments

B) because airlines have successfully induced customers to reveal their resources and preferences by offering them different versions of the product such as business class and coach plane tickets

C) because a ticket is a contract to transport a specific person, and is not transferable

D) because airlines have a monopoly in long-distance carriage

 

 

28) When colleges use yield management techniques, they

A) rank students on the basis of academic merit and award higher financial aid offers to those at the top of the ranking.

B) increase financial aid offers to students whose demand for college education is likely to be more price elastic and reduce financial aid offers to students whose demand for college education is likely to be less price elastic.

C) rank students on the basis of academic merit and award higher financial aid offers to those at the bottom of the ranking.

D) increase financial aid offers to students whose demand for college education is likely to be more price inelastic and reduce financial aid offers to students whose demand for college education is likely to be less price inelastic.

 

29) If a firm could practice perfect price discrimination, it would

A) allow resale of its product.

B) charge every buyer a different price.

C) charge a price based on the quantity of a product bought.

D) use odd pricing.

 

 

30) With perfect price discrimination there is

A) no deadweight loss.

B) no producer surplus.

C) one single price.

D) an increase in consumer surplus.

 

 

 

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July 1, 2023
    

 

51. Mark the correct answer. In calculating depreciation:

a. Straight-line depreciation is higher than double declining balance depreciation in the early years.

b. Straight-line depreciation is higher than double declining balance depreciation in the later years.

c. Double declining balance is a method of straight-line depreciation.

d. MACRS depreciation requires that salvage value be taken into account.

52. Mark the correct statement.

a. Residential real property is depreciated over 39 years.

b. Nonresidential real property is depreciated over 27.5 years.

c. Nonresidential real property is depreciated over 39 years.

d. Depreciation on real property starts at the beginning of the year in which the property is placed in service.

53. During 2014, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset purchase that year. Travis has taxable income from his business of $500,000. What is the maximum amount that Travis may deduct under the election to expense?

a. $0

b. $13,000

c. $25,000

d. $500,000

e. None of the above

54. Aaron has a successful business with $50,000 of income in 2014. He purchased a new 7-year MACRS property with a cost of $7,000. For tax purposes, what is the largest write-off Aaron can obtain in 2014 for the new asset?

a. $500

b. $1,000

c. $3,500

d. $7,000

55. Taxpayers choosing the election to expense:

a. May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense.

b. Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.

c. May not carry over any amounts elected which are not allowed because of taxable income limitations.

d. May expense a $125,000 automobile so long as it is used 100 percent for business.

56. On January 1, 2014, Sandy, a sole proprietor, purchased for use in her business a used production machine (7-year property) at a cost of $4,000. Sandy does not purchase any other property during 2014 and has net income from her business of $80,000. If the standard recovery period table would allow $572 of depreciation expense on the $4,000 of equipment purchased in 2014, what is Sandy's maximum depreciation deduction including the Section 179 election to expense (but not bonus depreciation) for 2014?

a. $572

b. $4,000

c. $4,572

d. $25,000

e. None of the above

57. What is the maximum depreciation expense deduction for Year 2 (2015) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2014 and costing $14,000 (the election to expense is not made and no bonus depreciation was taken)?

a. $2,800

b. $3,160

c. $4,480

d. $5,100

e. None of the above

58. Jasper is a self-employed businessman. On March 5, 2014 he purchases a personal computer for use at his home. He uses the computer for personal purposes 50 percent of the time and for business use the remainder of the time. The computer cost $2,300. Jasper wants to claim the maximum amount of depreciation possible for 2014, including the election to expense, if it is available. What is the amount of depreciation that Jasper should claim on the computer for 2014?

a. $2,300

b. $1,150

c. $460

d. $230

e. Some amount less than the above amounts

59. On June 1, 2014, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the 5 year cost recovery class and has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2014 calendar tax year (Year 1)?

a. $3,060

b. $3,160

c. $4,287

d. $6,000

e. None of the above

60. Which one of the following may not be depreciated using an accelerated method?

a. A farming tractor

b. A computer used strictly for the farming business

c. A corn-husking machine

d. A farm truck that is operated for personal use more than 50 percent of the time

e. All of the above items may be depreciated using an accelerated method

 

 

default image
July 1, 2023
    

 

51. Mark the correct answer. In calculating depreciation:

a. Straight-line depreciation is higher than double declining balance depreciation in the early years.

b. Straight-line depreciation is higher than double declining balance depreciation in the later years.

c. Double declining balance is a method of straight-line depreciation.

d. MACRS depreciation requires that salvage value be taken into account.

52. Mark the correct statement.

a. Residential real property is depreciated over 39 years.

b. Nonresidential real property is depreciated over 27.5 years.

c. Nonresidential real property is depreciated over 39 years.

d. Depreciation on real property starts at the beginning of the year in which the property is placed in service.

53. During 2014, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset purchase that year. Travis has taxable income from his business of $500,000. What is the maximum amount that Travis may deduct under the election to expense?

a. $0

b. $13,000

c. $25,000

d. $500,000

e. None of the above

54. Aaron has a successful business with $50,000 of income in 2014. He purchased a new 7-year MACRS property with a cost of $7,000. For tax purposes, what is the largest write-off Aaron can obtain in 2014 for the new asset?

a. $500

b. $1,000

c. $3,500

d. $7,000

55. Taxpayers choosing the election to expense:

a. May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense.

b. Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.

c. May not carry over any amounts elected which are not allowed because of taxable income limitations.

d. May expense a $125,000 automobile so long as it is used 100 percent for business.

56. On January 1, 2014, Sandy, a sole proprietor, purchased for use in her business a used production machine (7-year property) at a cost of $4,000. Sandy does not purchase any other property during 2014 and has net income from her business of $80,000. If the standard recovery period table would allow $572 of depreciation expense on the $4,000 of equipment purchased in 2014, what is Sandy's maximum depreciation deduction including the Section 179 election to expense (but not bonus depreciation) for 2014?

a. $572

b. $4,000

c. $4,572

d. $25,000

e. None of the above

57. What is the maximum depreciation expense deduction for Year 2 (2015) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2014 and costing $14,000 (the election to expense is not made and no bonus depreciation was taken)?

a. $2,800

b. $3,160

c. $4,480

d. $5,100

e. None of the above

58. Jasper is a self-employed businessman. On March 5, 2014 he purchases a personal computer for use at his home. He uses the computer for personal purposes 50 percent of the time and for business use the remainder of the time. The computer cost $2,300. Jasper wants to claim the maximum amount of depreciation possible for 2014, including the election to expense, if it is available. What is the amount of depreciation that Jasper should claim on the computer for 2014?

a. $2,300

b. $1,150

c. $460

d. $230

e. Some amount less than the above amounts

59. On June 1, 2014, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the 5 year cost recovery class and has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2014 calendar tax year (Year 1)?

a. $3,060

b. $3,160

c. $4,287

d. $6,000

e. None of the above

60. Which one of the following may not be depreciated using an accelerated method?

a. A farming tractor

b. A computer used strictly for the farming business

c. A corn-husking machine

d. A farm truck that is operated for personal use more than 50 percent of the time

e. All of the above items may be depreciated using an accelerated method

 

 

default image
July 1, 2023
    

 

51. Mark the correct answer. In calculating depreciation:

a. Straight-line depreciation is higher than double declining balance depreciation in the early years.

b. Straight-line depreciation is higher than double declining balance depreciation in the later years.

c. Double declining balance is a method of straight-line depreciation.

d. MACRS depreciation requires that salvage value be taken into account.

52. Mark the correct statement.

a. Residential real property is depreciated over 39 years.

b. Nonresidential real property is depreciated over 27.5 years.

c. Nonresidential real property is depreciated over 39 years.

d. Depreciation on real property starts at the beginning of the year in which the property is placed in service.

53. During 2014, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset purchase that year. Travis has taxable income from his business of $500,000. What is the maximum amount that Travis may deduct under the election to expense?

a. $0

b. $13,000

c. $25,000

d. $500,000

e. None of the above

54. Aaron has a successful business with $50,000 of income in 2014. He purchased a new 7-year MACRS property with a cost of $7,000. For tax purposes, what is the largest write-off Aaron can obtain in 2014 for the new asset?

a. $500

b. $1,000

c. $3,500

d. $7,000

55. Taxpayers choosing the election to expense:

a. May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense.

b. Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.

c. May not carry over any amounts elected which are not allowed because of taxable income limitations.

d. May expense a $125,000 automobile so long as it is used 100 percent for business.

56. On January 1, 2014, Sandy, a sole proprietor, purchased for use in her business a used production machine (7-year property) at a cost of $4,000. Sandy does not purchase any other property during 2014 and has net income from her business of $80,000. If the standard recovery period table would allow $572 of depreciation expense on the $4,000 of equipment purchased in 2014, what is Sandy's maximum depreciation deduction including the Section 179 election to expense (but not bonus depreciation) for 2014?

a. $572

b. $4,000

c. $4,572

d. $25,000

e. None of the above

57. What is the maximum depreciation expense deduction for Year 2 (2015) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2014 and costing $14,000 (the election to expense is not made and no bonus depreciation was taken)?

a. $2,800

b. $3,160

c. $4,480

d. $5,100

e. None of the above

58. Jasper is a self-employed businessman. On March 5, 2014 he purchases a personal computer for use at his home. He uses the computer for personal purposes 50 percent of the time and for business use the remainder of the time. The computer cost $2,300. Jasper wants to claim the maximum amount of depreciation possible for 2014, including the election to expense, if it is available. What is the amount of depreciation that Jasper should claim on the computer for 2014?

a. $2,300

b. $1,150

c. $460

d. $230

e. Some amount less than the above amounts

59. On June 1, 2014, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the 5 year cost recovery class and has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2014 calendar tax year (Year 1)?

a. $3,060

b. $3,160

c. $4,287

d. $6,000

e. None of the above

60. Which one of the following may not be depreciated using an accelerated method?

a. A farming tractor

b. A computer used strictly for the farming business

c. A corn-husking machine

d. A farm truck that is operated for personal use more than 50 percent of the time

e. All of the above items may be depreciated using an accelerated method

 

 

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