51.SupposetheFederalReserveannouncesthatitwillbemakingachangetoakeyinterestratetodecreasethemoneysupply.ThisislikelybecausetheFederalReserveis

a.worriedaboutinflation.

b.worriedaboutunemployment.

c.hopingtoincreasethedemandforgoodsandservices.

d.worriedthattheeconomyisgrowingtooslowly.

52.Lowratesofinflationaregenerallyassociatedwith

a.lowratesofgovernmentspending.

b.smallornonexistentgovernmentbudgetdeficits.

c.lowratesofproductivitygrowth.

d.lowratesofgrowthofthequantityofmoney.

53.Whichofthefollowingistheprimarycauseofinflation?

a.anincreaseinthequantityofmoney

b.anincreaseingovernmentspending

c.anincreaseinunemployment

d.anincreaseinproductivity

54.Whichofthefollowingisthemostcorrectstatementabouttherelationshipbetweeninflationandunemployment?

a.Intheshortrun,fallinginflationisassociatedwithfallingunemployment.

b.Intheshortrun,fallinginflationisassociatedwithrisingunemployment.

c.Inthelongrun,fallinginflationisassociatedwithfallingunemployment.

d.Inthelongrun,fallinginflationisassociatedwithrisingunemployment.

55.Whichofthefollowingisanimportantcauseofinflationinaneconomy?

a.increasesinproductivityintheeconomy

b.theinfluenceofpositiveexternalitiesontheeconomy

c.lackofpropertyrightsintheeconomy

d.growthinthequantityofmoneyintheeconomy

56.Themainstreamviewamongeconomistsisthat

a.societyfacesatradeoffbetweenunemploymentandinflation,butonlyintheshortrun.

b.societyfacesatradeoffbetweenunemploymentandinflation,butonlyinthelongrun.

c.societyfacesatradeoffbetweenunemploymentandinflation,bothintheshortrunandinthelongrun.

d.notradeoffexistsbetweenunemploymentandinflation,eitherintheshortrunorinthelongrun.

57.Whichofthefollowingclaimsisconsistentwiththeviewsofmainstreameconomists?

a.Ifweincreasetherateofinflationfrom3percentto6percent,thentherateofunemploymentwilltemporarilyfall.

b.Ifweincreasetherateofinflationfrom3percentto6percent,thentherateofunemploymentwilltemporarilyrise.

c.Ifweincreasetherateofinflationfrom3percentto6percent,thentherateofunemploymentwillpermanentlyfall.

d.Ifweincreasetherateofinflationfrom3percentto6percent,thentherateofunemploymentwillpermanentlyrise.

58.ForaverylongtimethecountryofZeelandhashadaninflationrateof9%.Suddenlyitsinflationratedropsto3%.Thedropintheinflationrate

a.couldbeduetoslowermoneysupplygrowth.Wewouldexpectunemploymenttobehigher.

b.couldbeduetoslowermoneysupplygrowth.Wewouldexpectunemploymenttobelower.

c.couldbeduetohighermoneysupplygrowth.Wewouldexpectunemploymenttobehigher.

d.couldbeduetohighermoneysupplygrowth.Wewouldexpectunemploymenttobelower.

59.ForanumberofyearscountryAhadinflationof3%butforthelastfiveyearshashadinflationof6%.CountryBhadinflationof4%formanyyears,butveryrecentlyinflationunexpectedlyroseto9%.Otherthingsthesame,inwhichofthecountrieswouldthehigherinflationratebemorelikelytoreduceunemployment?

a.bothcountryAandcountryB

b.neithercountryAnorcountryB

c.countryAbutnotcountryB

d.countryBbutnotcountryA

60.Intheearly1980s,U.S.economicpolicywasdirectedtowardreducinginflation.Whatwouldyouhaveexpectedtoobserveduringthisshortperiodoftime?

a.Inflationfellandunemploymentfell.

b.Inflationandunemploymentwerebothunaffected.

c.Inflationfellandunemploymentincreased.

d.Inflationfellandunemploymentwasunchanged.

61.The following items represent common post acquisition expenditures incurred on equipment.

A.An overhaul to increase useful life of the equipment

B.Cost of a muffler to reduce equipment noise

C.Lubrication service

D.Costs of redesign to increase output

a.A only

b.A, B, and D

c.A and D

d.A and B

62.The following items represent common postacquisition expenditures incurred on equipment.

A.Replacement of defective parts

B.Rewiring costs to increase operating speed

C.Painting costs

D.Repair of the major circuitry of the equipment

a.A and C

b.C only

c.A, B, and C

d.A, C, and D

63.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is scrapped after three years?

a.Equipment .....................................75,000

Gain on Disposal of Equipment ...........................16,200

Accumulated Depreciation—Equipment .....................58,800

b.Accumulated Depreciation—Equipment ..................58,800

Loss on Disposal of Equipment ...........................16,200

Equipment .....................................75,000

c.Accumulated Depreciation—Equipment ..................58,800

Cash16,200

Equipment .....................................75,000

d.Depreciation Expense...............................58,800

Loss on Disposal of Equipment ...........................16,200

Equipment .....................................75,000

64.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  How much depreciation would Rio Grande record for the fourth year of the equipment’s use?

a.$6,480

b.$6,200

c.$5,616

d.$6,000

65.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is scrapped after five years?

a.Equipment .....................................75,000

Gain on Disposal of Equipment ...........................10,000

Accumulated Depreciation—Equipment .....................65,000

b.Accumulated Depreciation—Equipment ..................75,000

Equipment .....................................75,000

c.Accumulated Depreciation—Equipment ..................65,000

Loss on Disposal of Equipment...........................10,000

Equipment .....................................75,000

d.Depreciation Expense...............................65,000

Loss on Disposal of Equipment ...........................10,000

Equipment .....................................75,000

66.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is sold for $17,000 after three years?

a.Equipment .....................................75,000

Loss on Disposal of Equipment ...........................800

Cash .....................................17,000

Accumulated Depreciation—Equipment .....................58,800

b.Cash................................17,000

Gain on Disposal of Equipment ...........................6,200

Equipment .....................................10,800

c.Cash................................17,000

Depreciation Expense..................................10,800

Loss on Disposal of Equipment ...........................47,200

Equipment .....................................75,000

d.Cash .................................17,000

Accumulated Depreciation—Equipment .....................58,800

Equipment .....................................75,000

Gain on Sale of Fixed Assets .............................800

67.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following would be included in the journal entry that Rio Grande would record at the end of the fifth year, if the equipment and $19,000 cash are traded for a dissimilar fixed asset with a FMV of $25,000?

a.A credit to Fixed Assets for $25,000.

b.A credit to Equipment for $10,000.

c.A credit to Gain on Disposal of Equipment for $4,000.

d.A debit to Loss on Disposal of Equipment for $4,000.

61.The following items represent common post acquisition expenditures incurred on equipment.

A.An overhaul to increase useful life of the equipment

B.Cost of a muffler to reduce equipment noise

C.Lubrication service

D.Costs of redesign to increase output

a.A only

b.A, B, and D

c.A and D

d.A and B

62.The following items represent common postacquisition expenditures incurred on equipment.

A.Replacement of defective parts

B.Rewiring costs to increase operating speed

C.Painting costs

D.Repair of the major circuitry of the equipment

a.A and C

b.C only

c.A, B, and C

d.A, C, and D

63.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is scrapped after three years?

a.Equipment .....................................75,000

Gain on Disposal of Equipment ...........................16,200

Accumulated Depreciation—Equipment .....................58,800

b.Accumulated Depreciation—Equipment ..................58,800

Loss on Disposal of Equipment ...........................16,200

Equipment .....................................75,000

c.Accumulated Depreciation—Equipment ..................58,800

Cash16,200

Equipment .....................................75,000

d.Depreciation Expense...............................58,800

Loss on Disposal of Equipment ...........................16,200

Equipment .....................................75,000

64.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  How much depreciation would Rio Grande record for the fourth year of the equipment’s use?

a.$6,480

b.$6,200

c.$5,616

d.$6,000

65.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is scrapped after five years?

a.Equipment .....................................75,000

Gain on Disposal of Equipment ...........................10,000

Accumulated Depreciation—Equipment .....................65,000

b.Accumulated Depreciation—Equipment ..................75,000

Equipment .....................................75,000

c.Accumulated Depreciation—Equipment ..................65,000

Loss on Disposal of Equipment...........................10,000

Equipment .....................................75,000

d.Depreciation Expense...............................65,000

Loss on Disposal of Equipment ...........................10,000

Equipment .....................................75,000

66.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following journal entries would Rio Grande record if the equipment is sold for $17,000 after three years?

a.Equipment .....................................75,000

Loss on Disposal of Equipment ...........................800

Cash .....................................17,000

Accumulated Depreciation—Equipment .....................58,800

b.Cash................................17,000

Gain on Disposal of Equipment ...........................6,200

Equipment .....................................10,800

c.Cash................................17,000

Depreciation Expense..................................10,800

Loss on Disposal of Equipment ...........................47,200

Equipment .....................................75,000

d.Cash .................................17,000

Accumulated Depreciation—Equipment .....................58,800

Equipment .....................................75,000

Gain on Sale of Fixed Assets .............................800

67.Rio Grande Company purchased equipment on January 1, 2015 for $75,000.  The estimated useful life of the equipment is 5 years, the salvage value is $10,000, and the company uses the double-declining balance method to depreciate fixed assets.  Which of the following would be included in the journal entry that Rio Grande would record at the end of the fifth year, if the equipment and $19,000 cash are traded for a dissimilar fixed asset with a FMV of $25,000?

a.A credit to Fixed Assets for $25,000.

b.A credit to Equipment for $10,000.

c.A credit to Gain on Disposal of Equipment for $4,000.

d.A debit to Loss on Disposal of Equipment for $4,000.

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