71. The following reaction occurs in a lead storage battery: PbO2(s) + Pb(s) + H2SO4(aq) 2PbSO4(s) + 2H2O(l) What happens to the sulfuric acid in a lead storage battery when the battery is being discharged? A)Sulfate ions are consumed and their concentration decreases. B)Protons are released so the pH drops. C)The solution gets increasingly more viscous due to an increase in sulfuric acid […]
11) Suppose a tax equal to the value of the marginal external cost at the optimal output is imposed on a pollution generating good. All of the following will result from the tax except A) an increase in the equilibrium market price. B) a decrease in the equilibrium quantity produced and consumed. C) a decrease in market supply of the good. D) an […]
51.Regulationstoreducepollution a.causepollutionlevelstodropbelowtheregulatedamount. b.areamorecostlysolutiontosocietythanacorrectivetax. c.allowfirmswiththelowestcosttoreducepollutionbymorethanthosewithhighestcosts. d.areabettersolutionfortheenvironmentthanacorrectivetax. 52.Acorrectivetax a.causeseachfactorytoreducepollutionbythesameamount. b.assigns alegal pollution limitfor firms. c.placesapriceontherighttopollute. d.costssocietymorethanpollutionregulations. 53.Acorrectivetax a.canbeusedtointernalizeanegativeexternality. b.imposedonsellersshiftsthesupplycurvetotheleft. c.imposedonbuyersshiftsthedemandcurvetotheleft. d.Alloftheabovearecorrect. 54.Mosteconomistsprefercorrectivetaxestoregulationasawaytocorrecttheproblemofpollutionbecause a.themarket-basedsolutionislesscostlytosociety. b.themarket-basedsolutioncanresultinagreaterreductioninpollution. c.themarket-basedsolutionraisesrevenueforthegovernment. d.Alloftheabovearecorrect. 55.Inrecentyears,theCanadianprovinceofBritishColumbiahasincreaseditscarbontax.Whichofthe followingstatementsiscorrect? a.Despitetheincreaseinthecarbontax,emissionsofgreenhousegasesinBritishColumbiahavecontinuedtoincreaseatarapidrate. b.Alongwiththeincreaseinthecarbontax,BritishColumbiahasdecreasedincome-taxratesonindividualsandcorporations. c.Few,ifany,economistsfavorcarbontaxessuchastheonethatBritishColumbiahasimposed. d.Alloftheabovearecorrect. 56.Whichofthefollowingstatementsiscorrect? a.Taxesaremoredifficulttoadministerthanregulations. b.Taxesprovideincentivesforfirmstoadoptnewmethodstoreducenegativeexternalities. c.Command-and-controlpoliciesprovideincentivesforprivatedecisionmakerstosolvetheirproblemsontheirown. d.Correctivetaxesdistortincentives. 57.Whichofthefollowingisnotaneffectivemethodofreducingnegativeexternalities? a.relyingonvoluntarycompliance b.taxingtheoutputofindustriesthatpollute c.creatinglegalenvironmentalstandards d.increasingpublicspendingoncleanupandreductionofpollution 58.Whatisthedifferencebetweencommand-and-controlpoliciesandmarket-basedpoliciestowardexternalities? a.Command-and-controlpoliciesprovideincentivesforprivatedecision makerstosolvetheproblemsontheirown,whereasmarket-basedpoliciesregulatebehaviordirectly. b.Command-and-controlpoliciesrelyontaxes,whereasmarket-basedpoliciesrelyonquotas. c.Command-and-controlpoliciesregulatebehaviordirectly,whereasmarket-basedpoliciesprovideincentivesforprivatedecision makerstochangetheirbehavior. d.Command-and-controlpoliciesareefficient,whereasmarket-basedpoliciesareinefficient. 59.Inmanycasessellingpollutionpermitsisabettermethodforreducingpollutionthanimposingacorrectivetaxbecause a.itishardtoestimatethemarketdemandcurveandthuschargethe”right”correctivetax. b.sellingpollutionpermitscreateanetincreaseinpollution. c.Correctivetaxesdistortincentives. d.Correctivetaxesprovidegreaterflexibilitytofirmsthatcanreducepollutionatalowcost. 60.Thedifferencebetweenacorrectivetaxandatradablepollutionpermitisthat a.acorrectivetaxsetsthepriceofpollutionandapermitsetsthequantityofpollution. b.acorrectivetaxcreatesamoreefficientoutcomethanapermit. c.acorrectivetaxsetsthequantityofpollutionandapermitsetsthepriceofpollution. d.apermitcreatesamoreefficientoutcomethanacorrectivetax.
61) One problem with measures of market concentrations is that they do not A) account for barriers to entry. B) allow for all market types. C) account for the difficulty in collecting total revenue data. D) create meaningful comparisons across industries. E) accurately measure concentration in markets with fewer than 4 firms. 62) In monopolistic competition there A) are many firms and many buyers. […]
7.5 The Arguments over Trade Policies and Globalization 1) In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today. A) higher; higher B) higher; lower C) lower; higher D) lower; lower 2) The Smoot-Hawley Tariff A) lowered U.S. tariffs by 50 percent following World War II. B) […]
15.5 Integrative Questions 1) Moving along a short-run Phillips curve, a reduction in the unemployment rate is achieved by A) shifting the aggregate supply curve leftward. B) running a federal budget deficit. C) reducing the size of the labor force. D) increasing the inflation rate. E) increasing potential GDP. 2) Along a short-run Phillips curve when the inflation rate rises, A) the real […]
Bavarian Brew Bond Bavarian Brew is thinking about recalling $30 million of 15 year, $1,000 par value bonds, that were issued ten years ago. The bonds carry a coupon rate of 7.8% and have a call price of $1,110. Initially the bonds generated total proceeds of $28.65 million and the flotation costs were $500,000. Bavarian Brew wants to sell $30 million of 5 […]
31.Which of the following events occurs during the translation phase of protein synthesis? a.mRNA interacts with a chromosome. b.Codon-anticodon base pairing occurs. c.rRNAs carry amino acids to the site for protein synthesis. d.More than one correct response. e.No correct response. 32.Which of the following changes is associated with the post-translation processing of a protein? a.Protein folding is completed. b.Disulfide bridges […]
51) Some firms require consumers to pay an initial fee for the right to buy their product and an additional fee for each unit of the product they purchase. This practice is referred to as A) odd pricing. B) dual pricing. C) a two-part tariff. D) intertemporal pricing. 52) The Walt Disney Company is in a position to use a two-part tariff […]
86.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years): Selling price$23.00 per backpack Variable costs: Production$11.00 per backpack Selling$2.00 per backpack Fixed costs: Production$900,000 per year Selling and administrative$540,000 per year Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout […]
86.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. What would be the difference in income between variable costing income and full costing income if the company had produced 215,000 backpacks instead of 250,000?
A.$62,791
B.$54,000
C.$46,400
D.$77,400
87.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is net income per month under variable costing?
A.$143,600
B.$130,800
C.$130,640
D. None of these answer choices are correct.
88.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is net income per month under full costing?
A.$143,600
B.$130,640
C.$130,800
D. None of these answer choices are correct.
89.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is inventory at the end of the month under variable costing?
A.$72,000
B.$148,500
C.$174,900
D.$84,800
90.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is inventory at the end of the month under full costing?
A.$72,000
B.$148,500
C.$174,900
D.$84,800
91.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under variable costing?
A.$975,000
B.$1,400,000
C.$850,000
D.$2,250,000
92.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under full costing?
A.$975,000
B.$1,400,000
C.$850,000
D.$2,250,000
93.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the inventory under variable costing at December 31, 2014?
A.$150,000
B.$275,000
C.$200,000
D.$325,000
94.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the inventory under full costing at December 31, 2014?
A.$150,000
B.$275,000
C.$200,000
D.$325,000
95. Brislin Gifts makes ceramic mugs and has the following amounts for 2014 (Assume the same unit costs in all years):
Selling price$9.00 per mug
Variable production cost$2.50 per mug
Variable selling cost$1.10 per mug
Fixed production cost$100,000 per month
Fixed selling and administrative cost$60,000 per month
Production and sales in units for the first three months of 2014 are as follows:
YearProductionSales
January 50,000 44,000
February 40,000 45,000
March 44,000 46,000
Inventory at January 1, 2014 consisted of 1,000 mugs. How much is net income for January using variable costing?
A.$89,600
B.$77,600
C.$67,480
D. None of these answer choices are correct.
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