41) Which of the following happens when new firms enter a monopolistically competitive market structure? A) The existing firms face higher demand. B) The existing firms face relatively inelastic demand curves. C) The existing firms earn higher profits. D) The existing firms earn lower profits. 42) A monopolistically competitive firm ________ in the long run. A) earns low but positive economic profit B) earns […]
1) Any policy designed to benefit domestic industries at the expense of foreign export industries is called A) predatory practice. B) monopolization. C) commercialization. D) cartelization. E) protection. 2) Suppose you are an economist advising the Canadian government as to whether to erect trade barriers for the protection of Canada’s textile industry. You are likely to study the gains to be realized in this […]
91) Which of the following is the best explanation for why the price of gasoline increases during the summer months? A) Oil producers have higher costs of production in the summer. B) Sellers have to earn profits during the summer to cover losses in the winter. C) There is increased driving by families going on vacation. D) There is less competition among oil refineries […]
14.3 The Demand for Foreign Currency Assets 1) What is the expected dollar rate of return on euro deposits if today’s exchange rate is $1.10 per euro, next year’s expected exchange rate is $1.166 per euro, the dollar interest rate is 10%, and the euro interest rate is 5%? A) 10% B) 11% C) -1% D) 0% E) 15% 2) […]
21.Natality statistics are data that summarize information about: a.the occurrence of pregnancy complications. b.infant morbidity. c.infant mortality. d.harmful behaviors during pregnancy. e.all of the above 22.Small for gestational age (SGA) is different than low birthweight because: a.low birth weight is
101) Refer to Figure 17-7, which depicts a market for tradable pollution permits. Improvements in firms’ abatement technology will be expected to A) shift the supply curve to the right. B) shift the supply curve to the left. C) shift the demand curve to the right. D) shift the demand curve to the left. E) not have any impact on the equilibrium. 102) […]
41.Thedecreaseintotalsurplusthatresultsfromamarketdistortion,suchasatax,iscalleda a.wedgeloss. b.revenueloss. c.deadweightloss. d.consumersurplusloss. 42.Ataxonagood a.givesbuyersanincentivetobuylessofthegoodthantheyotherwisewouldbuy. b.givessellersanincentivetoproducemoreofthegoodthantheyotherwisewouldproduce. c.createsabenefittothegovernment,thesizeofwhichexceedsthelossinsurplustobuyersandsellers. d.Alloftheabovearecorrect. 43.Whenthepriceofagoodismeasuredindollars,thenthesizeofthedeadweightlossthatresultsfromtaxingthatgoodismeasuredin a.unitsofthegoodthatisbeingtaxed. b.unitsofarelatedgoodthatisnotbeingtaxed. c.dollars. d.percentagechange. 44.Whenthegovernmentplacesataxonaproduct,thecostofthetaxtobuyersandsellers a.islessthantherevenueraisedfromthetaxbythegovernment. b.isequaltotherevenueraisedfromthetaxbythegovernment. c.exceedstherevenueraisedfromthetaxbythegovernment. d.Withoutadditionalinformation,suchastheelasticityofdemandforthisproduct,itisimpossibletocomparethecostofataxtobuyersandsellerswithtaxrevenue. 45.Relativetoasituationinwhichgasolineisnottaxed,theimpositionofataxongasolinecausesthequantityofgasolinedemandedto a.decreaseandthequantityofgasolinesuppliedtodecrease. b.decreaseandthequantityofgasolinesuppliedtoincrease. c.increaseandthequantityofgasolinesuppliedtodecrease. d.increaseandthequantityofgasolinesuppliedtoincrease. 46.Whichof the followingquantitiesdecreaseinresponsetoataxonagood? a.theequilibriumquantityinthemarketforthegood,theeffectivepriceofthegoodpaidbybuyers,andconsumersurplus b.theequilibriumquantityinthemarketforthegood,producersurplus,andthewell-beingofbuyersofthegood c.theeffectivepricereceivedbysellersofthegood,thewedgebetweentheeffectivepricepaidbybuyersandtheeffectivepricereceivedbysellers,andconsumersurplus d.Noneoftheaboveisnecessarilycorrectunlessweknowwhetherthetaxisleviedonbuyersoronsellers. 47.Foragoodthatistaxed,theareaontherelevantsupplyanddemandgraphthatrepresentsgovernment’staxrevenueisa a.triangle. b.rectangle. c.trapezoid. d.Noneoftheaboveiscorrect?government’staxrevenueistheareabetweenthesupplyanddemandcurves,abovethehorizontalaxis,andbelowtheeffectivepricetobuyers 48.Foragoodthatistaxed,theareaontherelevantsupplyanddemandgraphthatrepresentsgovernment’staxrevenueis a.smallerthantheareathatrepresentsthelossofconsumersurplusandproducersurpluscausedbythetax. b.boundedbythesupplycurve,thedemandcurve,theeffectivepricepaidbybuyers,andtheeffectivepricereceivedbysellers. c.arighttriangle. d.atriangle,butnotnecessarilyarighttriangle. 49.Totalsurpluswithataxisequalto a.consumersurplusplusproducersurplus. b.consumersurplusminusproducersurplus. c.consumersurplusplusproducersurplusminustaxrevenue. d.consumersurplusplusproducersurplusplustaxrevenue. 50.Taxescausedeadweightlossesbecausethey a.leadtolossesinsurplusforconsumersandforproducersthat,whentakentogether,exceedtaxrevenuecollectedbythegovernment. b.distortincentivestobothbuyersandsellers. c.preventbuyersandsellersfromrealizingsomeofthegainsfromtrade. d.Alloftheabovearecorrect.
96.When performing incremental analysis, A.process costing unit costs should always be considered as they are incremental costs. B.process costing unit costs should be considered as they are period costs. C.process costing unit costs should not be considered as they comprise of both product costs and period costs. D.all process costing unit costs should not be considered as they are sunk costs. 97.The production […]
41. Ergonomics is used in the _____ approach to job designs. a.biological b.mechanistic c.perceptual/motor d.motivational 42. The interdisciplinary approach to job design by Michael Campion and Paul Thayer does not emphasize social aspects of the work environment because: a.social dimensions are too difficult to measure accurately b.social dimensions have not been able to predict very accurately how individuals respond to job characteristics c.no one […]
71) Which of the following is the definition of consumer surplus? A) the difference between the value that consumers place on a good and the payment they make to buy the good, summed over the quantity consumed B) the total value that consumers place on the quantity consumed of some good C) the quantity consumed in excess of the allocatively efficient amount D) the […]
41. A department that incurs costs without directly generating revenues is a:A. Service centerB. Production centerC. Profit centerD. Cost centerE. Performance center
42. Regardless of the system used in departmental cost analysis:A. Direct costs are allocated, indirect costs are not.B. Indirect costs are allocated, direct costs are not.C. Both direct and indirect costs are allocated.D. Neither direct nor indirect costs are allocated.E. Total departmental costs will always be the same.
43. An expense that does not require allocation between departments is a(n):A. Common expense.B. Indirect expense.C. Direct expense.D. Administrative expense.E. Overhead expense.
44. Expenses that are easily traced and assigned to a specific department because they are incurred for the sole benefit of that department are called:A. Direct expensesB. Indirect expensesC. Controllable expensesD. Uncontrollable expensesE. Fixed expenses
45. Expenses that are not easily associated with a specific department, and which are incurred for the benefit of more than one department, are:A. Fixed expensesB. Indirect expensesC. Direct expensesD. Uncontrollable expenses
E. Variable expenses
46. The salaries of employees who spend all their time working in one department are:A. Variable expensesB. Indirect expensesC. Direct expensesD. Responsibility expensesE. Unavoidable expenses
47. A difficult problem in calculating the total costs and expenses of a department is:A. Determining the gross profit ratio.B. Assigning direct costs to the department.C. Assigning indirect expenses to the department.D. Determining the amount of sales of the department.E. Determining the direct expenses of the department.
48. A company has two departments, Aa and Bb, that incur delivery expenses. An analysis of the total delivery expense of $9,000 indicates that Dept. Aa had a direct expense of $1,000 for deliveries. None of the $9,000 is a direct expense to Dept. Bb. The analysis also indicates that 60% of regular delivery requests originate in Dept. Aa and 40% in Dept. Bb. The delivery expenses that should be charged to Dept. Aa and Dept. Bb, respectively, are:
Aa
Bb
A.
$4,500
$4,500
B.
$5,800
$3,200
C.
$5,500
$3,500
D.
$5,500
$4,500
E.
$5,400
$3,600
49. The allocation bases for assigning indirect costs include:A. Only physical bases.B. Only cost bases.C. Only value bases.D. Only unit bases.E. Any appropriate and reasonable bases.
50. The most useful allocation basis for the departmental costs of an advertising campaign for a storewide sale is likely to be:A. Floor space of each department.B. Relative number of items each department had on sale.C. Number of customers to enter each department.D. An equal amount of cost for each department.E. Total sales of each department.
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