61) Consider a perfectly competitive industry in the short-run. When a firm in this industry is at its profit-maximizing level of output, it A) is doing as well as it can and is making a profit. B) may be making a profit or incurring a loss. C) is producing where P = AVC. D) is producing where MC = AC. E) is producing where […]
2.4 Integrative Questions 1) If a product becomes more popular and consumers want more produced, which of the following best describes what happens to move more factors of production into that industry? A) An agency of the Federal government directs the movement of factors. B) The chief executive officers or presidents of corporations require that factors leave one industry and move to the other […]
21) An upward shift and flattening of the net export (NX) function can be caused by A) an increase in domestic national income. B) a decrease in foreign national income. C) a decrease in domestic prices relative to foreign prices. D) an increase in the Canadian-dollar price of foreign currency. E) both C and D are correct 22) A downward shift and steepening of […]
61. Which of the following statements is true regarding the impact of taxes on decision-making? A. The tax impact of a taxable receipt is an increase in cash flow. B. Tax effects rarely influence decision-making. C. The tax impact of a tax-deductible cost is an increase in cash flow. D. Tax impacts only need to be considered when sales revenue is involved. 62. When comparing a “pre-tax cost” […]
15.1 Aggregate Demand 1) The basic aggregate demand and aggregate supply curve model helps explain A) short term fluctuations in real GDP and the price level. B) long term growth. C) price fluctuations in an individual market. D) output fluctuations in an individual market. 2) FedEx plays such a large role in moving packages around the country that there is usually […]
MULTIPLE CHOICE 1.The spot rate for the U.S. dollar relative to the Euro is $1.47/€. The spot rate for the U.S. dollar relative to the Canadian dollar is $0.765/C$. What is the cross exchange rate for the C$ and €? a.C$1.922/€ b.€1.922/C$ c.C$0.5204/€ d.€0.5204/C$ 2.Which of the following may prevent purchasing power parity from holding across different countries? a.Import taxes b.transportation costs c.transaction costs d.all […]
57. Belmont Industries is subject to a 35% tax rate and has a December 31 year-end. During 2010, the accountant discovered an error made in 2009 relative to a capital expenditure that was incorrectly expensed. The total pre-tax amount of the error was $67,500. The prior period adjustment to beginning retained earnings will equal: A)$(67,500) B)$(23,625) C)$ 67,500 D)$ 43,875 58. Colby […]
12.2 Money, the Price Level, and Inflation 1) In the long-run, money market equilibrium determines A) the value of money. B) the nominal interest rate C) the real interest rate. D) real GDP. E) velocity. 2) The “value of money” A) is the quantity of goods and services that a unit of money can buy. B) is determined by Fed regulations. C) increases during […]
31) The above figure shows the U.S. market for flip-flops. With international trade, the United States imports ________ flip-flops. A) 300,000 B) 500,000 C) 700,000 D) 0 because the United States exports flip-flops E) 400,000 32) The above figure shows the U.S. market for flip-flops. With international trade, U.S. consumers buy ________ flip-flops and U.S. producers produce ________ flip-flops. A) 500,000; 500,000 […]
51) In the figure above, if point “a” represents the original equilibrium and point “b” the new equilibrium, then A) there has been an increase in supply. B) there has been an increase in demand. C) there has been a change in the quantity supplied and no change in supply. D) Both answers B and C are correct. E) Both answers A and […]
1. determine the difference between the monthly payments on a $120,000 home at 61∕2% and at 8% for 25 years
$140.10 per month
Cash price: $5,600
Down payment: $0
Cash or trade months with bank-approved credit; amount financed: $5,600
Finance charge: $2,806
Total payments: $8,406
What is the APR by table lookup?
A. 16.50%–16.75%
B. 16.75%–17.00%
C. 17.00%–17.25%
D. 17.25%–17.50%
2. Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8%
annually. Using the tables in the Business Math Handbook that accompanies the course textbook,
determine the final value of Joe's investment at the end of the 20th year on this ordinary annuity.
A. $411,858.00
B. $411,588.00
C. $88,632.90
D. $88,362.90
3.Jen purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at
5% for 35 years. What are Jen's total finance charges?
A. $606,823.20
B. $457,425.60
C. $626,863.20
D. $600,000.00
4.Cost of car: $26,000
Residual value: $6,000
Life: 5 years
Using the given information, determine the depreciation expense for the first year straight-line method?
A. $6,000
B. $4,000
C. $4,400
D. $5,200
5. John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The
bank's loan was for 60 months, and the finance charges totaled $4,900. What is his monthly payment?
A. $332.33
B. $232.33
C. $323.33
D. $313.33
6. At the beginning of each year, Bill Ross invests $1,400 semiannually at 8% for nine years. Using the
tables in the Business Math Handbook that accompanies the course textbook, determine the cash value of
the annuity due at the end of the ninth year.
A. $37,399.68
B. $38,739.68
C. $37,339.68
D. $37,939.86
7. Dick Hercher bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained a
mortgage for 25 years at 8%. What is the total interest cost of the loan?
A. $242,144.00
B. $184,000.00
C. $242,411.00
D. $327,372.80
8. Lee Company has a current ratio of 2.65. The acid test ratio is 2.01. The current liabilities of Lee are
$45,000. Assuming there are no prepaid expenses, the dollar amount of merchandise inventory is
A. $28,800.
B. $90,450.
C. $28,008.
D. $90,540.
9. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 ½% for 30 years.
Using the tables in the Business Math Handbook that accompanies the course textbook, determine his
monthly payment.
A. $1,139.40
B. $1,319.40
C. $1,319.04
D. $1,216.80
10. A truck costs $35,000 with a residual value of $2,000. Its service life is five years. Using the decliningbalance
method at twice the straight-line rate, the book value at the end of year 2 is
A. $22,000.
B. $35,000.
C. $12,600.
D. $33,000.
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