31) Steve, an HR supervisor at APEX construction, has recently noticed a shortage of skilled workers due to a building boom in the area. He must find new workers quickly because it is uncertain how long the boom will last. He decides to hire nontraditional laborers. The most likely disadvantage of using nontraditional laborers is the: A) high costs of making reasonable accommodations. […]
21) The ________ are hurt by importing a good. A) domestic consumers of the good B) domestic producers of the good C) domestic governments D) foreign producers of the good E) foreign governments 22) When the United States imports goods from the rest of the world, which of the following parties is harmed? i.domestic producers of the good ii.domestic consumers of the good iii.foreign […]
111) In competitive markets, binding price floors and binding price ceilings lead to A) a reduction in deadweight loss. B) fairer prices for consumers and producers, and therefore are better for society as a whole. C) an overall increase in economic surplus, and therefore to market efficiency. D) a maximization of economic surplus. E) an overall reduction in economic surplus, and therefore to market […]
41) The supply of loanable funds is from A) households and the government if it has a budget surplus. B) households and the government if it has a budget deficit. C) firms and the government if it has a budget surplus. D) firms and the government if it has a budget deficit. E) households and firms. 42) The quantity of loanable funds supplied increases […]
Organization Chart 3.2 21.Reference Organization Chart 3.2. We can accurately conclude that: a.there should be no assistant manger. b.the company has a divisional structure. c.the company has a functional structure. d.the general manager has a span of control of five. 22.Reference Organization Chart 3.2. The structure would bring strengths such as: a.product responsibility is clear and simple. b.economies of scale. c.suitability for an […]
71) The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. If real GDP is equal to $900 billion, then A) aggregate planned expenditure is greater than real GDP. B) aggregate planned expenditure is less than real GDP. C) this is the equilibrium level of real GDP. D) aggregate planned expenditure is equal […]
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 […]
71) A Laffer curve A) relates the marginal tax rate to the average tax rate. B) relates the government’s total income-tax revenue to the average rate across all taxes. C) relates the government’s sales-tax yield to the marginal tax rate. D) shows that, for any tax, tax revenues reach a maximum at some tax rate below 100%. E) shows that tax revenues reach a […]
31) A normal profit is defined as A) total revenue minus explicit costs. B) the same thing as accounting profit. C) the return to entrepreneurship. D) total revenue minus implicit costs. E) the economic profit minus the implicit costs. 32) Normal profit is A) part of the firm’s opportunity costs. B) the same as economic profits. C) part of the firm’s explicit costs. D) […]
41) The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are A) points B and C. B) points A, B, and C. C) point E. D) points A, B, C, and D. E) points A and D. 42) The above figure shows the production possibility frontier for an […]
16) The partial productivity of overhead resources can be measured by considering the cost driver as ________.
A) budgeted input
B) the denominator
C) the fixed input
D) the numerator
17) Which of the following statements is true of productivity measures?
A) Partial productivity and total factor productivity measures never work best together.
B) Partial productivity explicitly considers gains from using fewer physical inputs as well as substitution among inputs.
C) All productivity measures are physical measures lacking financial content.
D) Total factor productivity considers the trade-offs across various inputs based on current input prices.
18) ________ is an example of a total factor productivity measure.
A) The number of units produced per month
B) The number of units produced per machine hour
C) The number of units produced per labor hour
D) The number of units produced per dollar of input cost
19) Total factor productivity explicitly considers gains from using fewer physical inputs as well as substitution among inputs.
20) Partial productivity and total factor productivity measures work best together because both measures have the same kind of strengths and weaknesses.
21) One problem with total factor productivity revolves around the measurement of combined productivity of all inputs.
22) Productivity describes the relationship between different quantities of inputs consumed and the quantities of output produced.
23) Power Company has been unhappy with the financial accounting variances that its cost accounting system has been producing, because its managers believe that there is more to evaluating an operation than just examining accounting numbers. Therefore, it has started gathering data to assist in the examination of nonfinancial results of operations. The following information relates to the manufacture of remote control units for televisions, radios, and stereo components:
20112012
Remote control units produced and sold80,000100,000
Direct manufacture labor-hours12,00013,200
Direct materials used (sets)80,600100,500
Direct manufacture cost per hour$18$20
Direct materials cost per set$31$32
Required:
a.What is the partial productivity of direct materials for each year?
b.What is the partial productivity of direct manufacturing labor for each year?
c.Did each area improve between 2011 and 2012? Explain.
d.What will be the projected direct material and labor needs for 2013 if remote control units increase by 12,000 units, assuming Power Company applies the constant returns to scale technology?
24) Grader Company manufactures road graders. Because its managers all have engineering backgrounds, they prefer nonfinancial information for their decision-making models. Therefore, they require the accountants gather data to assist in the examination of nonfinancial results of operations. The following information relates to the manufacture of a paver:
20112012
Units produced and sold6,8005,600
Direct manufacture labor-hours136,000115,200
Direct materials used (tons)29,00024,400
Direct manufacture cost per hour$21$22
Direct materials cost per ton$431$443
Required:
a.What is the partial productivity for direct materials for each year?
b.What is the partial productivity for direct manufacturing labor for each year?
c.What is the total factor productivity for each year?
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