11) The functions of money are A) medium of exchange, unit of account, and store of value. B) medium of exchange, the ability to buy goods and services, and the ability to pay off debts. C) medium of exchange, the ability to buy goods and services, and checking accounts. D) credit cards, checking accounts, currency, and coins. E) store of value, use as a […]
71) In a simple macro model with a constant price level, a decrease in the net tax rate causes the AE curve to A) shift parallel downward. B) shift parallel upward. C) rotate downward. D) rotate upward. E) remain stationary. 72) Suppose that the marginal propensity to consume out of disposable income is 0.6 and the marginal propensity to import is 0.14. If the […]
101.Which of the following is a non-religious system of ethics that considers the values of loyalty, reciprocal obligations, and honesty in dealings with others central to its ideology? A. Buddhism B. Christianity C. Hinduism D. Confucianism E. Judaism 102._____ is not concerned with the supernatural, has little to say about the concept of a supreme being or an afterlife, and believes that loyalty to one’s superiors is an absolute obligation. […]
21) Production efficiency occurs A) anywhere inside or on the production possibilities frontier. B) when the total cost of production is minimized. C) at all points on the production possibilities frontier. D) at only one point on the production possibilities frontier. E) at all points inside the production possibilities frontier. 22) When production efficiency does NOT occur, i.an economy is producing at a point […]
31) The figure above shows the supply curve for soda. The market price is $1.00 per soda. The ________ price that must be offered so that the 10,000th soda is produced is ________. A) minimum; $0.50 B) minimum; $1.00 C) maximum; $0.50 D) maximum; $1.00 E) minimum; more than $0.50 but less than $1.00 32) The figure above shows the supply curve for […]
61) M1 is defined as a measure of money including, in part, A) checkable deposits and currency. B) time deposits and currency. C) currency and savings deposits. D) time deposits and money market fund deposits. E) the lines of credit on credit cards and currency. Answer: A Topic: M1 Skill: Level 1: Definition Section: Checkpoint 11.1 Status: WM 62) Which of the […]
35.Because they are taken as articles of faith, _____ do not require validation. a.artifacts b.basic underlying assumptions (page 261, easy) c.actual values d.espoused values 36.The person(s) best able to assess an organization’s basic underlying assumptions is/are probably _____. a.the CEO b.the board of directors c.an outside consultant (page 261, moderate) d.the internal accountants 37.One function of organizational culture is to provide members with _____, […]
19.3 How Countries Gain from International Trade 1) A situation in which a country does not trade with other countries is called A) autarky. B) self-actualization. C) autonomy. D) independence. 2) The ratio at which a country can trade its exports for imports from other countries is called A) a trade barrier. B) the terms of trade. C) autarky. D) a free trade agreement. […]
141. The graph shown portrays a subsidy to buyers. The subsidy causes: A. 50 more units to be sold in this market. B. 150 more units to be sold in this market. C. 100 fewer units to be sold in this market. D. 50 fewer units to be sold in this market. 142. The graph shown portrays a subsidy to buyers. Once the subsidy is in place, […]
180.Martinez Bakery has prepared the following flexible budget analysis for October: CostFlexible BudgetPrice VarianceQuantity Variance Materials$11,000$430 U$780 F Labor45,000470 F150 U Martinez Bakery purchased the same amount of units of materials as it used in production. The number of pounds of materials used totaled 2,130. Each unit of product requires a ½ pound of material. The standard cost per unit was $5.50 […]
21) Huey has eaten two hamburgers and is considering a third. The marginal benefit in his decision is the pleasure from consuming
A) the two previous hamburgers.
B) all three hamburgers.
C) just the third hamburger.
D) just the second hamburger.
E) the third hamburger minus the pleasure from consuming zero hamburgers.
22) What typically happens to benefits as the amount of an activity is increased?
A) Total benefits remain constant.
B) Marginal benefit increases.
C) Marginal benefit remains constant.
D) Marginal benefit decreases.
E) The marginal benefit changes only if the marginal cost changes.
23) Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger.
A) larger than the marginal benefit
B) smaller than the marginal benefit
C) equal to the marginal benefit
D) not related to the marginal benefit
E) equal to the marginal cost and the marginal benefit
24) A choice made by comparing all relevant alternatives systematically and incrementally is
A) an opportunity cost.
B) a choice on the margin.
C) a benefit.
D) a sunk cost.
E) a choice made in the social interest.
25) Making choices on the margin means
A) scribbling on the edges of your notebook paper.
B) comparing all relevant alternatives systematically and incrementally.
C) making a decision based on emotions.
D) making decisions in the largest possible increments.
E) taking account of all marginal benefits, all opportunity costs, and all sunk costs.
26) Decision making on the margin involves
A) comparing the marginal cost and marginal benefits when making a decision.
B) comparing the total cost and the total benefit when making a decision.
C) eliminating the additional cost when making a decision.
D) determining the total benefits of a decision.
E) comparing the benefits from the social interest to the benefits from the person's self-interest.
27) In making your decision whether to take a trip during spring break, you compare all the other activities you could undertake. As a result, you
A) are making a choice on the margin.
B) limit the cost and the benefits you can gain.
C) are not making a rational choice.
D) do not face an opportunity cost.
E) must have made a choice in the social interest.
28) To make a rational choice, a person
A) compares the extra benefits of one more unit to the extra costs of one more unit.
B) adds the total benefits and the total costs and then compares the two totals.
C) adds the total benefits to determine if the total is large enough.
D) adds the total costs to determine if the total is small enough.
E) takes account of all benefits and all opportunity costs, including both marginal costs and sunk costs.
29) In order to determine whether to major in economics, a rational individual compares the ________ of the decision.
A) marginal benefit and marginal cost
B) opportunity cost and the sunk cost
C) positive benefits and normative costs
D) normative benefits and positive costs
E) self-interest and social-interest
30) In order to make a rational choice, people must
A) only know what they want.
B) be able to afford the choice decided upon.
C) decide quickly without wasting time.
D) compare marginal costs and marginal benefits.
E) determine what is in the social interest.
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