11) Which of the following statements best describes the concept of consumer surplus? A) “I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69.” B) “I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell […]
51. Which of the following statements regarding ROI computations istrue? A. Net income after interest and taxes is most frequently used as the measure of income in the ROI formula.B. The fair market value of assets without regard to depreciation is used as a measure of operating assets in the ROI formula.C. Assets used in the ROI formula are generally measured as an average of beginning and end of […]
4) The Fed decreases the quantity of money to counteract A) a recessionary gap. B) a federal budget deficit. C) positive net exports. D) an inflationary gap. E) a rise in the unemployment rate. 5) The Fed increases the quantity of money to counteract A) a recessionary gap. B) a federal budget surplus. C) negative net exports. D) an inflationary gap. E) inflation. […]
11) Using fuel taxes to pay for maintaining public highways is an example of A) the benefits principle of fair taxation. B) horizontal equity approach to taxation. C) vertical equity approach to taxation. D) the ability-to-pay principle of taxation. E) the excess burden from taxes. 12) The 2010 health care reform included a 10 percent tax on indoor tanning services. This tax would […]
13.5 Integrative Questions 1) An increase in the price level ________ the aggregate quantity supplied and ________ the aggregate quantity demanded. A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) does not change; decreases 2) The ________, the ________ is the quantity of real GDP supplied and the ________ is the quantity of real GDP demanded. A) lower the […]
21) If average total cost is falling marginal cost must also be falling. 22) In the short run, if average product is at its maximum, then average variable cost is at its minimum. 23) Describe the relationship between marginal cost and average total cost. 24) Is it possible for average total cost to be decreasing over a range of output […]
41) Production possibilities frontiers usually curve out and away from the origin. The implication of this curvature is that A) as resources are used to produce one good, fewer resources are available to produce another good. B) the opportunity cost of producing a good goes down as more of that good is produced. C) technological change is present. D) the opportunity cost of producing […]
71) Refer to Table 20-2. What is the value of GDP, as calculated from the income side? A) $3866 B) $3590 C) $3968 D) $3784 E) $3708 72) Refer to Table 20-2. What is the value of net domestic income at factor cost? A) $3626 B) $3869 C) $3936 D) $3728 E) $3904 73) Of the following possibilities, the best measure of the average […]
11) The aggregate supply curve shows the relationship between A) potential GDP and the price level. B) potential GDP and real GDP. C) the quantity of real GDP supplied and the price level. D) the quantity of real GDP supplied and the interest rate. E) potential GDP and the aggregate demand curve. 12) The slope of the aggregate supply curve shows that, all else […]
51) Which of the following is the primary goal of the development phase? A) analyzing and documenting what a system should do for the business B) translating the requirements definition document into a workable design C) converting a design into a fully operational information system D) calculating return on investment for the business project 52) Which of the following functions does the […]
Ex. 8.9
A local pharmacy orders 15 copies of a monthly magazine. Depending on the cover story, demand for the magazine varies. The pharmacy purchases the magazines for $2.25 and sells them for $5.00. Any magazines left over at the end of the month are donated to hospitals and other health care facilities. Modify the newsvendor example spreadsheet to model this situation. Investigate the financial implications of this policy if the demand is expected to vary between 5 and 15 copies each month.
Ex. 8.17
"For the Koehler Vision Associates model you developed in Problem 10, use data tables to study how revenue is affected by changes in the number of appointments
accepted and patient demand."
Ex.8.25
The admissions director of an engineering college has $500,000 in scholarships each year from an endowment to offer to high-achieving applicants. The value of each scholarship offered is $25,000 (thus, 20 scholarships are offered). The benefactor who provided the money would like to see all of it used each year for new students. However, not all students accept the money; some take offers from competing schools. If they wait until the end of the admissions’s deadline to decline the scholarship, it cannot be offered to someone else because any other good students would already have committed to other programs. Consequently, the admissions director offers more money than available in anticipation that a percentage of offers will be declined. If more than 20 students accept the offers, the college is committed to honoring them, and the additional amount has to come out of the dean’s budget. Based on prior history, the percentage of applicants that accept the offer is about 70%. Develop a spreadsheet model for this situation, and apply whatever analysis tools you deem appropriate to help the admissions director make a decision on how many scholarships to offer. Explain your results.
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