63) In the above figure, the movement from point a to point b reflects A) a decrease in the price of pizza. B) an increase in the demand for pizza. C) an increase in the number of people who eat pizza. D) an increase in the price of the tomato sauce used to produce pizza. E) a decrease in the number of firms […]
7.3 Extending the Reach of the Invisible Hand: Allocation of Resources Across Industries 1) Positive economic profits in a perfectly competitive market imply that: A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) cost of production is equalized across producers. D) government intervention is required to stabilize the market. 2) The entry of new […]
51.In2014,afarmergrowsandsells$3millionworthofcorntoBigFlakesCerealCompany.BigFlakesCerealCompanyproduces$8millionworthofcerealin2014,withsalestohouseholdsduringtheyearof$7million.Theunsold$1millionworthofcerealremainsinBigFlakeCerealCompany’sinventoryattheendof2014.ThetransactionsjustdescribedcontributehowmuchtoGDPfor2014? a.$3million b.$7million c.$8million d.$11million 52.FineEdgemanufactureslawnmowers.In 2014ithad$2millionworthof lawnmowersininventory.In2015itsold$10millionworthoflawnmowerstoconsumersandhad$1millionworthoflawnmowersininventory.HowmuchdidthelawnmowersproducedbyFineEdgeaddtoGDPin2015? a.$11million b.$10million c.$7million d.$9million 53.Anewspaperarticleinformsyouthatmostbusinessesreducedproductioninthelastquarterbutalsosoldfromtheirinventoriesduringthelastquarter.BasedonthisinformationGDPlikely a.increased. b.decreased. c.stayedthesame. d.mayhaveincreased,decreased,orstayedthesame. 54.WhichofthefollowingdomesticallyproduceditemsisnotincludedinGDP? a.abottleofshampoo b.ahairdryer c.ahaircut d.AlloftheaboveareincludedinGDP. 55.Which of thefollowing isnotincludedinGDP? a.acanofbugspray b.theservicesofanexterminator c.thehoneyproducedandsoldbyabeekeeper d.AlloftheaboveareincludedinGDP. 56.WhichofthefollowingtransactionsisnotincludedinGDP? a.orangessoldtohouseholdsbyagrocer. b.orangejuicesoldbyarestauranttoitsdiners. c.orangessoldbyafarmertoagrocerystore. d.AlloftheaboveareincludedinGDP. 57.Grossdomesticproductincludesall a.legalandillegalfinalgoods,butitexcludesalllegalandillegalfinalservices. b.legalandillegalfinalgoodsandalllegalandillegalfinalservices. c.legalfinalgoodsandservices,butitexcludesillegalfinalgoodsandservices. d.legalandillegalfinalgoodsandlegalfinalservices,butitexcludesillegalfinalservices. 58.Transactionsinvolvingitemsproducedinthepast,suchasthesaleofa5-year-oldautomobilebyausedcardealershiporthepurchaseofanantiquerockingchairbyapersonatayardsale,are a.includedincurrentGDPbecauseGDPmeasuresthevalueofallgoodsandservicessoldinthecurrentyear. b.includedincurrentGDPbutvaluedattheiroriginalprices. c.notincludedincurrentGDPbecauseitisdifficulttodeterminetheirvalue. d.notincludedincurrentGDPbecauseGDPonlymeasuresthevalueofgoodsandservicesproducedinthecurrentyear. 59.WhichofthefollowingtransactionswouldbeincludedinGDPfor2015? a.InFebruary2015,Amandasellsa2009HyundaitoIsabella. b.InMarch2015,AmandabuysatickettovisitazooinFlorida.ShevisitsthezooinFebruary2016. c.InNovember2015,IsabellaeatsonionsthatsheharvestedfromherbackyardgardeninOctober2015. d.Alloftheabovearecorrect. 60.Jenniferlivesinahomethatwasnewlyconstructedin2011forwhichshepaid$240,000.In2014shesoldthehousefor$260,000.Whichofthefollowingstatementsiscorrectregardingthesaleofthehouse? a.The2014saleincreased2014GDPby$260,000andhadnoeffecton2011GDP. b.The2014saleincreased2014GDPby$20,000andhadnoeffecton2011GDP. c.The2014saleincreased2014GDPby$260,000;furthermore,the2014salecaused2011GDPtoberevisedupwardby$20,000. d.The2014saleaffectedneither2014GDPnor2011GDP.
21.Which one of the following is ‘debt’ with the appearance of ‘equity’? a.Long-term debt with a rate of interest that depends upon the current prime rate of interest b.Long-term debt that can be converted into common stock c.Notes payable in ten years d.Convertible bonds 22.If preferred stock is cumulative, then a. preferred dividends are a percentage of corporate profits. b. dividends […]
21) The figure above shows Sarah’s budget line. Sarah earns $500 per week selling baskets made out of tree vines. With this money she buys sushi and rose bushes. Each piece of sushi costs $1 and each rose bush costs $10. Sarah will be at what point on her budget line if she spends $300 per week on rose bushes? A) Point a B) […]
21) One reason that consumers and businesses might not act rationally is A) it is difficult to obtain enough information about the elasticities of demand and supply. B) they may not realize their actions are inconsistent with their goals. C) consumer tastes change constantly. D) they do not always value fairness when they make choices. 22) The highest-valued alternative that must be […]
91) If emissions permits are traded freely between profit-maximizing firms in the private market, A) there will be more than the optimal amount of pollution. B) the amount of pollution abatement will be identical to that which the firms would have willingly undertaken on their own. C) each firm will face identical costs of pollution abatement. D) all firms will use identical pollution […]
76.Which of the following statements is false? a.Ideas for investment projects stem mainly from the firm’s finance department. b.Capital projects by their nature are easily reversible. c.Once a capital project is approved, the role of a financial manager is non-existent. d.all of the above statements are false. e.Only (b) and (c) are false 77.Financial managers prefer a capital budgeting technique […]
71) The demand for labor reflects the point that the A) lower the real wage rate, the greater the quantity of labor demanded. B) higher the real wage rate, the greater the quantity of labor demanded. C) real wage rate does not affect the quantity demanded of labor. D) nominal wage rate and not the real wage rate determines the quantity of labor demanded. […]
8.3 Chapter Figures 1) The figure above shows the U.S. production function. How would an increase in capital be shown in the figure? A) an upward shift or rotation of the production function B) a downward shift or rotation of the production function C) a movement from point A to point B D) a movement from point C to point B E) None […]
The Language We Learn Can Influence Our Brain Development
Studies suggest that differences in brain development may play an important role in intercultural communication. It has long been known that many non-western cultures do not stress logical reasoning. Children growing up in western cultures are taught to think and reason along the principles of induction and deduction, to break things down into their parts, to focus on details and important aspects of a matter, and also to understand underlying cause and effect relationships.
Non-western cultures tend to take in the overall picture and do not attempt to analyze. People learn to give proper consideration to all variables considered together. This means that they do not overlook background or secondary elements, which westerners could and would immediately rule out in their hurry "to get down to basics," or "to find the facts that count." This holistic perception of the world also takes into account feelings and associated emotions. An Asian or Native American could look at a landscape scorched by the hot sun and feel the suffering of the plants and animals. Other cultures making use of a holistic approach to viewing the world or to solving problems include Hispanics and African-Americans.
Whether one is linear or holistic in thinking depends partly on (brain) hemisphericity. Deduction, induction, mathematical reasoning, analysis -- in general, what we call a linear and direct approach -- are processes lateralized to the left hemisphere; holistic thinking, blending in with nature, feeling an overall effect, letting sights, sounds and smells build an overall picture involve processes lateralized to the right hemisphere.
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