21) The above figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point B to point D? A) 1000 bottles of wine B) 500 bottles of wine C) 2 bottles of wine D) 1/2 of a bottle of wine E) None of the above answers is correct. 22) The above figure shows […]

  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 […]

  71.Which of the following is most likely to reduces the pressure on managers to violate their personal ethics?   A. Making managers work away from their ordinary social context and supporting culture B. Keeping managers psychologically and geographically close to the parent company C. Pressurizing managers to meet unrealistic business goals D. Adopting an organizational culture which emphasizes that all decisions should be purely economic E. Pressuring managers to shun the concept of noblesse […]

  9.6   Integrative Questions 1) Assume that the state of Missouri decided to place a tariff on every product produced outside the state in an effort to increase the state’s revenue and increase employment in the state. If Missouri did so, A) the state’s total output would definitely increase. B) workers with jobs in new firms replacing out-of-state imports would earn high income. C) the […]

    31) Harvey Miller owns a baseball that was hit for a home run by Ted Williams. Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting […]

  COMPREHENSIVE EXAMINATION C     (Chapters 10 – 14)         Approximate ProblemTopicPoints     Minutes C – IMultiple Choice……………………2211 C – IIVariance Analysis………………….1212 C – IIICapital Budgeting………………….1616 C – IVFlexible Overhead Budget…………….1515 C – VStatement of Cash Flows……………..1715 C – VIRatios………………………….  1816 10085 Checking Work……………………………..  5 90       Problem C – I — Multiple Choice (22 points) Circle the one best […]

    Figure 15-12     Figure 15-12 shows the cost and demand curves for a monopolist.   31) Refer to Figure 15-12.  Assume the firm maximizes its profits. What is the amount of consumer surplus? A) $21 B) $124 C) $186 D) $332   32) Refer to Figure 15-12.  What is the amount of consumer surplus if, instead of monopoly, the industry was organized […]

  41.SupposethataworkerinRadiolandcanproduceeither4radiosor1televisionperyear,andaworkerinTeeveelandcanproduceeither2radiosor4televisionsperyear.Eachnationhas100workers.Alsosupposethateachcountrycompletelyspecializesinproducingthegoodinwhichithasacomparativeadvantage.IfRadiolandtrades100radiostoTeeveelandinexchangefor100televisionseachyear,theneachcountry’smaximumconsumptionofnewradiosandtelevisionsperyearwillbe a.100radios,300televisionsinRadiolandand300radios,100televisionsinTeeveeland. b.300radios,100televisionsinRadiolandand100radios,300televisionsinTeeveeland. c.200radios,100televisionsinRadiolandand100radios,200televisionsinTeeveeland. d.300radios,100televisionsinRadiolandand100radios,400televisionsinTeeveeland. 42.SupposethataworkerinFreedoniacanproduceeither6unitsofcornor2unitsofwheatperyear,andaworkerinSylvaniacanproduceeither2unitsofcornor6unitsofwheatperyear.Eachnationhas10workers.Withouttrade,Freedoniaproducesandconsumes30unitsofcornand10unitsofwheatperyear.Sylvaniaproducesandconsumes10unitsofcornand30unitsofwheat.Supposethattradeistheninitiatedbetweenthetwocountries,andFreedoniasends30unitsofcorntoSylvaniainexchangefor30unitsofwheat.Freedoniawillnowbeabletoconsumeamaximumof a.30unitsofcornand30unitsofwheat. b.40unitsofcornand30unitsofwheat. c.40unitsofcornand20unitsofwheat. d.10unitsofcornand40unitsofwheat. 43.SupposethataworkerinFreedoniacanproduceeither6unitsofcornor2unitsofwheatperyear,andaworkerinSylvaniacanproduceeither2unitsofcornor6unitsofwheatperyear.Eachnationhas10workers.Withouttrade,Freedoniaproducesandconsumes30unitsofcornand10unitsofwheatperyear.Sylvaniaproducesandconsumes10unitsofcornand30unitsofwheat.Supposethattradeistheninitiatedbetweenthetwocountries,andFreedoniasends30unitsofcorntoSylvaniainexchangefor30unitsofwheat.Sylvaniawillnowbeabletoconsumeamaximumof a.30unitsofcornand30unitsofwheat. b.40unitsofcornand30unitsofwheat. c.40unitsofcornand20unitsofwheat. d.10unitsofcornand40unitsofwheat. 44.SupposethataworkerinAglandcanproduceeither10unitsoforganicgrainor2unitsofincenseperyear,andaworkerinZenlandcanproduceeither5unitsoforganicgrainor15unitsofincenseperyear.Thereare20workersinAglandand10workersinZenland.Currentlythetwocountriesdonottrade.Aglandproducesandconsumes100unitsofgrainand20unitsofincenseperyear.Zenlandproducesandconsumes50unitsofgrainandnoincenseperyear.Ifeachcountrymadethedecisiontospecializeinproducingthegoodinwhichithasacomparativeadvantage,thenthecombinedyearlyoutputofthetwocountrieswouldincreaseby a.30unitsofgrainand100unitsofincense. b.30unitsofgrainand150unitsofincense. c.50unitsofgrainand90unitsofincense. d.50unitsofgrainand130unitsofincense. 45.SupposethataworkerinCornlandcangroweither40bushelsofcornor10bushelsofoatsperyear,andaworkerinOatlandcangroweither5bushelsofcornor50bushelsofoatsperyear.Thereare20workersinCornlandand20workersinOatland.Ifthetwocountriesdonottrade,Cornlandwillproduceandconsume400bushelsofcornand100bushelsofoats,whileOatlandwillproduceandconsume60bushelsofcornand400bushelsofoats.Ifeachcountrymadethedecisiontospecializeinproducingthegoodinwhichithasacomparativeadvantage,thenthecombinedyearlyoutputofthetwocountrieswouldincreaseby a.280bushelsofcornand450bushelsofoats. b.340bushelsofcornand500bushelsofoats. c.360bushelsofcornand520bushelsofoats. d.360bushelsofcornand640bushelsofoats. 46.SupposethataworkerinFreedoniacanproduceeither6unitsofcornor2unitsofwheatperyear,andaworkerinSylvaniacanproduceeither2unitsofcornor6unitsofwheatperyear.Eachnationhas10workers.Formanyyearsthetwocountriestraded,eachcompletelyspecializingaccordingtotheirrespectivecomparativeadvantages.Now,however,warhasbrokenoutbetweenthemandalltradehasstopped.Withouttrade,Freedoniaproducesandconsumes30unitsofcornand10unitsofwheatperyear.Sylvaniaproducesandconsumes10unitsofcornand30unitsofwheat.Thewarhascausedthecombinedyearlyoutputofthetwocountriestodeclineby a.10unitsofcornand10unitsofwheat. b.20unitsofcornand20unitsofwheat. c.30unitsofcornand30unitsofwheat. d.40unitsofcornand40unitsofwheat. 47.SupposethataworkerinCaniniacanproduceeither2blanketsor8mealsperday,andaworkerinFeliniacanproduceeither5blanketsor1mealperday.Eachnationhas10workers.Formanyyears,thetwocountriestraded,eachcompletelyspecializingaccordingtotheirrespectivecomparativeadvantages.Nowwarhasbrokenoutbetweenthemandalltradehasstopped.Withouttrade,Caniniaproducesandconsumes10blanketsand40mealsperdayandFeliniaproducesandconsumes25blanketsand5mealsperday.Thewarhascausedthecombineddailyoutputofthetwocountriestodeclineby a.15blanketsand35meals. b.25blanketsand40meals. c.35blanketsand45meals. d.50blanketsand80meals. 48.Apersoncanbenefitfromspecializationandtradebyobtainingagoodatapricethatis a.lowerthanhisorheropportunitycostofthatgood. b.thesameashisorheropportunitycostofthatgood. c.higherthanhisorheropportunitycostofthatgood. d.differentthanhisorheropportunitycostofthatgood. 49.Thegainsfromtradeare a.evidentineconomicmodels,butseldomobservedintherealworld. b.evidentintherealworld,butimpossibletocaptureineconomicmodels. c.aresultofmoreefficientresourceallocationthanwouldbeobservedintheabsenceoftrade. d.basedontheprincipleofabsoluteadvantage. 50.Tradecanmakeeverybodybetteroffbecauseit a.increasescooperationamongnations. b.allowspeopletospecializeaccordingtocomparativeadvantage. c.requiressomeworkersinaneconomytoberetrained. d.reducescompetitionamongdomesticcompanies.    

    62.Which of the following is true concerning publicly traded companies? a.the number of companies that pay dividends has been declining over time b.the aggregate payout (dividend payout) of companies has increased over time c.the aggregate payout (dividend payout) of companies has decreased over time d.a and b       63.Two identical companies with identical share prices (and identical numbers of shares outstanding) […]

    11.Diplegia is a condition that is characterized by: a.damage that occurs to underdeveloped lungs resulting in breathing that requires extra effort. b.a genetic change on the X chromosome resulting in severe neurological delays. c.damage to the part of the brain controlling movement of the legs, interfering with muscle control and ambulation. d.damage to chromosome 7, interfering with all the exocrine functions in the […]