81. April and Wilson are married and file a joint tax return. Wilson is a police officer, and in the current tax year he spends $375 on uniforms and $150 for dry cleaning the uniforms. April is in the National Guard and military regulations restrict her from wearing her uniforms when she is off duty. The cost of uniforms for the year was $225 and […]

    31) In the long run, the real interest rate is determined by A) Fed actions. B) the expected inflation rate. C) the nominal interest rate. D) saving supply and investment demand. E) the multiplier effect.   32) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary policy can A) raise the federal funds rate, thereby decreasing the […]

    41) Since 1980, the percentage of part-time workers who are part time for economic reasons A) has steadily decreased. B) has steadily increased. C) at first increased, then generally decreased. D) generally increased in recessions and decreased in expansions. E) has remained approximately constant. 42) During a recession, the percentage workers who are part time for economic reasons A) increases more rapidly than […]

    21) A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) marginal revenue B) gross earnings C) pure profit D) marginal costs E) net benefit     22) Economists reason that the optimal decision […]

    21) For the reaction of carbon with carbon dioxide to make carbon monoxide, one set of conditions produced a Kc = 1.2 × 10-1.  At equilibrium at a certain temperature, the concentration of product was 0.60 M.  What was the concentration of carbon dioxide at that temperature?   C(s)  +  CO2(g)  ?  2CO(g)   A) 3.0 M B) 0.60 M C) 0.36 M […]

  Multiple choice   26.Which one of the following is a costing system commonly used by companies that produce a large number of homogeneous units in a continuous production process? A.Unit costing system B.Job-order system C.Incremental analysis cost system D.Process costing system   27.Which of the following companies will most likely use a process costing system? A.A law office B.A custom home builder C.A car […]

  11.What is one way that earthquake intensities are determined? a.with seismographs b.with satellites c.with postal questionnaires d.with accelerometers e.with seismometers 12.How much more energy does a magnitude 8 earthquake release than a magnitude 6 earthquake? a.2 times more b.10 times more c.30 times more d.900 times more e.27,000 times more 13.What did the San Francisco (1906) and Kobe (1995) earthquakes have in common? a.There […]

  71) The above figure shows the market for pizza. The market is in equilibrium. Pizza and tacos are substitutes for consumers. The price of tacos falls. What point represents the most likely new price and quantity? A) A B) B C) C D) D E) E 72) If both the supply and demand curves shift simultaneously, we can always predict what will happen to […]

  171.RefertoFigure4-26.Whichofthefollowingmovementswouldillustratetheeffectinthemarketforchocolatechipcookiesofanimprovedhigh-speedmixerthatallowsbakerstoproducecookiesinlesstime? a.PointAtoPointB b.PointCtoPointB c.PointCtoPointD d.PointAtoPointD 172.RefertoFigure4-26.Whichofthefollowingmovementswouldillustratetheeffectinthemarketforfencesofadecreaseinthepriceofwood? a.PointAtoPointB b.PointCtoPointB c.PointCtoPointD d.PointAtoPointD 173.RefertoFigure4-26.Whichofthefollowingmovementswouldillustratetheeffectinthemarketfordoctor’svisitsofanincreaseinthenumberofmedicalstudentsgraduatingfrommedicalschoolandsuccessfullycompletingtheirresidencyprograms? a.PointAtoPointB b.PointCtoPointB c.PointCtoPointD d.PointAtoPointD Figure4-27   Panel (a)Panel(b)     Panel(c)Panel(d) 174.RefertoFigure4-27.Panel(a)showswhichofthefollowing? a.anincreaseindemandandanincreaseinquantitysupplied b.anincreaseindemandandanincreaseinsupply c.anincreaseinquantitydemandedandanincreaseinquantitysupplied d.anincreaseinquantitydemandedandanincreaseinsupply 175.RefertoFigure4-27.Panel(b)showswhichofthefollowing? a.adecreaseindemandandadecreaseinquantitysupplied b.adecreaseindemandandadecreaseinsupply c.adecreaseinquantitydemandedandadecreaseinquantitysupplied d.adecreaseinquantitydemandedandadecreaseinsupply 176.RefertoFigure4-27.Panel(c)showswhichofthefollowing? a.anincreaseindemandandanincreaseinquantitysupplied b.anincreaseindemandandanincreaseinsupply c.anincreaseinquantitydemandedandanincreaseinquantitysupplied d.anincreaseinquantitydemandedandanincreaseinsupply 177.RefertoFigure4-27.Panel(d)showswhichofthefollowing? a.adecreaseindemandandadecreaseinquantitysupplied b.adecreaseindemandandadecreaseinsupply c.adecreaseinquantitydemandedandadecreaseinquantitysupplied d.adecreaseinquantitydemandedandadecreaseinsupply 178.RefertoFigure4-27.Whichofthefourpanelsillustratesadecreaseinquantitydemanded? a.Panel(a) b.Panel(b) c.Panel(c) d.Panel(d) 179.RefertoFigure4-27.Whichofthefourpanelsillustratesanincreaseinquantitydemanded? a.Panel(a) b.Panel(b) c.Panel(c) d.Panel(d) 180.RefertoFigure4-27.Whichofthefourpanelsillustratesadecreaseinquantitysupplied? a.Panel(a) b.Panel(b) c.Panel(c) d.Panel(d) 181.RefertoFigure4-27.Whichofthefourpanelsillustratesanincreaseinquantitysupplied? a.Panel(a) b.Panel(b) c.Panel(c) d.Panel(d) 182.RefertoFigure4-27.Whichofthefourpanelsrepresentsthemarketforpizzadeliveryinacollegetownaswegofromsummertothebeginningofthefallsemester? a.Panel(a) […]

  21.Allelseequal,iftherearediminishingreturnsandconstantreturnstoscale,thenwhathappenstoproductivityifcapitalandlaborbothincreasebutcapitalincreasesbymore? a.Productivitywilldefinitelyfall. b.Productivitywilldefinitelybeunchanged. c.Productivitywilldefinitelyrise. d.Noneoftheabovearenecessarilycorrect. 22.Theslopeoftheproductionfunctionwithcapitalperworkeronthehorizontalaxisandoutputperworkerontheverticalaxis a.ispositiveandgetssteeperascapitalperworkerrises. b.ispositiveandgetsflatterascapitalperworkerrises. c.isnegativeandgetssteeperascapitalperworkerrises. d.isnegativeandgetsflatterascapitalperworkerrises. Figure25-1. Onthehorizontalaxis,K/Lrepresentscapital(K)perworker(L).Ontheverticalaxis,Y/Lrepresentsoutput(Y)perworker(L).   23.RefertoFigure25-1.Thecurvebecomesflatterastheamountofcapitalperworkerincreasesbecauseof a.increasingreturnstocapital. b.increasingreturnstolabor. c.diminishingreturnstocapital. d.diminishingreturnstolabor. 24.RefertoFigure25-1.Theshapeofthecurveisconsistentwithwhichofthefollowingstatementsabouttheeconomytowhichthecurveapplies? a.Inthelongrun,ahighersavingrateleadstoahigherlevelofproductivity. b.Inthelongrun,ahighersavingrateleadstoahigherlevelofincome. c.Inthelongrun,ahighersavingrateleadstoneitherahighergrowthrateofproductivitynorahighergrowthrateofincome. d.Alloftheabovearecorrect. 25.RefertoFigure25-1.Theshapeofthecurveisconsistentwithwhichofthefollowingstatementsabouttheeconomytowhichthecurveapplies? a.Inthelongrun,ahighersavingrateleadstoahighergrowthrateofproductivity. b.Inthelongrun,ahighersavingrateleadstoahighergrowthrateofincome. c.Returnstocapitalbecomeincreasinglysmallerastheamountofcapitalperworkerincreases. d.Alloftheabovearecorrect. 26.RefertoFigure25-1.ChooseapointanywhereonthecurveandcallitpointA.IftheeconomyisatpointAin2011,thenitwilldefinitelyremain atpointAin2012if,between2011and2012, a.thequantityofphysicalcapitalremainsconstant;thenumberofworkersdoubles;andhumancapital,naturalresources,andtechnologyalldoubleaswell. b.thequantityofphysicalcapitaldoubles;humancapital,naturalresources,andtechnologyalldoubleaswell;andthenumberofworkersremainsconstant. c.thequantityofphysicalcapitaldoubles;thenumberofworkersdoubles;andhumancapital,naturalresources,andtechnologyalldoubleaswell. d.thequantityofphysicalcapitaldoubles;thenumberofworkersdoubles;andhumancapital,naturalresources,andtechnologyremainconstant. 27.Otherthingsthesame,acountrythatincreasesitssavingrateincreases a.itsfutureproductivityandfuturerealGDP. b.neitheritsfutureproductivitynorfuturerealGDP. c.itsfutureproductivity,butnotitsfuturerealGDP. d.itsfuturerealGDP,butnotitsfutureproductivity. 28.Ifacountry’ssavingrateincreases,theninthelongrun a.productivityishigherbutrealGDPperpersonisnothigher. b.realGDPperpersonishigherbutproductivityisnothigher. c.productivityandrealGDPperpersonarebothhigher. d.neitherproductivitynorrealGDPperpersonishigher. 29.Otherthingsthesame,acountrythatincreasesitssavingsratewillhave a.higherfuturecapitalandhigherfuturerealGDPperperson. b.higherfuturecapitalbutnothigherfuturerealGDPperperson. c.higherfuturerealGDPperpersonbutnothigherfuturecapital. d.neitherhigherfuturecapitalnorhigherfuturerealGDPperperson. 30.CurrentlyacountryhasrealGDPperpersonof500.Raisingcapitalperworkerbyonewouldincreaseoutputperworkerby4.Otherthingsthesame,whichofthefollowinglong-runcombinationsareconsistentwiththeeffectsofthiscountryincreasingitssavingrate? a.realGDPperpersonis520andraisingcapitalperworkerbyonewouldincreaseoutputperworkerby3 b.realGDPperpersonis520andraisingcapitalperworkerbyonewouldincreaseoutputperworkerby5 c.realGDPperpersonis480andraisingcapitalperworkerbyonewouldincreaseoutputperworkerby3 d.realGDPperpersonis480andraisingcapitalperworkerbyonewouldincreaseoutputperworkerby5