21) Demand curves slope ________ because as the price increases and other things remain the same, the quantity demanded ________. A) downward; decreases B) downward; increases C) upward; decreases D) upward; increases E) downward; does not change 22) The market demand curve A) cannot show how quantity demanded changes in response to a change in price. B) cannot show a change in […]
51) An increase in the price level leads to ________ in the demand for money, and an increase in real GDP leads to ________ in the demand for money. A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease E) no change; an increase 52) If real GDP decreases, the A) demand for money […]
Case 15.3 Wear and Tear is a large manufacturer with about 250 employees. At the moment, they are in new contract negotiations with their union. Cole, the firm’s labor relations specialist, is heading the negotiations for management. Natalie is labor’s representative. Cole doesn’t know if he likes working with Natalie. He was able to make her predecessor agree to his terms whenever they […]
9.1 The United States in the International Economy 1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in A) China retaliating by raising tariffs on some U.S. exports. B) China halting the sale of all products in the United States. C) U.S. firms never being able to meet the demand for U.S.-produced tires. D) […]
108. Greenlaw Products uses job order costing and applies overhead to products using direct labor hours. Greenlaw has determined that their predetermined overhead is $4.00 per direct labor hour when an estimated 200,000 direct labor hours are incurred.During 2011 Greenlaw actually incurred a total of 215,000 direct labor hours and actual overhead costs ended up being $900,000.Greenlaw has no ending work-in-process or finished goods inventories.Required: […]
11.2 The Banking System 1) A commercial bank is defined as A) any institution that accepts deposits. B) a firm that is chartered to accept deposits and make loans. C) the institution that sets regulations for commercial activities. D) a firm that obtains funds by selling shares and then buys U.S. Treasury bills. E) any institution that makes loans. 2) Which statement is most […]
71) The ________ of something is the gain or pleasure that it brings. A) opportunity cost B) benefit C) marginal cost D) rational choice E) rational margin 72) The cost of a one-unit increase in an activity A) is called the total one-unit cost. B) is called the marginal cost. C) decreases as more of the activity is done. D) is called the […]
31) An agreement negotiated by two countries that places a numerical limit on the quantity of a good that can be imported by one country from another country is called A) a non-tariff trade barrier. B) an export quota. C) an import quota. D) a voluntary export restraint. 32) The main purpose of most tariffs and quotas is to A) raise revenue […]
61) Refer to Figure 11-3. In the long run, a monopolistically competitive firm will A) make profit by producing at Q2 and charging price P1. B) lose money by producing at Q1 and charging price P2. C) maximize profit and make positive profit by producing at Q1 and charging price P1. D) maximize profit but only break even by producing at Q1 and charging […]
101.Which of the following performance measures is considered the most sophisticated and is felt to give top management the most comprehensive method of evaluating subunits? A.Balanced scorecard B.Return on investment C.Economic value added D.Net income 102.In what manner does the balanced scorecard challenge managers? To focus on the single most important measure to the company To perform on a variety of […]
86.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. What would be the difference in income between variable costing income and full costing income if the company had produced 215,000 backpacks instead of 250,000?
A.$62,791
B.$54,000
C.$46,400
D.$77,400
87.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is net income per month under variable costing?
A.$143,600
B.$130,800
C.$130,640
D. None of these answer choices are correct.
88.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is net income per month under full costing?
A.$143,600
B.$130,640
C.$130,800
D. None of these answer choices are correct.
89.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is inventory at the end of the month under variable costing?
A.$72,000
B.$148,500
C.$174,900
D.$84,800
90.WebFlicks is an online DVD company that produces its own DVD copies of first-run movies that it sells for $8.00 each. The following information is available (Assume the same unit costs in all years):
Variable costs:
Product royalty fees$3.30 per DVD
DVD production$1.20 per DVD
Selling and admin costs$0.80 per DVD
Fixed Costs:
Production$128,000 per month
Selling and administration$130,000 per month
During June, 160,000 DVDs were produced and 144,000 were sold. There were 17,000 DVDs in beginning inventory. How much is inventory at the end of the month under full costing?
A.$72,000
B.$148,500
C.$174,900
D.$84,800
91.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under variable costing?
A.$975,000
B.$1,400,000
C.$850,000
D.$2,250,000
92.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under full costing?
A.$975,000
B.$1,400,000
C.$850,000
D.$2,250,000
93.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the inventory under variable costing at December 31, 2014?
A.$150,000
B.$275,000
C.$200,000
D.$325,000
94.Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014:
Selling price$15.00 per t-shirt
Variable costs:
Production (manufacturing costs)$3.00 per t-shirt
Selling & administration$1.00 per t-shirt
Fixed costs:
Production (manufacturing costs)$1,000,000 per year
Selling & administration$2,000,000 per year
During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the inventory under full costing at December 31, 2014?
A.$150,000
B.$275,000
C.$200,000
D.$325,000
95. Brislin Gifts makes ceramic mugs and has the following amounts for 2014 (Assume the same unit costs in all years):
Selling price$9.00 per mug
Variable production cost$2.50 per mug
Variable selling cost$1.10 per mug
Fixed production cost$100,000 per month
Fixed selling and administrative cost$60,000 per month
Production and sales in units for the first three months of 2014 are as follows:
YearProductionSales
January 50,000 44,000
February 40,000 45,000
March 44,000 46,000
Inventory at January 1, 2014 consisted of 1,000 mugs. How much is net income for January using variable costing?
A.$89,600
B.$77,600
C.$67,480
D. None of these answer choices are correct.
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