21) 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. 22) The main purpose of most tariffs and quotas is to A) raise revenue for the […]
21) Consider labour that is hired for $18 per hour. If the last hour hired produces 8 units of output which sells for $2 per unit, that labour-hour adds ________ to the firm’s profit and so ________ labour should be hired. A) -$128; more B) -$2; less C) $16; less D) $16; more E) $0; no 22) Consider labour hired for $18 per hour. […]
1) If the actual unemployment rate is equal to the NAIRU, then A) actual GDP will be higher than potential GDP. B) actual GDP will be below potential GDP. C) potential GDP will expand permanently. D) the unemployment rate is 0%. E) actual and potential GDP are equal. 2) When aggregate output is less than potential output, the unemployment rate ________ the NAIRU. A) […]
111) Because government benefits paid by most universal programs are taxable, their net after-tax yield depends on the income of the recipient. Hence A) gross payments may be universal, but net benefits are not. B) gross payments may not be universal, but net benefits are. C) gross payments may not be universal, and net benefits are not. D) gross payments and net benefits are […]
3.2 The Supply Side of the Market 1) A supply schedule A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. C) is the relationship between the supply of a good and […]
Figure 2-5 58) Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point X? A) 5 million tons of steel B) 9 million tons of paper C) 5 million tons of paper D) 19 million tons of steel 59) Refer to Figure 2-5. If the economy is currently […]
41. Mary received the following items during 2014: Christmas bonus from her employer$500 Christmas gift from her father$ 35 Prize won in a radio show contest$100 What is the total amount of the above items that must be included in Mary’s 2014 gross income? a. $0 b. $100 c. $500 d. $600 e. $635 42. As a Christmas thank you for being a good employee, Ed’s TV Repair gave 62-year-old Edwina […]
11. Skills that are based on craft experience, training, knowledge, operational procedures, laws, and techniques of policing are known as a.human skills b.technical skills c.conceptual skills d.tactical skills 12.Supervisory managers will find that _______________ are exceedingly important and will dominate their working environment. a.human skills b.planning skills c.conceptual skills d.technical skills 13.Police managers often find that they are caught between the […]
21) In the figure above, the SLF curve is the supply of loanable funds curve and the PSLF curve is the private supply of loanable funds curve. If there is no ricardo-Barro effect and the government now runs a balanced budget, the A) interest rate will increase from 4 percent to 6 percent. B) equilibrium interest rate is 6 percent and investment is […]
21) Which of the following is an implicit cost in Jim’s business venture? i.the salary Jim could have earned at another job ii.the interest Jim must pay on the loan he incurred to help open his business iii.the interest Jim lost when he used his savings to help open his business A) i only B) ii only C) iii only D) i and iii […]
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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