6.3   Cost, Price, and Producer Surplus 1) To a seller, the cost of a good or service is ________, and the price is ________. A) what must be given up to produce the good or service; what is received for the good or service B) what is received for the good or service; what must be given up to produce the good or service […]

    79.Teal Sports offers 2 different types of water sport activities—sailfish rental and banana boat rides. The company has two different activities—lifeguarding and maintenance—that provide input into its cost objectives. Data on estimated overhead for the year follows:   ActivityDriverEstimated Overhead CostSailfish Rental EstimateBoat Rides Estimate Lifeguarding# of Labor hours$63,9403,280 hours2,280 hours MaintenanceHours of riding time$88,0001,500 hours2,500 hours   The company provides 2,400 banana […]

  51) The sum of the balances of the three accounts of the balance of payments (the current account, the capital and financial account, and the official settlements account) is A) negative if there is a balance of trade deficit. B) equal to zero. C) positive if there is a balance of trade surplus. D) negative if there is a balance of trade surplus or […]

    51.What is true about the absorption and storage of fat-soluble versus water-soluble vitamins in the body? a.Water-soluble vitamins can build to toxic levels because they circulate in the bloodstream. b.Fat-soluble vitamins are stored in the liver and fatty tissues until the body needs them. c.The body can survive for weeks without replacing water-soluble vitamins. d.Fat-soluble vitamins are absorbed directly into the bloodstream.   […]

  154.Wyatt Parks is interested in purchasing the stock of Dobbins Products, a company that sells bricks to the construction industry. Before purchasing the stock, Parks would like to learn as much as possible about the company. However, all he has to go on is the current year’s (Year 3) annual report, which contains no comparative data other than the summary of the ratios given […]

  14.9   APPENDIX: The M2 Money Multiplier   1) The equation that represents M2 in the model of the money supply process is A) M2 = C + D. B) M2 = C + D + T – MMF. C) M2 = C + D – T + MMF. D) M2 = C + D + T + MMF.   2) In the model of […]

      31) In the figure above, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. At this point there is A) an inflationary gap. B) a recessionary gap. C) price stability. D) a full-employment equilibrium. E) an above full-employment equilibrium.   32) In the figure above, the economy is at an equilibrium with real […]

    41.Characterize EACH of the three given statements as being TRUE or FALSE and then indicate the collective true-false status of the statements using the choices. (1) A solution of concentration 7.6 %(m/m) contains 7.6 grams of solute per 1 liter of solution. (2) The use of antifreeze in car radiators in the winter and the use of rock salt in making homemade ice […]

  41) In the above figure, Jill’s opportunity cost of producing 1 gallon of bottled water is ________ of soda. A) 2 gallons B) 1/2 of a gallon C) 4 gallons D) 1 gallon E) 1/4 of a gallon 42) Using the figure above, if Jack and Jill specialize and gain from trade, then A) Jack produces equal amounts of gallons of water and bottled […]

      10.4   Chapter Figures     The figure above shows the demand for loanable funds curve.   1) In the figure above, a movement from point A to point C can be the result of A) an increase in expected profit. B) a decrease in expected profit. C) a rise in the real interest rate. D) a fall in the real interest rate. […]