Consider the following situation. Molly is one among the 61 bidders who took part in a first-price sealed-bid auction for vintage furniture. Molly places a value of $850, the highest value, for a vintage dressing table that came up for auction. Joseph has the second-highest willingness-to-pay of $750.   69) Refer to the scenario above. Which of the following is an optimal bid for […]

    11. Our CLalt is:  A. a judgment determined solely by the attractiveness of other potential partners. B. determined by two factors, the attractiveness of other partners and the attractiveness of being by ourselves. C. a multifaceted judgment encompassing both the various costs of leaving and the enticements offered by others. D. relatively stable, based on our long history of relationships.   12. In talking about interdependence theory, your textbook […]

    31.Chemical equilibrium is reached in a system when a.complete conversion of reactants to products has occurred b.reactant and product concentrations are equal c.reactants are being consumed at the same rate they are being produced d.more than one correct response e.no correct response       32.In writing an equilibrium constant expression, which of the following is incorrect? a.Concentrations are always expressed in molarities. […]

  58.              A process with no beginning work in process, completed and transferred out 95,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete. The equivalent units of production for the period were: a.95,000 equivalent units. b.145,000 equivalent units. c.110,000 equivalent units. d.47,500 equivalent units. 59.              A department adds raw materials to a process at […]

    41) When the U.S. interest rate differential ________, the demand for dollars ________ and the demand curve for dollars shifts rightward. A) rises; decreases B) rises; increases C) falls; increases D) falls; decreases E) rises; does not change   42) If the U.S. interest rate rises relative to the interest rate in other countries, then the supply of dollars ________ and the demand […]

  41) All of the following activities must be performed when goods cross international boundaries except: A) obtaining currency permit, if required. B) packaging the goods for export. C) using cost-based pricing method. D) arranging for ocean freight and preparation. E) obtaining marine insurance and certificate of the policy. 42) A manufacturer attempting to set prices for its products in export markets must realize that […]

  71.RefertoFigure34-2.Assumethemoneymarketisalwaysinequilibrium,andsupposer1=0.08;r2=0.12;Y1=13,000;Y2=10,000;P1=1.0;andP2=1.2.Whichofthefollowingstatementsiscorrect? a.Whenr=r2,nominaloutputishigherthanitiswhenr=r1. b.Whenr=r2, realoutput ishigher thanitis whenr=r1. c.Whenr=r2,theexpectedrateofinflationishigherthanitiswhenr=r1. d.Ifthevelocityofmoneyis4whenr=r2,then the quantityof money is$3,000. 72.RefertoFigure34-2.Assumethemoneymarketisalwaysinequilibrium,andsupposer1=0.08;r2=0.12;Y1=13,000; Y2=10,000;P1=1.0;andP2=1.2.Whichofthefollowingstatementsiscorrect?WhenP=P2, a.investmentislowerthanitiswhenP=P1. b.nominaloutputishigherthanitiswhenP=P1. c.theexpectedrateofinflationishigherthanitiswhenP=P1. d.the velocityof moneyis higherthan itiswhenP=P1. Figure34-3   73.RefertoFigure34-3.Whatquantityisrepresentedbythedownward-slopinglineontheleft-handgraph? a.thesupplyofmoney b.thedemandformoney c.therateofinflation d.AggregateDemand. 74.RefertoFigure34-3.Whichofthefollowingsequences(numberedarrows)showsthelogicoftheinterest-rateeffect? a.1,2,3,4 b.1,4,3,2 c.3,4,2,1 d.3,2,1,4 75.RefertoFigure34-3.ForaneconomysuchastheUnitedStates,whatcomponentofthedemandforgoodsandservicesismostresponsibleforthedecreaseinoutputfromY1toY2? a.consumption b.investment c.netexports d.governmentspending 76.Accordingtoliquiditypreferencetheory,ifthequantityofmoneydemandedisgreaterthanthequantitysupplied,thentheinterestratewill a.increaseandthequantityofmoneydemandedwilldecrease. b.increaseandthequantityofmoneydemandedwillincrease. c.decreaseandthequantityofmoneydemandedwilldecrease. d.decreaseandthequantityofmoneydemandedwillincrease. 77.Whenhouseholdsfindthemselvesholdingtoomuchmoney,theyrespondby a.purchasinginterest-earningfinancialassetsandinterestratesfall. b.purchasinginterest-earningfinancialassetsandinterestratesrise. c.holdingtheextramoneyandinterestratesrise. d.sellinginterest-earningfinancialassets,whicheliminatestheexcesssupplyofmoney. 78.Accordingtoliquiditypreferencetheory,ifthequantityofmoneysuppliedisgreaterthanthequantitydemanded,thentheinterestratewill a.increaseandthequantityofmoneydemandedwilldecrease. b.increaseandthequantityofmoneydemandedwillincrease. c.decreaseandthequantityofmoneydemandedwilldecrease. d.decreaseandthequantityofmoneydemandedwillincrease. 79.Accordingtoliquiditypreferencetheory,iftherewereasurplusofmoney,then a.theinterestratewouldbeaboveequilibriumandthequantityofmoneydemandedwouldbetoolargeforequilibrium. b.theinterestratewouldbeaboveequilibriumandthequantityofmoneydemandedwouldbetoosmallforequilibrium. c.theinterestratewouldbebelowequilibriumandthequantityofmoneydemandedwouldbetoosmallforequilibrium. d.theinterestratewouldbebelowequilibriumandthequantityofmoneydemandedwouldbetoolargeforequilibrium. 80.Theinterestratewouldfallandthequantityofmoneydemandedwould a.increaseiftherewereasurplusinthemoneymarket. b.increaseiftherewereashortageinthemoneymarket. c.decreaseiftherewereasurplusinthemoneymarket. […]

  181.RefertoFigure9-16.TheareaC+D+E+Frepresents a.thedecreaseinconsumersurpluscausedbythetariff. b.thedecreaseintotalsurpluscausedbythetariff. c.thedeadweightlossofthetariffminusgovernmentrevenueraisedbythetariff. d.thedeadweightlossofthetariffplusgovernmentrevenueraisedbythetariff. 182.Aquotais a.ataxplacedonimports. b.a limitonthequantity ofimports. c.ataxonexportstoothercountries. d.anexcessofexportsoverimports. 183.Bothtariffsandimportquotas a.increasethequantityofimportsandraisethedomesticpriceofthegood. b.increasethequantityofimportsandlowerthedomesticpriceofthegood. c.decreasethequantityofimportsandraisethedomesticpriceofthegood. d.decreasethequantityofimportsandlowerthedomesticpriceofthegood. 184.Amajordifferencebetweentariffsandimportquotasisthat a.tariffscreatedeadweightlosses,butimportquotasdonot. b.tariffshelpdomesticconsumers,andimportquotashelpdomesticproducers. c.tariffsraiserevenueforthegovernment,butimportquotascreatesurplusforthosewhogetthelicensestoimport. d.Alloftheabovearecorrect. 185.Tariffsandquotasaredifferentinthesensethat a.tariffscausedeadweightlosses,whilequotasdonotcausedeadweightlosses. b.tariffsraiserevenueforthegovernment,whilequotasdonotraiserevenueforthegovernment. c.tariffsenhancethewell-beingofdomesticconsumers,whilequotasdiminishthewell-beingofdomesticconsumers. d.tariffsenhancethewell-beingofdomesticproducers,whilequotasdiminishthewell-beingofdomesticproducers. 186.Importquotasandtariffsproducesimilarresults.Whichofthefollowingisnotoneofthoseresults? a.Thedomesticpriceofthegoodincreases. b.Consumersurplusofdomesticconsumersincreases. c.Producersurplusofdomesticproducersincreases. d.Adeadweightlossisexperiencedbythedomesticcountry. 187.Importquotasandtariffsproducesomecommonresults.Whichofthefollowingisnotoneofthosecommonresults? a.Totalsurplusinthedomesticcountryfalls. b.Producersurplusinthedomesticcountryincreases. c.Thedomesticcountryexperiencesadeadweightloss. d.Revenueisraisedforthedomesticgovernment. 188.Animportquota a.ispreferabletoatariffsinceanimportquotadoesnotcreateadeadweightloss. b.isataxonimportedgoods. c.reducesthewelfareofdomesticconsumers. d.reducesthewelfareofdomesticproducers. 189.ThenationofAquiloniahasdecidedtoenditspolicyofnottradingwiththerestoftheworld.Whenitendsitstraderestrictions,itdiscoversthatitisimportingincense,exportingsteel,andneitherimportingnorexportingrugs.WecanconcludethatAquilonia’snewfree­tradepolicyhas a.increasedconsumersurplusandproducersurplusintheincensemarket. b.increasedconsumersurplusinthesteelmarketandleftproducersurplusintherugmarketunchanged. c.decreasedconsumersurplusinboththesteelandrugmarkets. d.decreasedconsumersurplusinthesteelmarketandincreasedtotalsurplusintheincensemarket. 190.ThenationofAquiloniahasdecidedtoenditspolicyofnottradingwiththerestoftheworld.Whenitendsitstraderestrictions,itdiscoversthatitisimportingrice,exportingsteel,andneitherimportingnorexportingTVs.WecanconcludethatproducersurplusinAquiloniaisnow a.higherinthesteelmarket,lowerinthericemarket,andunchangedintheTVmarket. b.higherinthericeandsteelmarkets,andunchangedintheTVmarket. c.lowerinthericeandTVmarkets,andhigherinthesteelmarket. d.lowerinthericeandsteelmarkets,andthesameintheTVmarket.    

  51. Which of the following is not deductible as an itemized deduction? a. State income taxes b. Personal property taxes c. Charitable contributions d. Local income taxes e. All of the above may be deductible as itemized deductions 52. Jerry and Ann paid the following amounts during 2014:  Interest on automobile loan$1,500 Interest on bank loan (proceeds were used to purchase municipal bonds)$5,000 Qualified home mortgage interest$3,000 What is the maximum […]

  11.3   The Federal Reserve System   1) A public authority that provides banking services to commercial banks and regulates financial institutions and markets is called a A) commercial bank. B) thrift institution. C) central bank. D) money market fund. E) mint.   2) All of the following are financial institutions that accept deposits and make loans to people and businesses EXCEPT A) commercial banks. […]