41) Refer to Table 13-3. The total revenue obtained if the 5th unit of the factor of production is hired is A) $160. B) $180. C) $192. D) $202. E) $210. 42) Refer to Table 13-3. The total revenue obtained if the 7th unit of the factor of production is hired is A) $160. B) $180. C) $192. D) $202. E) $210. 43) Refer […]

  51.The _____ outlawed the paying of bribes to foreign government officials to gain business.   A. Monopoly trade practices Act B. Foreign Corrupt Practices Act C. Sullivan principles D. Smith-Connally Act E. Taft-Hartley Act 52._____ are the payments that are made to expedite routine government actions, and hence are also known as speed money or grease payments.   A. Amortized payments B. Subvention payments C. Facilitating payments D. Deferred payments E. Custom payments 53.The Foreign […]

  7.5   The Price Elasticity of Demand and Its Measurement 1) Price elasticity of demand measures A) how responsive suppliers are to price changes. B) how responsive sales are to changes in the price of a related good. C) how responsive quantity demanded is to a change in price. D) how responsive sales are to a change in buyers’ incomes. 2) Suppose the value of […]

  20.1   Measuring Economic Inequality   1) In the United States, the poorest 20 percent of the household receive approximately ________ percent of total money income. A) 3.3 B) 9.5 C) 11.8 D) 17.6 E) 20.0   2) In the United States, the richest 20 percent of households receive approximately ________ percent of total money income. A) 33 B) 12 C) 50 D) 75 E) […]

    21) If the world price of a good is below the no-trade domestic price, a country A) will benefit from exporting the good. B) will benefit from importing the good. C) cannot benefit from trade. D) has a comparative advantage in the production of that good. E) will not engage in trade for that good. 22) Suevania opens its doors to trade with […]

    11) Carine’s position at FireWall was terminated when she refused to participate in office theft for her supervisor. This is most likely an example of: A) whistleblowing. B) due process. C) employment at will. D) wrongful discharge.   12) Frank, a union member, is discharged by his employer for gross misconduct. When Frank appeals the decision to his union, he is most likely […]

  MULTIPLE CHOICE 11.              The accounting concept requiring that an accounting system reflect information relating only to those economic events pertaining to a particular entity is the: A)business entity concept B)going entity concept C)monetary unit concept D)periodicity concept 12.              The accounting concept which assumes that, absent any information to the contrary, the business will continue into the foreseeable future is the: A)business entity concept B)future […]

  9.4   The Case Against Protection 1) If supporters of restrictions on imports argue that protection is needed to preserve a strategic industry, which of the following is being used? A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Protecting national culture argument 2) Which of the following is the national security argument against free trade? A) A […]

  121.A firm sells some products to a foreign country. The foreign country pays the firm in dollars, but in exchange, the firm agrees to spend some of the proceeds from the sale on textiles produced by the foreign country. In which of the following types of countertrade arrangement are the two parties engaged?   A. Switch trading B. Buyback C. Counterpurchase D. Barter E. Compensation 122.A(n) _____ refers to a […]

    89.Sweet Cocoa produces chocolate syrup used by candy companies. Recently, the company has had excess capacity due to a foreign supplier entering its market. Sweet Cocoa is currently bidding on a potential order from Kilwin’s Candy for 5,000 cases of syrup. The estimated cost of each case is $27.50, as follows: direct material, $10; direct labor, $5; and manufacturing overhead, $12.50. The overhead […]