21) In the long run, perfectly competitive firms produce at the output level that has the minimum A) marginal cost. B) average total cost. C) average variable cost. D) average fixed cost. E) total revenue. 22) In a perfectly competitive industry, i.entry by new firms shifts the market supply curve rightward. ii.exit by existing firms shifts the market supply curve leftward. iii.at all […]
31.A monopolist sets price at a point on the _______ curve, corresponding to the rate of output determined by the intersection of _______. A. Demand; marginal revenue and marginal cost B. Marginal revenue; marginal revenue and marginal cost C. Average total cost; price and marginal cost D. Demand; average total cost and marginal cost 32.A monopolist sets its price: A. Below the demand curve. B. Without constraints since there is […]
71.A critical competitive feature of an oligopoly is: A. the lack of interaction among the major players. B. the presence of a domestic market which is open for foreign firms. C. the desire of all the major players to avoid the phenomenon of diminishing returns. D. the interdependence of the major players. E. the lack of imitative behavior among the major players. 72.If one firm in an oligopoly cuts […]
SHORT-ANSWER ESSAY QUESTIONS S-A E 240 (a) Explain the similarities and differences between standards and budgets. (b) Contrast the accounting for standard and budgets. S-A E 241 Star Industries computes variances as a basis for evaluating the performance of managers responsible for controlling costs. For several months, the labor quantity variance has been unfavorable. Briefly explain what could be causing the unfavorable […]
31.Which of the following statements concerning lipid bilayers is correct? a.Both the exterior and interior surface of a lipid bilayer contain groups that are nonpolar. b.The interior of a lipid bilayer is polar. c.The two layers of molecules in a lipid bilayer are present in a “tail-to-tail” arrangement. d.More than one correct response. e.No correct response. 32.Which of the following […]
11.Whichparticularinterestrate(s)doweattempttoexplainusingthetheoryofliquiditypreference? a.onlythenominalinterestrate b.boththenominalinterestrateandtherealinterestrate c.onlytheinterestrateonlong-termbonds d.onlytheinterestrateonshort-termgovernmentbonds 12.AccordingtoJohnMaynardKeynes, a.thedemandformoneyinacountryisdeterminedentirelybythatnation’scentralbank. b.thesupplyofmoneyinacountryisdeterminedbytheoverallwealthofthecitizensofthatcountry. c.theinterestrateadjuststobalancethesupplyof,anddemandfor,money. d.theinterestrateadjuststobalancethesupplyof,anddemandfor,goodsandservices. 13.Accordingtothetheoryofliquiditypreference, a.iftheinterestrateisbelowtheequilibriumlevel,thenthequantityofmoneypeoplewanttoholdislessthanthequantityofmoneytheFedhascreated. b.iftheinterestrateisabovetheequilibriumlevel,thenthequantityofmoneypeoplewanttoholdisgreaterthanthequantityofmoneytheFedhascreated. c.thedemandformoneyisrepresentedbyadownward-slopinglineonasupply-and-demandgraph. d.Alloftheabovearecorrect. 14.Accordingtoclassicalmacroeconomictheory, a.thepricelevelisstickyintheshortrunanditplaysonlyaminorroleintheshort-runadjustmentprocess. b.foranygivenlevelofoutput,theinterestrateadjuststobalancethesupplyof,anddemandfor,money. c.outputisdeterminedbythesuppliesofcapitalandlaborandtheavailableproductiontechnology. d.Alloftheabovearecorrect. 15.Accordingtoclassicalmacroeconomictheory, a.outputisdeterminedbythesuppliesofcapitalandlaborandtheavailableproductiontechnology. b.foranygivenlevelofoutput,theinterestrateadjuststobalancethesupplyof,anddemandfor,loanablefunds. c.givenoutputandtheinterestrate,thepriceleveladjuststobalancethesupplyof,anddemandfor,money. d.Alloftheabovearecorrect. 16.Accordingtotheliquiditypreferencetheory,anincreaseintheoverallpricelevelof10percent a.increasestheequilibriuminterestrate,whichinturndecreasesthequantityofgoodsandservicesdemanded. b.decreasestheequilibriuminterestrate,whichinturnincreasesthequantityofgoodsandservicesdemanded. c.increasesthequantityofmoneysuppliedby10percent,leavingtheinterestrateandthequantityofgoodsandservicesdemandedunchanged. d.decreasesthequantityofmoneydemandedby10percent,leavingtheinterestrateandthequantityofgoodsandservicesdemandedunchanged. 17.Onthegraphthatdepictsthetheoryofliquiditypreference, a.thedemand-for-moneycurveisvertical. b.thesupply-of-moneycurveisvertical. c.theinterestrateismeasuredalongthehorizontalaxis. d.thepricelevelismeasuredalongtheverticalaxis. 18.Usingtheliquidity-preferencemodel,whentheFederalReservedecreasesthemoneysupply, a.theequilibriuminterestrateincreases. b.theaggregate-demandcurveshiftstotheright. c.thequantityofgoodsandservicesdemandedisunchangedforagivenpricelevel. d.theshort-runaggregate-supplycurveshiftstotheleft. 19.Inrecentyears,theFederalReservehasconductedpolicybysettingatargetforthe a.sizeofthemoneysupply. b.growthrateofthemoneysupply. c.federalfundsrate. d.discountrate. 20.Whileatelevisionnewsreportermightstatethat“TodaytheFedraisedthefederalfundsratefrom1percentto 1.25percent,”amorepreciseaccountoftheFed’sactionwouldbeasfollows: a.“TodaytheFedtolditsbondtraderstoconductopenmarketoperationsinsuchawaythattheequilibrium federalfundsratewouldincreaseto1.25percent.” b.“TodaytheFedraisedthediscountratebyaquarterofapercentagepoint,andthisactionwillforcethefederalfundsratetorisebythesameamount.” c.“TodaytheFedtookstepstoincreasethemoneysupplybyanamountthatissufficienttoincreasethefederalfundsrateto1.25percent.” d.“TodaytheFedtookasteptowardexpandingaggregatedemand,andthiswasdonebyraisingthefederalfundsrateto1.25percent.”
1. According to John Kotter, leadership, in contrast to management, entails: a. planning and budgeting. b. organizing and staffing. c. problem solving. d. setting an organizational direction. 2. Kotter suggests that leadership and management: a. consist of very similar activities. b. cannot be combined in a synergistic way. c. involve the management of major change efforts within the organization. d. are two distinct, yet complementary […]
71) When people expect that the future exchange rate will be lower, they ________ the supply of dollars and the current exchange rate ________. A) increase; rises B) increase; falls C) decrease; rises D) decrease; falls E) do not change; rises 72) Purchasing power parity is defined as A) a constant value for a currency. B) an equal value of money across […]
11. What is the energy of a photon of yellow light whose wavelength is 589 nm? A)3.37 ? 10–19 JD)5.09 ? 105 J B)3.37 ? 10–10 JE)3.38 ? 10–28 J C)1.77 ? 102 J 12. A laser used in DVD players has a wavelength of 405 nm. What is the energy of this light in joules? A)4.91 ? 10–28 JD)8.05 ? 10–23 […]
21) Property rights assure people that A) the government will not confiscate their income or savings. B) the government will provide a minimum standard of living. C) the factors of production and goods are owned jointly by the government and the people. D) economic growth will enhance government involvement in the economy. E) international trade will be limited. 22) Jose and Julia were […]
31) Unplanned inventories increase when
A) real GDP is less than aggregate planned expenditure.
B) actual aggregate expenditure is greater than aggregate planned expenditure.
C) actual aggregate expenditure is equal to GDP.
D) aggregate planned expenditure is less than GDP.
E) actual aggregate expenditure is less than GDP.
32) When the change in unplanned inventories is positive, then
A) real GDP is less than aggregate planned expenditure.
B) real GDP equals aggregate planned expenditure.
C) real GDP is larger than aggregate planned expenditure.
D) economic growth will occur as the economy returns to equilibrium.
E) planned inventories will increase in order to return to equilibrium.
33) According to the aggregate expenditure model, when faced with unwanted inventory firms
A) are forced to go out of business.
B) decrease production.
C) immediately cut prices.
D) increase production.
E) do nothing and wait for equilibrium to be restored.
34) If real GDP ________ aggregate planned expenditure, then as a result firms ________ production.
A) equals; increase
B) exceeds; decrease
C) is less than; decrease
D) equals; decrease
E) exceeds; increase
35) A country reports that unplanned inventories increased during 2012. The increase in unplanned inventories leads to
A) the government decreasing production, which decreases GDP.
B) consumers increasing their consumption expenditure, which increases GDP.
C) firms decreasing production, which decreases GDP.
D) firms increasing production, which increases GDP.
E) actual aggregate expenditure being different than real GDP.
36) If a firm accumulates unwanted inventories, then it
A) will increase its production.
B) must hire more workers.
C) has actual investment that is less than its planned investment.
D) will decrease its production.
E) has actual investment equal to its planned investment.
37) If firms' inventories exceed their planned inventories, firms
A) increase production.
B) decrease production.
C) increase GDP.
D) increase income.
E) increase employment.
38) In the aggregate expenditure (AE) model, when real GDP exceeds aggregate planned expenditure, actual inventories ________ planned inventories and real GDP ________.
A) exceed; increases
B) exceed; decreases
C) are less than; increases
D) are less than; decreases
E) exceed; does not change
39) When aggregate planned expenditure is less than GDP,
A) firms increase production until the economy reaches equilibrium expenditure.
B) firms decrease production until the economy reaches equilibrium expenditure.
C) the economy might be at its equilibrium expenditure and if it is, firms do not change their production.
D) the economy definitely is at its equilibrium expenditure and firms do not change production.
E) the economy definitely is at its equilibrium expenditure but even so, firms decrease production.
40) If real GDP exceeds aggregate planned expenditure, then the change in unplanned inventories is ________ and firms ________ production.
A) positive; increase
B) positive; decrease
C) negative; increase
D) negative; decrease
E) zero; do not change
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