79) The figure above shows the market for annual influenza immunizations the United States. With no government intervention, the market equilibrium is at a price of ________ and ________ million immunizations per year. A) $60; 14 B) $40; 14 C) $30; 14 D) $40; 22 E) None of the above answers are correct. 80) The figure above shows the market for […]
71) Which type of compensation would most likely be given in a unionized firm? A) merit pay B) performance-based pay C) profit sharing D) lump-sum bonuses 72) In nonunionized firms: A) employees are required to open health savings accounts. B) employees pay for their benefits strictly out-of-pocket. C) employers and employees share most benefits costs. D) employers pay for all health benefits. […]
8.4 Trade Costs and Export Decisions 1) In the model of monopolistic competition, trade costs between countries will cause domestic and foreign markets to have ________ prices, ________ quantities sold, and ________ profit levels. A) different; different; different B) identical; different; different C) different; different; identical D) identical; different; identical E) identical; identical; different 2) In the model of monopolistic competition, […]
71) There can be strong pressure on the Bank of Canada to validate a large negative supply shock. The motive behind this pressure is A) to reduce unemployment below the NAIRU. B) that the Bank of Canada must be seen to be pursuing a restrictive monetary policy, in order to stop any expectational inflation. C) that wages often fall only very slowly, so […]
11) Agricultural price supports in the United States A) harm U.S. consumers, U.S. taxpayers, and foreign farmers and creates a deadweight loss. B) benefit U.S. taxpayers, U.S. farmers, and U.S. consumers. C) create gains to U.S. farmers that are at least as large as losses to U.S. consumers. D) decrease the deadweight loss and improve market efficiency. E) None of the above answers is […]
31) In 1994, the Bureau of Labor Statistics started to report A) the unemployment rate weekly to provide a better picture of the labor market. B) alternative measures of the unemployment rate that include narrower measures of the labor market. C) alternative measures of the unemployment rate that include broader measures of the labor market. D) the unemployment rate by surveying 200,000 households. […]
41) The table above shows the total product schedule for Rick’s Lawn Service, a yard care company. The total product schedule shows A) increasing marginal returns when the 6th worker is hired. B) decreasing marginal returns when the 1st worker is hired. C) first increasing and then decreasing marginal returns. D) output first increases then increases. E) only decreasing marginal returns. […]
11.What type of desert is associated with upwelling ocean currents? a.polar b.subtropical c.rain shadow d.midlatitude e.coastal 12.About what percentage of the Earth’s surface is covered by midlatitude deserts and semiarid grasslands? a.14% b.23% c.32% d.41% e.55% 13.About how much of the Earth’s surface is covered by deserts exclusive of semiarid grasslands? a.10% b.33% c.66% d.75% e.90% 14.Which of the following is NOT one of […]
51) When the price level in the United States rises relative to the price level of other countries, ________ will rise, ________ will fall, and ________ will fall. A) imports; exports; net exports B) exports; imports; net exports C) net exports; exports; imports D) net exports; imports; exports 52) The international trade effect states that a(n) ________ in the price level will […]
71) Suppose there is a competitive market for retail workers at a large shopping mall that is large enough to constitute its own labour market. The labour demand curve is = 1000 – 20(w). The labour supply curve is = 400 + 40(w). Suppose that a union now successfully organizes the workers at this mall and obtains a wage rate of $11 (but does […]
51.A reversing entry should not be made for an adjusting entry to record
A. the accrued salaries.
B. an accrued expense item that will involve future cash payments.
C. an accrued income item that will involve future cash receipts.
D. depreciation.
52.The entry to reverse the adjustment for accrued interest income consists of a debit to
A. Interest Income and a credit to Income Summary.
B. Interest Income and a credit to Interest Receivable.
C. Interest Income and a credit to Interest Expense.
D. Interest Receivable and a credit to Interest Income.
53.In the general journal, reversing entries are dated as of
A. the last day of the old fiscal period.
B. the first day of the new fiscal period.
C. any day during the month of the new fiscal period.
D. any time before the end of the fiscal period.
54.The entry to reverse the adjusting entry for accrued payroll taxes expense includes
A. a debit to Payroll Taxes Expense.
B. a debit to Employee Income Tax Payable.
C. a credit to Social Security Tax Payable and a credit to Medicare Tax Payable.
D. a debit to Social Security Tax Payable and a debit to Medicare Tax Payable.
55.A company reported gross profit of $85,000, total operating expenses of $40,000 and interest income of $2,500. What is the income from operations?
A. $47,500
B. $42,500
C. $40,000
D. $45,000
56.For the current fiscal year, Purchases were $166,000, Purchase Returns and Allowances were $3,000 and Freight In was $12,000. If the beginning merchandise inventory was $110,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:
A. $186,000
B. $116,000
C. $210,000
D. $216,000
57.Which of the following is not a selling expense:
A. Advertising Expense
B. Rent Expense
C. Sales Salaries Expense
D. Delivery Expense
58.Which of the following would not be classified as a Current Asset:
A. Equipment
B. Supplies
C. Accounts Receivable
D. Cash
59.Interest Expense is classified as a(n):
A. Administrative Expense
B. Selling Expense
C. Other Income
D. Other Expense
60.Which of the following is not a section on a Classified Balance Sheet:
A. Current Assets
B. Long-Term Liabilities
C. Selling Expenses
D. Plant and Equipment
61.Which of the following should be classified as a General and Administrative Expense on a Multi-Step Income Statement:
A. Delivery Expense
B. Sales Salaries Expense
C. Insurance Expense
D. Advertising Expense
62.Cost of Goods Sold is classified as a(n):
A. Revenue account
B. Asset account
C. Expense account
D. Owner's Equity account
63.At the end of the year Stan Still Stationery Store had the following balances: Sales $580,000; Sales Discounts $2,540; Sales Returns and Allowances $14,280; Sales Salaries Expense $60,000. The Net Sales for the year are:
A. $565,720
B. $577,460
C. $563,180
D. $503,180
64.For the current fiscal year, Purchases were $245,000, Purchase Returns and Allowances were $8,600, Purchase Discounts were $2,200 and Freight In was $32,000. If the beginning merchandise inventory was $60,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:
A. $266,200
B. $281,200
C. $272,800
D. $251,200
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