156.Crystal Catering had three jobs in process as of January 1, 2013: Job 47              $2,500 Job 49              1,600 Job 50              3,600   In addition, Job 48was completed and awaiting shipmentonJanuary 1, 2013. Its cost was $5,600. During 2013, the company incurred the following costs: Direct material              $ 135,000 Direct labor              120,000 Manufacturing overhead              110,000   At the end of 2013, two jobs were in […]

    51) The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton. A) $16; $14 B) $500; $300 C) $14; $16 D) $700; $300 E) $500; $700   52) International trade benefits A) only […]

  51. (p. 340) Which of the following would be considered to be the first phase in the international planning process?  A. Adapting the marketing mix to target markets B. Developing the marketing plan C. Matching company and country needs D. Implementation and control E. Defining company objectives and resources 52. (p. 341) Which of the following would be subjects analyzed or explored in the first phase of the international planning process?  A. Company character B. Product adaptation […]

    61) Select the phrase that correctly completes the following statement. “A positive change in technology caused an increase in the supply of flat-screen televisions. As a result A) the price of flat-screen televisions decreased and the demand for flat-screen televisions increased.” B) the equilibrium quantity of flat-screen televisions decreased.” C) the price of flat-screen televisions decreased and the quantity demanded of flat-screen televisions […]

  17.2   Output and Price Decisions   1) For a monopolistically competitive firm, the demand curve A) is a horizontal line. B) has a positive slope. C) is vertical. D) has a negative slope. E) is the same as the marginal revenue curve. 2) The marginal revenue curve facing a monopolistically competitive firm A) lies on its demand curve. B) lies above its demand curve. […]

    81.              Which of the following is an exothermic process? A)ice melting B)water evaporating C)boiling soup D)condensation of water vapor E)Ammonium thiocyanate and barium hydroxide are mixed, resulting in a decrease in temperature of the surroundings.   82.              Which of the following processes is endothermic? A)burning gasoline in an internal combustion engine B)evaporation of perspiration on your skin C)burning wood in a fireplace D)condensing […]

    51) A price-discriminating monopoly is a monopoly that A) sells its output at a single price to all of its customers. B) sells different units of a good or service at different prices. C) has control over the resources used to produce the product. D) has a license to sell the product. E) illegally charges different customers different prices for the good it […]

    11) Refer to Figure 8-1. Diminishing marginal productivity sets in after A) the 2nd worker is hired. B) the 3rd worker is hired. C) the 4th worker is hired. D) the 5th worker is hired.   12) Refer to Figure 8-1. In a diagram that shows the marginal product of labor on the vertical axis and labor on the horizontal axis, the marginal […]

    101.Under what circumstances may a manager be motivated to defer a shipment until the next period? A.When budgeted costs have been overstated for the current year B.When revenue for the current year is less than expected C.When this year’s budgeted income is less than expected D.When the budgeted income for the current year has already been attained   102.Workman Company had sales of […]

  131.Whatwillhappentotheequilibriumpriceofnewtextbooksifmorestudentsattendcollege,paperbecomescheaper,textbookauthorsacceptlowerroyalties,andfewerusedtextbooksaresold? a.Pricewillrise. b.Pricewillfall. c.Pricewillstayexactlythesame. d.Thepricechangewillbeambiguous. 132.Newoaktablesarenormalgoods.Whatwouldhappentotheequilibriumpriceandquantityinthemarketforoaktablesifthepriceofmapletablesrises,thepriceofoakwoodrises,morebuyersenterthemarketforoaktables,andthepriceoftheglueusedintheproductionofthenewoaktablesincreased? a.Pricewillfall,andtheeffectonquantityisambiguous. b.Pricewillrise,andtheeffectonquantityisambiguous. c.Quantitywillfall,andtheeffectonpriceisambiguous. d.Quantitywillrise,andtheeffectonpriceisambiguous. 133.Whatwouldhappentotheequilibriumpriceandquantityofpeanutbutterifthepriceofpeanutswentup,thepriceofjellyfell,fewerfirmsdecidedtoproducepeanutbutter,andhealthofficialsannouncedthateatingpeanutbutterwasgoodforyou? a.Pricewillfall,andtheeffectonquantityisambiguous. b.Pricewillrise,andtheeffectonquantityisambiguous. c.Quantitywillfall,andtheeffectonpriceisambiguous. d.Quantitywillrise,andtheeffectonpriceisambiguous. 134.Pensarenormalgoods.Whatwillhappentotheequilibriumpriceofpensifthepriceofpencilsrises,consumersexperienceanincreaseinincome,writingininkbecomesfashionable,peopleexpectthepriceofpenstoriseinthenearfuture,thepopulationincreases,fewerfirmsmanufacturepens,andthewagesofpen-makersincrease? a.Pricewillrise. b.Pricewillfall. c.Pricewillstayexactlythesame. d.Thepricechangewillbeambiguous. 135.Whatwillhappentotheequilibriumpriceandquantityoftraditionalcamerafilmiftraditionalcamerasbecomemoreexpensive,digitalcamerasbecomecheaper,thecostoftheresourcesneededtomanufacturetraditionalfilmfalls,andmorefirmsdecidetomanufacturetraditionalfilm? a.Pricewillfall,andtheeffectonquantityisambiguous. b.Pricewillrise,andtheeffectonquantityisambiguous. c.Quantitywillfall,andtheeffectonpriceisambiguous. d.Quantitywillrise,andtheeffectonpriceisambiguous. 136.Newcarsarenormalgoods.Whatwillhappentotheequilibriumpriceofnewcarsifthepriceofgasolinerises,thepriceofsteelfalls,publictransportationbecomescheaperandmorecomfortable,auto-workersacceptlowerwages,andautomobileinsurancebecomesmoreexpensive? a.Pricewillrise. b.Pricewillfall. c.Pricewillstayexactlythesame. d.Thepricechangewillbeambiguous. 137.Whatwillhappentotheequilibriumpriceandquantityofnewcarsifthepriceofgasolinerises,thepriceofsteelrises,publictransportationbecomescheaperandmorecomfortable,andauto-workersnegotiatehigherwages? a.Pricewillfall,andtheeffectonquantityisambiguous. b.Pricewillrise,andtheeffectonquantityisambiguous. c.Quantitywillfall,andtheeffectonpriceisambiguous. d.Quantitywillrise,andtheeffectonpriceisambiguous. 138.ConsiderthemarketfornewDVDs.IfDVDplayersbecamecheaper,buyersexpectedDVDpricestofallnextyear,usedDVDsbecamemoreexpensive,andDVDproductiontechnologyimproved,thentheequilibriumpriceofanewDVDwould a.rise. b.fall. c.staythesame. d.couldrise,fall,orremainunchanged. 139.Whichofthefollowingsetsofeventsmustcauseanincreaseinthepriceofanewhouse? a.higherwagesforcarpenters,higherwoodprices,increasesinconsumerincomes,higherapartmentrents,increasesinpopulation,andexpectationsofhigherhousepricesinthefuture b.lowerwagesforcarpenters,lowerwoodprices,increasesinconsumerincomes,higherapartmentrents,increasesinpopulationandexpectationsofhigherhousepricesinthefuture c.lowerwagesforcarpenters,higherwoodprices,decreasesinconsumerincomes,higherapartmentrents,decreasesinpopulationandexpectationsofhigherhousepricesinthefuture d.higherwagesforcarpenters,lowerwoodprices,decreasesinconsumerincomes,lowerapartmentrents,decreasesinpopulationandexpectationsoflowerhousepricesinthefuture 140.Whatwouldhappentotheequilibriumpriceandquantityoflattésifcoffeeshopsbeganusingamachinethatreducedtheamountoflabornecessarytoproducesteamedmilk,whichisusedtomakelattés,andscientistsdiscoveredthatcoffeepreventsheartattacks? a.Boththeequilibriumpriceandquantitywouldincrease. b.Boththeequilibriumpriceandquantitywoulddecrease. c.Theequilibriumpricewouldincrease,andtheeffectonequilibriumquantitywouldbeambiguous. d.Theequilibriumquantitywouldincrease,andtheeffectonequilibriumpricewouldbeambiguous.