PART I — MULTIPLE CHOICE (60 points) Instructions: Designate the best answer for each of the following questions. 1. Which of the following is a responsibility center that incurs expenses, generates revenues, and is responsible for generating a return on assets? a. Cost center b. Revenue center c. Profit center d. Investment center 2. Which one of the following is the most […]
41) Sharisse brags to her mother that her starting salary as a management trainee is $36,000, much higher than her mother’s starting salary of $21,000 as a management trainee several years ago. If the CPI the year Sharisse begins work is 181.2 and the CPI the year her mother started work was 109.1, Sharisse is A) wrong. Adjusting for price changes, her salary is […]
71.During Bisbee’s first year of business, office supplies were purchased for cash in the amount of $4,600 and the amount was debited to supplies expense. At the end of the first year, the physical count indicated that $425 of supplies was unused. How much should be reported on the balance sheet for office supplies? a.$4,600 b.$4,175 c.$5,025 d.$425 72.On January 1, Wages Payable for […]
11) If a firm frequently changes the basis of its pay-for-performance system, it will most likely: A) diminish its credibility gap. B) violate its psychological contract with employees. C) generate fear among employees due to a lack of control. D) increase employees’ intrinsic drive to perform beyond expectations. 12) In most firms, pay-for-performance compensation systems experience a credibility gap among approximately ________ of […]
51.Your uncle is considering taking an herbal medicine to control his hypertension after seeing an add for a product on the Internet. What would you tell him? a.Because herbal medicines have been used for many years, they are safe. b.Buy herbal products with content labels on the bottle because they are the most reliable. c.Herbal products are made from natural ingredients so they […]
111.Whichofthefollowingwillcauseanincreaseinproducersurplus? a.the imposition ofa bindingprice ceilingin themarket b.buyersexpectthepriceofthegoodtobelowernextmonth c.thepriceofasubstituteincreases d.incomeincreasesandbuyersconsiderthegoodtobeinferior 112.Ifthedemandforleatherdecreases,producersurplusintheleathermarket a.increases. b.decreases. c.remainsthesame. d.mayincrease,decrease,orremainthesame. 113.Ifthedemandforlightbulbsincreases,producersurplusinthemarketforlightbulbs a.increases. b.decreases. c.remainsthesame. d.mayincrease,decrease,orremainthesame. 114.TheSurgeonGeneralannouncesthateatingchocolateincreasestoothdecay.Asaresult,theequilibriumpriceofchocolate a.increases,andproducersurplusincreases. b.increases,andproducersurplusdecreases. c.decreases,andproducersurplusincreases. d.decreases,andproducersurplusdecreases. 115.Supposeconsumerincomeincreases.Ifgrassseedisanormalgood,theequilibriumpriceofgrassseedwill a.decrease,andproducersurplusintheindustrywilldecrease. b.increase,andproducersurplusintheindustrywillincrease. c.decrease,andproducersurplusintheindustrywillincrease. d.increase,andproducersurplusintheindustrywilldecrease. 116.Whichofthefollowingstatementsisnotcorrect? a.Asellerwouldbeeagertosellherproductatapricehigherthanhercost. b.Asellerwouldrefusetosellherproductatapricelowerthanhercost. c.Asellerwouldbeindifferentaboutsellingherproductatapriceequaltohercost. d.Sincesellerscannotsetthepricefortheirproduct,theymustbewillingtoselltheirproductatanyprice. 117.Whichofthefollowingeventswouldincreaseproducersurplus? a.Sellers’costsstaythesameandthepriceofthegoodincreases. b.Sellers’costsincreaseandthepriceofthegoodstaysthesame. c.Sellers’costsincreaseandthepriceofthegooddecreases. d.Alloftheabovearecorrect. 118.Whichofthefollowingwillcauseadecreaseinproducersurplus? a.the imposition ofa bindingprice ceilingin themarket b.anincreaseinthenumberofbuyersofthegood c.incomeincreasesandbuyersconsiderthegoodtobenormal d.thepriceofacomplementdecreases 119.ABCCompanyincursacostof50centstoproduceadozeneggs,whileXYZCompanyincursacostof70centstoproduceadozeneggs.Whichofthefollowingpriceincreaseswouldcausebothcompaniestoexperienceanincreaseinproducersurplus? a.Thepriceofadozeneggsincreasesfrom40centsto55cents. b.Thepriceofadozeneggsincreasesfrom55centsto70cents. c.Thepriceofadozeneggsincreasesfrom55centsto75cents. d.Allofthesepriceincreaseswouldcausebothcompaniestoexperiencealossinproducersurplus. 120.Thewelfareofsellersismeasuredby a.consumersurplus. b.producersurplus. c.totalsurplus. d.price. 121.TheSurgeonGeneralannouncesthateatingapplespromoteshealthyteeth.Asaresult,theequilibriumpriceofapples a.increases,andproducersurplusincreases. b.increases,andproducersurplusdecreases. c.decreases,andproducersurplusincreases. […]
81. LeBlanc Manufacturing has the following product information available: Sales price $60 per unit Variable costs $20 per unit Fixed costs $50,000 If LeBlanc is in the 30% tax bracket, how many units need to be sold in order to earn an after-tax target profit of $490,000? A. 17,500 unitsB. 18,750 unitsC. 19,286 unitsD. 9,450 units 82. Blinson Manufacturing has the following product information available: Sales price $75 […]
81) Refer to Figure 2-6. If the economy is currently producing at point D, what is the opportunity cost of moving to point B? A) 8 thousand wrenches B) 23 thousand hammers C) 30 thousand wrenches D) 0 hammers 82) Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B? A) […]
31. CLR Inc. is a clothing manufacturer. Recently, CLR made and produced about 2,000 shirts. During the production process, some of the shirts did not have the required number of buttons sewed on. CLR has decided to rework the shirts to add the buttons. These rework costs would most likely be classified as which type of quality cost? A. Internal failure costsB. Appraisal (detection) costsC. Prevention costsD. External failure […]
85) When a celebrity has the desire to have his image protected following his death, this is best described as an example of the protection of A) an invention. B) a patent. C) a trademark. D) intellectual property. 86) In the desire to have a celebrity’s image protected to prevent it from being used in ways he would not approve, a celebrity’s […]
21. Which perspective below is CORRECTLY matched with its description?
A. Structuralism; emphasized what the mind does
B. Functionalism; emphasized the elements of mental experience
C. Humanism; emphasized the unconscious determinants of behavior
D. Gestalt psychology; emphasized the organization of perception
22. Donna-Lynn is preparing a visual display of psychology's early history. One panel is headed "The Gay '90s." It portrays developments in the 1890s. Another panel is titled "The Roaring '20s." It is devoted to the 1920s. Which theoretical perspectives in psychology should appear in each of these panels?
A. Gay '90s: functionalism; Roaring '20s: Gestalt psychology
B. Gay '90s: behaviorism; Roaring '20s: structuralism
C. Gay '90s: functionalism; Roaring '20s: behaviorism
D. Gay '90s: Gestalt psychology; Roaring '20s: structuralism
23. Which of the following figures best approximates the number of major perspectives in psychology?
A. One or two
B. About five
C. A dozen or so
D. As many as there are psychologists
24. The approach that views behavior from the perspective of the brain, the nervous system, and other biological functions is known as the _____ perspective.
A. psychodynamic
B. nature-nurture
C. cognitive
D. neuroscience
25. The neuroscience perspective:
A. suggests that all individuals naturally strive to grow, develop, and be in control of their lives and behavior.
B. focuses on how people think, understand, and know about the world.
C. considers how people and nonhumans function biologically.
D. argues that behavior is motivated by inner forces and conflicts about which we have little awareness or control.
26. Which contemporary perspective is CORRECTLY matched with its description?
A. Psychodynamic perspective; emphasizes automatic response of the individual to the environmental stimuli
B. Humanistic perspective; emphasizes how people know, understand, and think about the world
C. Behavioral perspective; emphasizes observable behavior and objectivity
D. Neuroscience perspective; emphasizes that behavior is motivated by inner forces and conflicts about which we have little awareness or control.
27. Noreen asserts that our behavior is motivated by inner forces and conflicts about which we have little awareness or control. This viewpoint is most consistent with the _____ perspective in psychology.
A. psychodynamic
B. humanistic
C. cognitive
D. neuroscience
28. To many people who have never taken a psychology course, psychology begins and ends with the _____ perspective.
A. neuroscience
B. behavioral
C. cognitive
D. psychodynamic
29. Contributions of the psychodynamic perspective include all of the following EXCEPT:
A. a way to understand and treat certain types of psychological disorders.
B. a way to understand such phenomena as prejudice and aggression.
C. a revolutionary effect on 20th-century thinking not only in psychology but in related fields as well.
D. a way to look at behavior in a more concrete, objective fashion.
30. Penny is a recovering drug addict. Her treatment program emphasizes the influence of her environment—"people, places, and things"—on her use of her drug of choice. Her program reflects the _____ perspective in psychology.
A. psychodynamic
B. behavioral
C. cognitive
D. neuroscience
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