31) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb spends all her time assembling packets, how many can she assemble?

A) 32

B) 40

C) 64

D) 160

E) 22

32) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. What is Deb's opportunity cost of assembling 1 packet?

A) 160 envelopes

B) 40 envelopes

C) 4 envelopes

D) 1/4 of an envelope

E) 4 packets

33) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. Which of the following statements is correct?

A) Deb has a comparative advantage in assembling packets.

B) Pete has an absolute advantage in both assembling packets and stuffing envelopes.

C) Deb has a comparative advantage in stuffing envelopes.

D) Deb has an absolute advantage in both assembling packets and stuffing envelopes.

E) Deb has a comparative advantage in both assembling packets and stuffing envelopes.

34) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb and Pete specialize and trade, how many packets will be assembled?

A) 40

B) more than 40 and less than 80

C) 80

D) 160

E) more than 80 and less than 160

35) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of growing another ton of potatoes?

A) 400 cows

B) 80 cows

C) 100 cows

D) 0 cows

E) 1 ton of potatoes

36) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of raising another 100 cows?

A) 1.25 tons of potatoes

B) 5.0 tons of potatoes

C) 3.0 tons of potatoes

D) 1.0 ton of potatoes

E) 100 cows

37) In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 1 gallon

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 2 gallons

38) In the above figure, Jack's opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 1 gallon

39) In the above figure, Jill's opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

40) In the above figure, Jill's opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

41) Using the figure above, if Jack and Jill specialize and gain from trade, then

A) Jack produces equal amounts of gallons of water and bottled water.

B) Jack specializes in the production of bottled water.

C) Jack and Jill produce beyond their PPF.

D) Jack specializes in the production of soda.

E) Jack specializes on the production of soda and water.

31) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb spends all her time assembling packets, how many can she assemble?

A) 32

B) 40

C) 64

D) 160

E) 22

32) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. What is Deb's opportunity cost of assembling 1 packet?

A) 160 envelopes

B) 40 envelopes

C) 4 envelopes

D) 1/4 of an envelope

E) 4 packets

33) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. Which of the following statements is correct?

A) Deb has a comparative advantage in assembling packets.

B) Pete has an absolute advantage in both assembling packets and stuffing envelopes.

C) Deb has a comparative advantage in stuffing envelopes.

D) Deb has an absolute advantage in both assembling packets and stuffing envelopes.

E) Deb has a comparative advantage in both assembling packets and stuffing envelopes.

34) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb and Pete specialize and trade, how many packets will be assembled?

A) 40

B) more than 40 and less than 80

C) 80

D) 160

E) more than 80 and less than 160

35) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of growing another ton of potatoes?

A) 400 cows

B) 80 cows

C) 100 cows

D) 0 cows

E) 1 ton of potatoes

36) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel's opportunity cost of raising another 100 cows?

A) 1.25 tons of potatoes

B) 5.0 tons of potatoes

C) 3.0 tons of potatoes

D) 1.0 ton of potatoes

E) 100 cows

37) In the above figure, Jack's opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 1 gallon

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 2 gallons

38) In the above figure, Jack's opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 1 gallon

39) In the above figure, Jill's opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

40) In the above figure, Jill's opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

41) Using the figure above, if Jack and Jill specialize and gain from trade, then

A) Jack produces equal amounts of gallons of water and bottled water.

B) Jack specializes in the production of bottled water.

C) Jack and Jill produce beyond their PPF.

D) Jack specializes in the production of soda.

E) Jack specializes on the production of soda and water.

31. Which of the following is considered a measure of short-term liquidity? A. Gross profit percentageB. Quick ratioC. Dividend yield ratioD. Return on assets ratio

32. Which of the following is a measure of liquidity? A. Current ratioB. Earnings per shareC. Accounts receivable turnover ratioD. Return on common equity

33. Britt CompanySelected data from Britt Company's financial statements are provided below. 

2012

2011

2010

Cash

$  22,000

$  14,000

$    7,000

Accounts receivable

42,000

16,000

57,200

Inventory

22,000

83,000

50,000

Prepaid expenses

23,000

18,000

20,800

Total current assets

109,000

131,000

135,000

Total current liabilities

$  65,000

$  72,000

Net credit sales

221,000

326,000

Cost of goods sold

168,000

299,000

Net cash flows from operating activities

16,000

29,000

Refer to the selected financial data for Britt Company. Britt's current ratio for 2012 is: A. 0.60.B. 0.99.C. 1.34.D. 1.68.

34. Britt CompanySelected data from Britt Company's financial statements are provided below. 

2012

2011

2010

Cash

$  22,000

$  14,000

$    7,000

Accounts receivable

42,000

16,000

57,200

Inventory

22,000

83,000

50,000

Prepaid expenses

23,000

18,000

20,800

Total current assets

109,000

131,000

135,000

Total current liabilities

$  65,000

$  72,000

Net credit sales

221,000

326,000

Cost of goods sold

168,000

299,000

Net cash flows from operating activities

16,000

29,000

Refer to the selected financial data for Britt Company. Which of the following statements is true regarding the company's liquidity? A. Based on the current ratio, the company’s ability to meet its short-term obligations appears to have deteriorated at the end of 2012 compared to 2011.B. The quick ratio decreased from 2011 to 2012.C. The operating cash flow ratio increased from 2011 to 2012.D. Based on the quick ratio, the company appears to be in a better position to pay its current obligations at the end of 2012 compared to 2011.

35. Britt CompanySelected data from Britt Company's financial statements are provided below. 

2012

2011

2010

Cash

$  22,000

$  14,000

$    7,000

Accounts receivable

42,000

16,000

57,200

Inventory

22,000

83,000

50,000

Prepaid expenses

23,000

18,000

20,800

Total current assets

109,000

131,000

135,000

Total current liabilities

$  65,000

$  72,000

Net credit sales

221,000

326,000

Cost of goods sold

168,000

299,000

Net cash flows from operating activities

16,000

29,000

Refer to the selected financial data for Britt Company. Assume that competitors in Britt's industry have an average receivable turnover ratio of 7.8 times in 2012. Britt's receivable turnover ratio for 2012 is: A. an indicator that Britt has tightened its credit policies.B. of no value to bankers and other creditors.C. indicating that Britt's collection policies are less strict than those of its competitors.D. significantly above the industry average.

36. Britt CompanySelected data from Britt Company's financial statements are provided below. 

2012

2011

2010

Cash

$  22,000

$  14,000

$    7,000

Accounts receivable

42,000

16,000

57,200

Inventory

22,000

83,000

50,000

Prepaid expenses

23,000

18,000

20,800

Total current assets

109,000

131,000

135,000

Total current liabilities

$  65,000

$  72,000

Net credit sales

221,000

326,000

Cost of goods sold

168,000

299,000

Net cash flows from operating activities

16,000

29,000

Refer to the selected financial data for Britt Company. Assume that competitors in Britt's industry have an average inventory turnover ratio of 20.8 times in 2012. Britt's inventory turnover ratio for 2012 indicates that the company: A. has too little inventory on hand at the end of 2012.B. is pricing its products too low.C. is selling its inventory much more quickly than the industry average.D. may have problems with generating sales.

37. Liquidity analysis is required to: A. evaluate a company's profitability.B. assess a company's ability to pay its current liabilities.C. be reported in the financial statements for all publicly traded companies.D. provide information about a company's capital structure.

38. Which of the following is an example of liquidity analysis? A. Total liabilities are divided by total assets.B. Net income is divided by average total assets.C. Net income is divided by the average number of common shares outstanding.D. Quick assets are divided by current liabilities.

39. Which of the following results is generally considered favorable? A. A large decrease in the accounts receivable turnover ratio.B. An increase in the inventory turnover ratio.C. An increase in sales along with a larger decrease in the gross profit percentage.D. A decrease in the operating cash flow ratio.

40. Inventory turned over seven times during the year at Prosser Electronics. Similar electronics retailers have an inventory turnover equal to twelve times per year. What explains Prosser's state of inventory management? A. Prosser sold too much inventory during the year.B. Prosser needs to increase sales and decrease the amount of inventory on hand.C. Prosser is performing much better than its competitors.D. Prosser should increase the amount of goods on hand to accommodate the growth in inventory demand.

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