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Question 1
The economic concept of "opportunity cost" is most closely associated with which of the following management considerations?market structureresource scarcityproduct demandtechnologyQuestion 2Scarcity is a condition that exists whenthere is a fixed supply of resources relative to the demand for the product.there is a large demand for a product.resources are not able to meet the entire demand for a product.All of theseQuestion 3A critical element of entrepreneurship (as opposed to managerial skills) isleadership skills.risk taking.technology.political skills.Question 4A large corporation's profit objective may not be profit or wealth maximization, becausestockholders have little power in corporate decision making.management is more interested in maximizing its own income.managers are overly concerned with their own survival and may not take all prudent risks.All of theseQuestion 5Unlike an accountant, an economist measures costs on a(n) ________ basis.explicitreplacementhistoricalconservativeQuestion 6A firm's "normal profit" is best characterized by theaverage of a firm's profits over the past five years.amount of profit necessary to keep the price of a firm's stock from changing.amount of profit a firm could earn in its next best alternative activity.the average amount of profit earned in the firm's industry.Question 7If the price of a substitute increases, which of the following is most likely to happen in the market for the product under consideration in the short run?Supply will increase.Firms will leave the market.Firms will devote more variable inputs in the production of this good.Firms will devote less variable inputs in the production of this good.Question 8Which of the following best applies to the distinction between the "long run" and the "short run"?The short run is a period of approximately 1-6 months while the long run is any time frame which is longer.In the short run, only new firms may enter, while in the long-run firms may either enter or exit the market.The rationing function of price is a short-run phenomenon whereas the guiding function is a long-run phenomenon.All of these statements are correct.Question 9A market is in equilibrium whensupply is equal to demand.the price is adjusting upward.the quantity supplied is equal to the quantity demanded.tastes and preference remain constant.Question 10If government imposes a price ceiling on a good that is below the market equilibrium pricea surplus will develop.a shortage will develop.producers will reduce their sales price.consumers will reduce their demand for the good.Question 11If an item has several good substitutes, the demand curve for that item is likely to berelatively inelastic.relatively elastic.perfectly inelastic.unit elastic.Question 12If a firm decreases the price of a good and total revenue decreases, thenthe demand for this good is price elastic.the demand for this good is price inelastic.the cross elasticity is negative.the income elasticity is less than 1.Question 13When a regression coefficient is significant at the .05 level, it means thatthere is only a five percent chance that there will be an error in a forecast.there is 95 percent chance that the regression coefficient is the true population coefficient.there is a five percent chance or less that the estimated coefficient is zero.there is a five percent chance or less that the regression coefficient is not the true population coefficient.Question 14A major problem in projecting with a trend line is thatonly straight-line projections can be accommodated.it is valid only if the trend is upward.it will not forecast turning points in activity.it is a very complex method of forecasting.Question 15When the R2 of a regression equation is very high, it indicates thatall the coefficients are statistically significant.the intercept term has no economic meaning.a high proportion of the variation in the dependent variable can be accounted for by the variation in the independent variables.there is a good chance of serial correlation and so the equation must be discarded.Question 16When is it not in the best interest of a company to hire additional workers in the short run?when the average product of labor is decreasingwhen the firm is in Stage II of the production processwhen the marginal revenue product equals zerowhen the wage rate is equal to or greater than labor's marginal revenue productQuestion 17The production period in which at least one input is fixed in quantity is theproduction run.long run.short run.planning horizon.Question 18Answer the questions based on the following information.The marginal product of the fourth worker is150 units of output.24 units of output.negative.36 units of output.Question 19Which of the following statements best represents a difference between short-run and long-run cost?Less than one year is considered the short run; more than one year the long run.There are no fixed costs in the long run.In the short-run labor must always be considered the variable input and capital the fixed input.All of these are true.Question 20Which level indicates the point of maximum economic efficiency?lowest point on AC curvelowest point on AVC curvelowest point on MC curveNone of theseQuestion 21When a firm increased its output by one unit, its AFC decreased. This is an indication thatthe law of diminishing returns has taken effect.MC < AFC.AVC < AFC.the firm is spreading out its total fixed cost.Question 22If an industry could be organized either perfectly competitively or as monopoly, a monopoly wouldproduce less output.produce where P > MC.charge higher prices.All of theseQuestion 23If a perfectly competitive firm incurs an economic loss, it shouldshut down immediately.try to raise its price.shut down in the long run.shut down if this loss exceeds fixed cost.Question 24Monopoly is characterized byunique products.market entry and exit are difficult or impossible.non-price competition not necessary.All of theseQuestion 25In perfect competition, if firms enter the market in the long runtotal supply will increase causing market price to increase.total supply will decrease causing market price to decrease.total supply will decrease causing market price to increase.total supply will increase causing market price to decrease.
The new shares were distributed on December 10, 2013. Make the journal entries to record the declaration and distribution of the stock dividend.
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Hacker Software has 7.4 percent coupon bonds on the market with 9 years to maturity. The bonds make semiannual payments and currently sell for 96 percent of par. What is the current yield on the bonds? Calculate the YTM. Calculate the effective an..
The required return on this stock is 10 percent, and the stock currently sells for $76 per share. What is the projected dividend for the coming year?
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Explain how important transfer pricing issues are for measuring performance and in the business world. Give an example to illustrate the issues.
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1 .the weight of a .5 cubic yard bag of landscape mulch is uniformly distributed over the interval from 38.5 to 41.5
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