ec141week2selfcheck
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ec141week2selfcheck

Course: EC 141, Summer 2012

School: Park

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1. Other things being equal, the law of demand suggests that as: A. The demand for 3-D TVs increases, the price will decrease B. Income increases, the quantity of 3-D TVs demanded will increase *C. The price of 3-D TVs decreases, the quantity demanded will increase D. The price of 3-D TVs decreases, the quantity demanded will decrease 2. A news story states that "CDs lose their appeal as consumers switch to...

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Other 1. things being equal, the law of demand suggests that as: A. The demand for 3-D TVs increases, the price will decrease B. Income increases, the quantity of 3-D TVs demanded will increase *C. The price of 3-D TVs decreases, the quantity demanded will increase D. The price of 3-D TVs decreases, the quantity demanded will decrease 2. A news story states that "CDs lose their appeal as consumers switch to iPods for music." In a competitive market for CDs, this situation would lead to a(n): A. Increase in the price and the quantity sold of CDs *B. Decrease in the price and the quantity sold of CDs C. Increase in the price and a decrease in the quantity sold of CDs D. Decrease in the price and an increase in the quantity sold of CDs 3. As a result of a fall in the price of gasoline, consumers can afford to take more driving trips. This is an illustration of: *A. The income effect B. The substitution effect C. Diminishing marginal utility D. The rationing function of prices 4. If the market price is above the equilibrium price: A. A shortage will occur and producers will produce more and lower prices *B. A surplus will occur and producers will produce less and lower prices C. A surplus will result and consumers will bid prices up D. Producers will make extremely high profits 5. Which statement best illustrates the concept of diminishing marginal utility? A. If the price of hamburger declines, there will be a change in consumer tastes in favor of hamburger B. A typical consumer will less receive satisfaction from consuming hamburgers than from consuming pork *C. A typical consumer will receive less satisfaction from consuming the fourth hamburger per week than the third hamburger per week D. A decrease in the price of hamburger will cause consumers to buy more hamburger because they have, in effect, received an increase in income 6. Which is a determinant of the demand for housing? A. The price of lumber B. Wages for electricians C. The price of housing *D. Changes in the expected future price of housing 7. Refer to the above graph with three demand curves. An increase in quantity demanded would be illustrated by a change from: A. Point 4 to point 6 B. Point 2 to point 1 *C. Point 4 to point 1 D. Point 2 to point 5 8. Refer to the above graph with three demand curves. A decrease in demand would be illustrated as a change from: A. Point 1 to point 4 B. Point 1 to point 3 C. Line C to B *D. Line A to C 9. Which of the following will not cause the supply curve to shift? A. A change in the costs of resources needed to produce the good B. A technological change in the production of the good *C. A change in the price of the good D. A change in the prices of other goods that could be produced 10. Which would cause a rightward shift in the supply curve for telephone service? *A. A decrease in the wages of telephone workers B. An increase in the price of telephones C. An increase in the taxes paid by telephone companies D. A decrease in a subsidy given to telephone companies

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Park - EC - 141
Price Per Bushel3.43.744.34.64.9Thousands ofBushelsDemanded858075706560Thousands of BushelsSupplied72737577798190858075Thousands of BushelsDemandedThousands of BushelsSupplied70656055123456
Park - EC - 141
Page 1 of 1Unit 2: Week 2 - Week 2 HomeworkPrintWeek 2 HomeworkRemember, homework is your opportunity to practice using your newly developed skills andknowledge. In order to get the maximum benefit out of this assignment, you are to work alone tocre
Park - EC - 141
Page 1 of 2Unit 2: Week 2 (Aug 27 - Sep 02)Week 2 IntroductionDemand, Supply, and Market EquilibriumYou might have heard the joke that to teach a parrot economics, all you need to do is to teach it how to saydemand and supply. This is because a lot o
Park - EC - 141
Page 1 of 4Unit 2: Week 2 - Week 2 Lecture ALecture ADemand, Supply, and Market EquilibriumThis week we will start looking at one of the key economic tools for analyzing markets Demand and Supply!Demand and Supply determine the prices of goods and se
Park - EC - 141
Page 1 of 3Unit 2: Week 2 - Week 2 Lecture BLecture BDemand, Supply, and Market EquilibriumSo far, we have discussed how the equilibrium price and quantity are determined by the interaction of demand andsupply in the market. Weve discussed the determ
Park - EC - 141
Page 1 of 6Unit 2: Week 2 - Week 2 Lecture NotesWeek 2 Lecture NotesChapter Learning ObjectivesIn this chapter, students will learn:What demand is and what affects it. LO1What supply is and what affects it. LO2How supply and demand together determi
Park - EC - 141
Student ExamPage 1 of 4Unit 2 : Week 2 - Week 2 QuizTime Remaining: 00:24:1500:24:15Save AnswersSubmit for Grading1. DVD players and DVDs are: (Points : 1)complementary goods.substitute goods.independent goods.inferior goods.2. If an effective
Park - EC - 141
Week 2 HomeworkQuestion 3:What effect will each of the following have on the demand for small automobiles such asthe Mini Cooper and Smart car?a. Small automobiles become more fashionable.a. A change in taste will push up the demand. This will cause
Park - EC - 141
Page 1 of 3Course HomeAnnouncementsExpand AllAnnouncementDiscussion Week #3: Directions for GDPSubmitterDate/Time *Randall Boor9/4/2012 12:00AMDataGovernment websites and links are constantly changing, but the following procedure worked forme
Park - EC - 141
Week 3 DiscussionInstructionsThe purpose of this discussion board is to provide you with a forum to discuss your newly discoveredeconomic concepts in light of current issues and real world situations with others in the class. In essence, itis a practi
Park - EC - 141
Page 1 of 1Unit 3: Week 3 - Week 3 HomeworkPrintWeek 3 HomeworkRemember, homework is your opportunity to practice using your newly developed skills andknowledge. In order to get the maximum benefit out of this assignment, you are to work alone tocre
Park - EC - 141
Page 1 of 3Unit 3: Week 3 - Week 3 Lecture AWeek 3 Lecture AGDP and Economic GrowthThis week, we begin our discussion of macroeconomics. As we learned in Week 1, macroeconomics is the study ofa nation's economy as a whole.Gross Domestic Product (GDP
Park - EC - 141
Page 1 of 2Unit 3: Week 3 - Week 3 Lecture BWeek 3 Lecture BGDP and Economic GrowthLimitations of GDP as a measure of economic well-beingGDP tells us a great deal about the state of an economy. However it has some limitations that we need to be aware
Park - EC - 141
Page 1 of 7Unit 3: Week 3 - Week 3 Lecture NotesWeek 3 Lecture NotesChapter Learning ObjectivesIn this chapter, students will learn:1. How gross domestic product (GDP) is defined and measured. LO12. How economists distinguish between nominal GDP and
Park - EC - 141
Week 3 Self-Check Quiz1. Adding the market value of all final and intermediate goods and services in an economy in agiven year would result in:A. The calculation of GDP for that yearB. The calculation of NDP for that yearC. An amount less than GDP fo
Penn State - ECON - 1010
1. Suppose there are two firms with one demand function. This same (common) demandfunction is:Q = 1,000 40Pwith MR = 25 0.05QHowever, each firm has its own cost function which is different. These two different costfunctions are shown below respective
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Chapter 1 QuizPage 1 of 3Chapter 1 quiz1.2.Management accounting information is developed for all of the following constituentsEXCEPT:a. workers.b. bondholders.c. managers.d. executives.Management accounting has the following characteristics EX
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Chapter 2 QuizPage 1 of 4Chapter 2 quiz1.Which of the following costs is NOT a manufacturing cost?a. direct materialsb. overtime premiumsc. rent on a factory buildingd. sales force training2.Which of the following costs are marketing costs?a. s
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Chapter 3 QuizPage 1 of 3Chapter 3 quiz1.Which of the following statements about job order costing systems is false?a. A job order costing system is a method used for estimating product costs in firms that haveseveral distinct products.b. A job ord
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Chapter 4 QuizPage 1 of 3Chapter 4 quiz1.The use of unit-based cost drivers has the following consequences:a. simple products are undercostedb. complex products are overcostedc. (a) and (b)d. none of the above2.Products might consume different a
University of Houston-Victoria - AC - 6352
Chapter 5 QuizPage 1 of 3Chapter 5 quiz1.Costs that cannot be altered by any decision made now or in the future are called:a. indirect costs.b. rework costs.c. sunk costs.d. relevant costs.2.Tom Terry manufactures an intricately detailed plastic
University of Houston-Victoria - AC - 6352
Chapter 6 QuizPage 1 of 3Chapter 6 quiz1.A price taker firm is one that:a. has little or no influence on the industry supply and demand forces, and consequently on theprices of its products.b. sets the prices of its products.c. accepts whatever pr
University of Houston-Victoria - AC - 6352
Chapter 7 QuizPage 1 of 4Chapter 7 quiz1.Which of the following cycles is not part of the total life cycle costing approach?a. the RD&E cycleb. the manufacturing cyclec. the research, development and post-manufacturing cycled. the post-sale servic
University of Houston-Victoria - AC - 6352
Chapter 8Page 1 of 2Chapter 8: Motivating Behavior in MACSQUIZ1.When implementing a new management accounting and control system, it is BEST:a.to allow management to implement their ideasb.for management to involve employees in the implementation
University of Houston-Victoria - AC - 6352
Chapter 9 QuizPage 1 of 4Chapter 9 quiz1.The information from a Balanced Scorecard is relevant only to the highest level managers in anorganization.a. trueb. false2.Cause and effect relationships are important in establishing a Balanced Scorecard
University of Houston-Victoria - AC - 6352
Chapter 10Page 1 of 2Chapter 10: Using Budgets to Achieve organizational ObjectivesQUIZ1.A budget should/can do all of the following EXCEPT that it:a.should be prepared by managers from different functional areas working independently of each other
University of Houston-Victoria - AC - 6352
Vedat AktasACC 6352Homework 3Feb 09th, 2010E 3 24a) Cost driver rate of the machine departments$ 350,000/ 14,000 machine hrs = $25/ machine hrCost driver rate for finishing department$280,000/ $350,000 = 80% of direct labor costb)Machining Dept
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Shaneel MithaACC 6352Home work # 25-36(a)If the facility-sustaining support costs are unavoidable the offer by SuperiorCompressor should not be accepted.Cost per unitCost of purchaseMakeBuy$200Variable cost:Direct material$ 80Direct labor6
University of Houston-Victoria - AC - 6352
Shaneel MithaChapter 6 HW6-20a)Selling PriceVariable costUnit cmIce Cream1284Min Sq ft requiredMax Sq ft requiredAllocated to Max totalcm24100100Juice13103Frozen Dinner2420.53.5Frozen Veg9722410026241001002410024b) T
University of Houston-Victoria - AC - 6352
10-44 (a) Quantity sales level($44 Q) + $32,000 = ($40 Q) + $40,000$4Q = 8,000Q = 2,000 units(b) R Revenue (sales level in dollars)Q = equivalent number of units, so that R $55 Q10-49 (a)Material price variance = (AP SP) PQ= ($97 100) 40,000= $12
University of Houston-Victoria - AC - 6352
Management Accounting:Information That Creates ValueChapter 1Management Accounting Information The institute of Management Accountants hasdefined management accounting as: A value-adding continuous improvement processof planning, designing, measuri
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Cost Management Conceptsand Cost BehaviorChapter 2What Does Cost Mean? There is no single definition of cost Costs are developed and used for somespecific purpose The way the cost is to be used willdefine the way it should be computed Management
University of Houston-Victoria - AC - 6352
TraditionalCost ManagementSystemsChapter 3Cost Management Systems Cost management systems have a widevariety of uses Two cost management systems havebeen used traditionally to cost productsand services Job order costing Process costing Many co
University of Houston-Victoria - AC - 6352
Activity-Based CostManagement SystemsChapter 4Simple Cost Accounting Systems:Ericson Ice Cream CompanyExample Ericson had been the low-cost producer ofchocolate and vanilla ice cream, with profitmargins exceeding 20% of sales Several years ago Er
University of Houston-Victoria - AC - 6352
ManagementAccountingInformationforActivityandProcessDecisionsChapter 5EvaluationofFinancialImplicationsManagers must evaluate the financialimplications of decisions that require trade-offsbetween the costs and the benefits of differentalternatives
University of Houston-Victoria - AC - 6352
Cost InformationforPricingandProduct PlanningChapter 6Role Of Product Costs In PricingAnd Product Mix Decisions Understanding how to analyze product costs isimportant for making pricing decisions: Managers make decisions about establishing orac
University of Houston-Victoria - AC - 6352
Management Accounting andControl Systems:Assessing Performance overthe Value ChainChapter 7Management Accountingand Control System Generatesand uses information to helpdecision makers assess whether anorganization is achieving its objectives A
University of Houston-Victoria - AC - 6352
Motivating Behavior inManagement Accounting andControl SystemsChapter 8Management Accountingand Control Systems Chapter 7 discussed the technicalcharacteristics of a well-designedmanagement accounting and control system A major role for control s
University of Houston-Victoria - AC - 6352
The Balanced ScorecardChapter 9Achieving Success in theInformation Era To achieve success in the information era,companies need more than prudent investment inphysical assets and excellent management offinancial assets and liabilities Companies mo
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Using Budgets to AchieveOrganizational ObjectivesChapter 10Resource Flexibility For decisions affecting the short-term, the firmscapacity-related costs are considered as givenand fixed The supply of capacity resources is based on theamount needed
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Chapter 2Buying and Selling SecuritiesConcept Questions1.Purchasing on margin means borrowing some of the money used to buy securities. You do it becauseyou desire a larger position than you can afford to pay for, recognizing that using margin is a f
University of Houston-Victoria - FINANCE - 6361
Chapter 3Overview of Security TypesConcept Questions1.The two distinguishing characteristics are: (1) all money market instruments are debt instruments(i.e., IOUs), and (2) all have less than 12 months to maturity when originally issued.2.Preferred
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Chapter 4Mutual FundsConcept Questions1.Mutual funds are owned by fund shareholders. A fund is run by the fund manager, who is hired bythe funds directors. The funds directors are elected by the shareholders.2.A rational investor might pay a load b
University of Houston-Victoria - FINANCE - 6361
Chapter 5The Stock MarketConcept Questions1. The new car lot is a primary market; every new car sold is an IPO. The used car lot is a secondarymarket. The Chevy retailer is a dealer, buying and selling out of inventory.2. Both. When trading occurs in
University of Houston-Victoria - FINANCE - 6361
Chapter 6Common Stock ValuationConcept Questions1. The basic principle is that we can value a share of stock by computing the present value of all futuredividends.2. P/E ratios measure the price of a share of stock relative to current earnings. All e
University of Houston-Victoria - FINANCE - 6361
Chapter 7Stock Price Behavior and Market EfficiencyConcept Questions1. The market is not weak-form efficient.2. Unlike gambling, the stock market is a positive sum game; everybody can win. Also, speculatorsprovide liquidity to markets and thus help p
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Chapter 8Behavioral Finance and the Psychology of InvestingConcept Questions7. At the time the theory was developed, large companies in the U.S. were either involved in themanufacturing of goods or the transportation of them (primarily railroads). The
University of Houston-Victoria - FINANCE - 6361
Chapter 9Interest RatesConcept Questions1.Short-term rates have ranged between zero and 14 percent. Long-term rates have fluctuated betweenabout two and 13 percent. Long-term rates, which are less volatile, have historically been in the fourto-five p
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Chapter 10Bond Prices and YieldsConcept Questions1.Premium (par, discount) bonds are bonds that sell for more than (the same as, less than) their face orpar value.2.The face value is normally $1,000 per bond. The coupon is expressed as a percentage
University of Houston-Victoria - FINANCE - 6361
Chapter 11Diversification and Risky Asset AllocationConcept Questions1.Based on market history, the average annual standard deviation of return for a single, randomlychosen stock is about 50 percent. The average annual standard deviation for an equal
University of Houston-Victoria - FINANCE - 6361
Chapter 12Return, Risk, and the Security Market LineConcept Questions1.Some of the risk in holding any asset is unique to the asset in question. By investing in a variety ofassets, this unique portion of the total risk can be almost completely elimin
University of Houston-Victoria - FINANCE - 6361
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University of Houston-Victoria - FINANCE - 6361
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University of Houston-Victoria - FINANCE - 6361
Chapter 15Stock OptionsConcept Questions1.Assuming American-style exercise rights, a call option confers the right, without the obligation, tobuy an asset at a given price on or before a given date. An American-style put option confers theright, wit
University of Houston-Victoria - FINANCE - 6361
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