Inquizitive Chapter 8
1. Profit is the amount of money a company earns. FALSE
2. When will firms have lower costs in the long run? Order the types of scales from that
with the lowest long-run average total cost to that with the highest long-run average
Lab Assignment #2
Part 1: Write the adjusting journal entries for Jones Company and answer the questions.
Our unadjusted trial balance reports $_5000_ of supplies. When we count the supplies at
month-end we only have $2000. What is the adjusting entry to
In 1968, Garret Hardin wrote about a hypothetical pasture being ruined
by ImthT. The cause was ADO: I IXIownership that gave each herder LU]:
(REIT Mi to use the pasture and HXIIEIIT Mi to exercise restraint One
solution for this kind of sit
Dmppmpa 9mm CEDDOI IXiTTTTIpJJJIrT W0 amt ILMTT/JJXIIXI a
! L'ilMIW (RICH-UN
96WLFITEFTHXT TDF W
/ IWTT 19H IGXWAQTi EDT F IWEI 1&1me W LlUDpT Ti Ill Lil ll-mam
WT Ll$DvT GUIGXWIX Li I Dli IT Ill W 17);? IGXWACHT
ODE 1W I
mgr/m mommw 11w: Lreums mpuxelxtA
Ana kin is given three options:
(1) Pay $100 for an 80% chance ofwinning $400.
(2) Pay $100 fora 30% chance ofwinning $600.
(3) Pay $100 for a sure-thing payout of $300.
If Ana kin is a risk-neutral gambler, wh
Underground economies are smallest in countries with strong economies.
TC orrect choiceT rue
What data do economists use to calculate the real GDP of a nation?
P rice level
Which of the following by denition
1 IIOIT nmmmw am We
CWT WT If]: BMW
me 11mm LLIb Ilmcm WWW/mm umx: am
me HMO LLIDALCTTr mama/1pm HXTX: 3mm
/L',T|rI%'T 11mm 5|an
/ IXITtlEDLE mar m um mmmrnmmvar m mm imammm
mm Lula] 11mm 1mm mma
up; CEII limeET ETLLTr WTioMXCI
Midterm 2 Review Questions
What is a price ceiling? A price floor?
When are price ceilings/floors binding vs nonbinding?
When is there a shortage/surplus in a market? What is a shortage/surplus?
What is price gouging?
What is t
Topics/Questions to Review
What is scarcity?
What are some examples of direct incentives? Indirect incentives?
What is an opportunity cost?
Can you tell me what the opportunity cost of taking this class is?
What is marginal think
ECON 200 SUMMER II MIDTERM 2 ANSWER KEY
Directions: Please Answer all questions. This exam is worth 250 points. There are 26 multiple
choice questions worth 5 points each. There are 12 short answer questions worth 10 points each.
Please clearly mar
Lab #10 Ch 11 Stockholders Equity
Answer the following questions about the balance sheet for Pier 1
Imports, Inc. partial equity section for the year ended December 31,
2000 and 2001.
Common Stock, $1 par value,
Lab Assignment #6 - Chapter 8
Part A: Wingit Company uses the Allowance method (Percent of Accounts Receivable basis)
to calculate estimated bad debts. The company estimates that 10% of accounts
receivable will be uncollectible.
At December 31, 2012, Wing
Lab Assignment #7 - Chapter 9
Based on the following information, determine the cost of the Truck:
Paid _$20,500_ for a basic truck from the car dealer.
Paid $700 to have the company name and logo painted on the side of the tr
Lab #3 Internal Control & Bank Reconciliation
1. Internal controls consist of methods and measures to (provide a brief
description of each):
to protect your assets. Important because investors want their assets
to protected which will i
Lab 9 Ch 10 Liabilities
Part 1: Current Liabilities
1. In the month of December American Eagle sells $1.2 million
of gift cards. Record the sale of these gift cards:
As these gift cards get used (exchanged by the customer for
merchandise at American Eagle
Lab #8 - Time Value of Money and PV of Bonds
Part 1: Use the present and future value tables in your texts Appendix to
complete the following questions. ROUND YOUR ANSWERS TO THE
NEAREST WHOLE DOLLAR
1. Your aunt offers to give you $_10,000_ today. You de
Chapter 8: Business Costs & Production
Profits and Losses
Profit (or loss) = Total Revenue Total cost
Costs have two components:
in the local newspaper
The labor of an
who works for the
company, but does n
Economics Test 3 Notes
1. Full Employment
2. Stable Prices
3. Economic Growth
4. Favorable Balance of Trade
5. Limiting Government Growth
1. Natural Rate of Unemployment: long run nominal rate of unemployment around
1. A monopolist follows the same profit-maximizing rule as a firm in a competitive market:
produce until marginal cost equals marginal revenue. As prices go down, the monopolist
gains more customers. At the same time, this lowers the revenue f
1. Which of the following conditions hold for a firm maximizing its profits?
Revenue gained from the next unit sold equals the cost of producing it.
Selling units beyond this point will reduce profits
Revenue gained from the next unit sold equals zero
IQ Chapter 13
1. All games have dominant strategies? FALSE
2. How is oligopoly different from monopolistic competition?
There are significant barriers to entry in an oligopolistic market.
There are few sellers in an oligopolistic industry.
There are low b
ECON 200 Midterm 2 Review Topics
This is a list of topics you should be comfortable with ahead of Fridays exam. The list is not
exhaustive, but understanding these topics will be essential if you plan to do well on Midterm 2
Dsshqglcfw_=J u:ls kvlq hfrqrp lfv
minim; HM Tzixi memo; 21x56 FT Lmixm mourn
Li 1X? Llidmt Twill li
2.2. What is a production possibilities frontier?
camp; run/Mm 1m 1w tr m mr mm); mm mm
! iXIX) WM