Archives: Quiz

Supply, Demand, and Government Policies 1515 208. The minimum wage has its greatest impact on the market for a. female labor. b. older labor. c. black labor. d. teenage labor. ANSWER: d POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.15.27 – […]

Supply, Demand, and Government Policies 1495 168. Refer to Table 6-5. Suppose the government imposes a price ceiling of $3 on this market. What will be the size of the shortage in this market? a. 0 units b. 30 units […]

Supply, Demand, and Government Policies 1475 137. Refer to Figure 6-13. If the government imposes a price floor of $7 on this market, then there will be a. no surplus. b. a surplus of 10 units. c. a surplus of […]

Supply, Demand, and Government Policies 1455 105. Refer to Figure 6-6. In which of the following cases would sellers have to develop a rationing mechanism? a. a price ceiling set at $8 b. a price ceiling set at $6 c. […]

Chapter 6 1. An employee’s marital status and number of withholding allowances never appear on the payroll register. a. True b. False ANSWER: False POINTS: 1 2. Companies usually provide a separate column in the payroll register to record the […]

Supply, Demand, and Government Policies 1435 71. When a binding price floor is imposed on a market to benefit sellers, a. every seller in the market benefits. b. all buyers and sellers benefit. c. every seller who wants to sell […]

Chapter 5 1. Unemployment taxes (FUTA and SUTA) do not have to be paid by an employer who has only part-time employees. a. True b. False ANSWER: False POINTS: 1 2. The Social Security Act ordered every state to set […]

1416 Supply, Demand, and Government Policies 33. When a binding price ceiling is imposed on a market to benefit buyers, a. every buyer in the market benefits. b. every buyer and seller in the market benefits. c. every buyer who […]

Chapter 4 1. Before any federal income taxes may be withheld, there must be, or must have been, an employer-employee relationship. a. True b. False ANSWER: True POINTS: 1 2. Since not-for-profit corporations are exempt from federal income taxes, they […]

Supply, Demand, and Government Policies Multiple Choice – Section 00: Introduction 1. Which of the following is not correct? a. Economists have two roles: scientist and policy adviser. b. As scientists, economists develop and test theories to explain the world […]

Chapter 3 1. The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons. a. True b. False ANSWER: False POINTS: 1 2. FICA includes partnerships in its definition of employer. a. True b. False ANSWER: […]

1376 Elasticity and Its Application 7. Suppose the price of natural gas, a typical fuel for heating homes, rises in January in Alaska. Would you expect the price elasticity of demand for natural gas to more inelastic immediately after the […]

Chapter 2 1. Under the FLSA enterprise coverage test, hospitals and nursing homes are only covered if their annual charges for services are at least $500,000. a. True b. False ANSWER: False POINTS: 1 2. Institutions of higher education are […]

Elasticity and Its Application 1357 36. If a firm is facing elastic demand, then the firm should decrease price to increase revenue. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.23 – LO: 5-1 NATIONAL […]

Chapter 1 ACCREDITING STANDARDS: AICPA: v1–11 – FN-Reporting Blooms Taxonomy-5 – Remembering Business Program-3 – Analytic DATE CREATED: 6/6/2017 10:33 AM DATE MODIFIED: 7/17/2017 3:18 PM QUESTION ID: JFND-GO33-EW3R-KOJW QUESTION GLOBAL ID: GCID-E7BW-1TBP-CEHU-NCUB-CC3G-NATW-CO5N-43MR-GBTN-4PBT-CR4N- 4CTT-GC4N-43JI-GIOU-YQBI-CJDI-GWN8-EPRW-EMJW-GJUG-NPBU-GCHS- CCMN-8YSU-K3MD-8RSU-OATS-GOSU-K3DF-CASS-NPDB-GCAD-EQMG-E7JI- YT4D-JFNN-4OTI-GO4W-NQNBEE INSTRUCTION GLOBAL ID: GCID-e76631441651-1019-1d14-b53f-0bfc6c5a […]

Elasticity and Its Application 1337 32. In the early 1970s, OPEC’s goal was to a. decrease the world-wide price of oil so that the quantity demanded increased, thus raising total revenues for OPEC members. b. increase the world-wide price of […]

Chapter 1 True / False 1. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING […]

Elasticity and Its Application 1317 89. If the price elasticity of supply is zero, then a. supply is more elastic than it is in any other case. b. the supply curve is horizontal. c. the quantity supplied is the same, […]

Elasticity and Its Application 1297 54. A t-shirt maker would be willing to supply 75 t-shirts per day at a price of $18.00 each. At a price of $20.00, the t- shirt maker would be willing to supply 100 t-shirts. […]

14. Some firms eventually experience problems with their capacity to produce output as their output levels increase. For these firms, a. market power is substantial. b. supply is perfectly inelastic. c. supply is more elastic at low levels of output […]

47. Food and clothing tend to have a. small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods. b. small income elasticities because consumers buy proportionately more of both goods at higher […]

Elasticity and Its Application 1237 Figure 5-13 10. Refer to Figure 5-13. Between point A and point B, price elasticity of demand using the midpoint method is equal to a. 0.71. b. 0.85. c. 1.18. d. 1.40. ANSWER: b POINTS: […]

Elasticity and Its Application 1217 226. Refer to Figure 5-5. Using the midpoint method, demand is unit elastic between prices of a. $20 and $40. b. $40 and$50. c. $40 and$60. d. $50 and$70. ANSWER: c POINTS 1 DIFFICULTY: Difficulty: […]

Elasticity and Its Application 1197 188. Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance revenue, it is a. ignoring the law of demand. b. assuming that the demand […]

Elasticity and Its Application 1177 148. Refer to Figure 5-3. Jenna says she would buy 10 gallons of gas per week regardless of the price. If this is true, then Jenna’s demand for gas is represented by demand curve a. […]

Elasticity and Its Application 1157 © 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1158 Elasticity and Its Application Table 5-4 The following […]

Elasticity and Its Application 1137 Table 5-1 Good Price Elasticity of Demand A 1.9 B 0.8 73. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5–1? a. A is a luxury and […]

Elasticity and Its Application 1117 33. Suppose that Juan Carlos is filling out a survey that he received in the mail. The survey asks him what he would do if the price of his favorite toothpaste increased. Juan Carlos reports […]

The Market Forces of Supply and Demand 1087 24. Refer to Table 4-15. Assuming these are the only four suppliers in this market and the function for market demand is QD=1000-100P, where QD is the quantity demanded and P is […]

The Market Forces of Supply and Demand 1055 62. Individual supply curves are summed vertically to obtain the market supply curve. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.19 – LO: 4-3 NATIONAL STANDARDS: […]

8. Holding the nonprice determinants of supply constant, a change in price would a. result in either a decrease in supply or an increase in supply. b. result in a movement along a stationary supply curve. c. result in a […]

Name: Class: Date: chapter 19 Indicate whether the statement is true or false. 1. To prove predatory pricing, it must be proved that the destructive company explicitly tried to ruin a competitor and that the predatory price was below the […]

Name: Class: Date: chapter 18 Indicate whether the statement is true or false. 1. Media sharing sites allow users to decide which content is promoted on a given website by voting that content either up or down on a ranking […]

Name: Class: Date: chapter 17 Indicate whether the statement is true or false. 1. Relationship selling is more often used in selling consumer goods. a. True b. False 2. Personal selling provides a brief and precise explanation of the product. […]

Thinking Like an Economist Multiple Choice – Section 00: Introduction 1. Which of the following is not correct? a. Economists use some familiar words in specialized ways. b. Economics has its own language and its own way of thinking, but […]

Name: Class: Date: chapter 16 Indicate whether the statement is true or false. 1. Advertising can change consumers’ deeply rooted values and attitudes. a. True b. False 2. Experiential marketing is the coordinated effort to handle the effects of unfavorable […]

192 Ten Principles of Economics Scenario 1-5 Suppose that you have a choice between going to the movies with a friend for three hours or working at your job. If you go to the movies, you will spend $12 on […]

Name: Class: Date: chapter 15 Indicate whether the statement is true or false. 1. Advertising, and sales promotion are the most productive promotion tools to use for routine decisions. a. True b. False 2. Print advertising does not involve using […]

Name: Class: Date: chapter 14 Indicate whether the statement is true or false. 1. Suggestion selling by sales or service associates should always help shoppers recognize true needs rather than sell them unwanted merchandise. a. True b. False 2. Destination […]

Name: Class: Date: chapter 13 Indicate whether the statement is true or false. 1. Customers expect service from the moment a product is purchased until it is disposed of, and the customer service management process allows for touch points between […]

Ten Principles of Economics 141 25. A worker in Vietnam can earn $6 per day making cotton cloth on a hand loom. A worker in the United States can earn $85 per day making cotton cloth with a mechanical loom. […]

Name: Class: Date: chapter 12 Indicate whether the statement is true or false. 1. Many businesses have found that it is more cost effective to focus only on attracting new customers than working hard to keep the ones they already […]

Ten Principles of Economics 121 88. The willingness of citizens to pay for vaccinations does not include the benefit society receives from having vaccinated citizens who cannot transmit an illness to others. This extra benefit society gets from vaccinating its […]

1.Thedifferencebetweenpurescienceandappliedscienceis:​ a.​purescienceisresearchtoacquiretheknowledgenecessarytosolveaspecific,recognizedproblem,while appliedscienceissystematicresearchdirectedtowardacquisitionofknowledgeforitsownsake. b.​purescienceissystematicresearchdirectedtowardacquisitionofknowledgeforitsownsake,whileapplied scienceisresearchtoacquiretheknowledgenecessarytosolveaspecific,recognizedproblem. c.​purescienceissystematicresearchdirectedtowardacquisitionofknowledgeforitsownsake,whileapplied scienceistheapplicationofscientificknowledgeforlegalpurposes. d.​puresciencehasnohiddenpoliticalagenda,whileappliedsciencedoes. ANSWER: b REFERENCES: ArchaeologicalScience:PureorApplied? LEARNINGOBJECTIVES:ARCH.KELL.17.16.01-Doesarchaeologyhavepracticalvalueintheworld today? OTHER: PICKUP 2.Whichofthefollowingactivitieswouldanappliedanthropologistbeleastlikelytobeinvolvedin?​ a.​Evaluatingdomesticsocialprogramslookingforwaystoimprovethem b.​Helpingcorporationsimprovecorporateworkingconditions c.​Conductingresearchtobetterunderstandhowandwhythemajorsocialinstitutionsevolved d.​Helpingtodevelopculturallyappropriatemethodsofdeliveringhealthcare ANSWER: c REFERENCES: ArchaeologicalScience:PureorApplied? LEARNINGOBJECTIVES:ARCH.KELL.17.16.01-Doesarchaeologyhavepracticalvalueintheworld today? OTHER: PICKUP 3.Appliedarchaeology:​ a.​bringsthetechniquesofarchaeologytonon-traditionalvenues. b.​appliesourknowledgeofthehumanpasttoconcreteeconomicorsocialproblems. c.​canmakearchaeologyrelevanttothemodernworld. d.​Alloftheanswersarecorrect. ANSWER: d REFERENCES: ArchaeologicalScience:PureorApplied? LEARNINGOBJECTIVES:ARCH.KELL.17.16.01-Doesarchaeologyhavepracticalvalueintheworld today? […]

Name: Class: Date: chapter 11 Indicate whether the statement is true or false. 1. It is generally considered wise to have a well extended introductory stage of the product life cycle. a. True b. False 2. At the product development […]

Ten Principles of Economics 101 47. According to Adam Smith, the success of decentralized market economies is primarily due to a. the basic benevolence of society. b. society’s legal system. c. individuals‘ pursuit of self-interest. d. partnerships that are forged […]

1.Thefieldthatconductsactivitiesrelatedtocompliancewithlegislationthatprotectsculturalresourcesis:​ a.​academicarchaeology. b.​historicarchaeology. c.​culturalresourcemanagement. d.​naturalresourcemanagement. ANSWER: c REFERENCES: Introduction LEARNINGOBJECTIVES:ARCH.KELL.17.15.01-Whatfederalpolicieshelpprotectculturalresources, includingarchaeologicalsites? OTHER: PICKUP 2.AconcernwithhistoricpreservationintheUnitedStatescanbetracedto:​ a.​thelate18thcentury,whensocietieswereformedtoensuretheprotectionofhistoricallysignificant properties. b.​theearly20thcentury,whenindustrialdevelopmentbegantothreatensignificantsites. c.​the1960sand1970s,coincidentwithmorebroadlybasedenvironmentalpreservationmovements. d.​Noneoftheanswers;theoverwhelmingattitudeintheUnitedStatesis,andhasalwaysbeen,alackof concernforhistoricpreservationwhiledevelopmentisallowedtorunrampantnomatterwhatthecost. ANSWER: a REFERENCES: TheDevelopmentofCulturalResourceManagement LEARNINGOBJECTIVES:ARCH.KELL.17.15.01-Whatfederalpolicieshelpprotectculturalresources, includingarchaeologicalsites? OTHER: PICKUP 3.The1906AntiquitiesAct:​ a.​requiredafederalpermitbeforeexcavatingorcollectingartifactsfromfederalland. b.​requiredtribalconsultationonallarchaeologicaldiscoverieslocatedonfederallands. c.​requiredtherepatriationofallNativeAmericanskeletalmaterialandassociatedgravegoodsfoundon federalortriballandstoculturallyaffiliatedtribes. d.​Alloftheanswersarecorrect. ANSWER: a REFERENCES: TheDevelopmentofCulturalResourceManagement LEARNINGOBJECTIVES:ARCH.KELL.17.15.02-Whataretheimportantelementsofthe1906 AntiquitiesAct,the1966NationalHistoricPreservationAct,andthe1979 […]

Name: Class: Date: chapter 10 Indicate whether the statement is true or false. 1. A service mark is the exclusive right to use a brand or part of a brand. a. True b. False 2. An organization’s product mix includes […]

Ten Principles of Economics 81 6. Trade between the United States and Guatemala a. benefits both the United States and Guatemala. b. is a losing proposition for the United States because Guatemalan labor is less expensive than U.S. labor. c. […]

1.Theearliestexplorationsinhistoricalarchaeologywereconductedto:​ a.​disprovethevalidityofdocumentarysourcesandshowthatarchaeologicalexcavationwastheonlywayto trulyunderstandthepast. b.​understandhowearlyEuropeansettlersinteractedwithexistingNativeAmericanpopulations. c.​understandmoreabouttheinvestigators’ownpasts. d.​justifycolonialexpansionandracisttreatmentofNativeAmericans. ANSWER: c REFERENCES: Introduction LEARNINGOBJECTIVES:ARCH.KELL.17.14.01-Whoneedsarchaeologywhenwealreadyhave eyewitnessaccountsandhistoricalrecords? OTHER: PICKUP 2.Thestudyofhumanbehaviorthroughmaterialremains,forwhichwrittenhistoryinsomewayaffectsits interpretation,is:​ a.​prehistoricandhistoricalarchaeology. b.​historicalarchaeology. c.​processualarchaeology. d.​postprocessualarchaeology. ANSWER: b REFERENCES: Introduction LEARNINGOBJECTIVES:ARCH.KELL.17.14.01-Whoneedsarchaeologywhenwealreadyhave eyewitnessaccountsandhistoricalrecords? OTHER: PICKUP 3.Writtenrecordsdocumentthehistoricpast.Sowhydoarchaeologistsdohistoricalarchaeology?​ a.​Documentarysourcescanbeselectiveandbiasedtowardtheinterestsofparticularcultural,political,or ethnicgroups. b.​Documentarysourcesdonotexistformostofthehistoricpast. c.​Archaeologicalexcavationscandemonstratethathistoricalrecordsarewrong,andthususelessforinferring anythingaboutthepast. d.​Noneoftheanswers;ifwrittenrecordsexist,archaeologistsdonotbotherwithhistoricalarchaeology. ANSWER: a REFERENCES: What’sthePointofHistoricalArchaeology? LEARNINGOBJECTIVES:ARCH.KELL.17.14.01-Whoneedsarchaeologywhenwealreadyhave […]