Archives: Quiz

Domestic producers of a good become better off, and domestic consumers of a good become worse off, when a country begins allowing international trade in that good and a. the country becomes an importer of the good as a result. […]

When motorcycles are taxed and sellers of motorcycles are required to pay the tax to the government, a. the quantity of motorcycles bought and sold in the market is reduced. b. the price paid by buyers of motorcycles decreases. c. […]

Table 321 Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. The following table shows the number of coolers or number of radios each country can produce in one day. Output Produced […]

Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750 for the clubs but buys them on sale for $575. Cameron’s consumer surplus from the purchase is a. $175. b. […]

When two variables have a positive correlation, a. they tend to move in opposite directions. b. they tend to move in the same direction. c. one variable will move while the other remains constant. d. the variables’ values are never […]

A production possibilities frontier can shift outward if a. government increases the amount of money in the economy. b. there is a technological improvement. c. resources are shifted from the production of one good to the production of the other […]

Figure 318 Bintu’s Production Possibilities FrontierJuba’s Production Possibilities Frontier Refer to Figure 318. The opportunity cost of 1 bowl for Juba is a. 1/4 cup. b. 2/3 cup. c. 3/2 cups. d. 4 cups. In January the price of dark […]

Suppose the crossprice elasticity of demand between hot dogs and mustard is 2.00. This implies that a 20 percent increase in the price of hot dogs will cause the quantity of mustard purchased to a. fall by 200 percent. b. […]

Figure 45 Refer to Figure 45. Which of the following would cause the demand curve to shift from Demand B to Demand A in the market for oranges in the United States? a. a freeze in Florida b. a technological […]

Table 36 Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate. Machine Minutes Needed to Make 1 ToothbrushHairbrush Zimbabwe310 Portugal56 Refer to Table 36. Assume that Zimbabwe and Portugal each has 180 […]

Table 710 The following table represents the costs of five possible sellers. SellerCost Abby$1,600 Bobby$1,300 Dianne$1,100 Evaline$900 Carlos$800 Refer to Table 710. If the market price is $1,000, the producer surplus in the market is a. $1000. b. $300. c. […]

The amount of goods and services produced from each unit of labor input is called a. opportunity cost. b. productivity. c. externality. d. marginal benefit. Suppose that Honduras opens its markets to international trade. As a result of this, the […]

Table 337 Output of pottery in one sixhour session VasesMugs Sarah 8 32 Charles 10 25 Refer to Table 337. Sarah and Charles are both potters and each can switch between the production of vases and mugs at a constant […]

You know an economist has crossed the line from scientist to policy adviser when he or she a. claims that the problem at hand is widely misunderstood by noneconomists. b. talks about the evidence. c. makes normative statements. d. makes […]

An decrease in the price of oranges would lead to a(n) a. increased supply of oranges. b. increase in the prices of inputs used in orange production. c. a movement down and to the left along the supply curve for […]

Table 55 PriceTotal Revenue $5$70 $6$78 $7$84 $8$88 $9$90 $10$90 Refer to Table 55. Demand is unit elastic when quantity demanded changes from a. 9 to 8. b. 10 to 9. c. 10 to 11. d. There is not enough […]

The President receives economic policy advice from economists at each of the following except a. the Council of Economic Advisors. b. the Department of the Treasury. c. the Congressional Budget office. d. the Department of Labor. Table 712 The numbers […]

An increase in the size of a tax is most likely to increase tax revenue in a market with a. elastic demand and elastic supply. b. elastic demand and inelastic supply. c. inelastic demand and elastic supply. d. inelastic demand […]

Figure 89 The vertical distance between points A and C represents a tax in the market. Refer to Figure 89. The imposition of the tax causes the price paid by buyers to a. increase from $600 to $800. b. increase […]

A key determinant of the price elasticity of supply is the a. time horizon. b. income of consumers. c. price elasticity of demand. d. importance of the good in a consumer’s budget. Suppose the income of buyers in a market […]

When the United States trades with China, a. both countries will likely benefit. b. only United States will benefit. c. only China will benefit. d. neither country will benefit. Figure 619 Refer to Figure 619. Suppose a tax of $2 […]

Figure 715 Refer to Figure 715. Area B represents a. the combined profits of all producers when the price is P2. b. the increase in producer surplus to all producers as the result of an increase in the price from […]

The selfinterest of the participants in an economy is guided into promoting general economic selfinterest by a. the invisible hand. b. market power. c. government intervention. d. oikonomos. The unique point at which the supply and demand curves intersect is […]

In converting semimonthly wage rates to hourly rates, divide the semimonthly rate by 4 to arrive at the weekly rate, then divide this rate by the standard number of hours. a. True b. False One of the provisions of coverage […]

A retail shop may employ a fulltime student at $5.00 per hour. a. True b. False The OASDI taxable wage base is correctly defined as: a. all amounts earned by an employee during a calendar year. b. the maximum amount […]

All states have set their minimum wage to be the same as the federal government. a. True b. False An employer must file an information return under all of the following conditions except: a. to report $1,000 of compensation paid […]

HTMLENTITY#8203HTMLENTITYWhich of the following is included in a job description? a. HTMLENTITY#8203HTMLENTITYSecondary duties b. HTMLENTITY#8203HTMLENTITYEducation requirements and special skills needed c. HTMLENTITY#8203HTMLENTITYAttendance requirements d. HTMLENTITY#8203HTMLENTITYJob’s essential functions, including any physical requirements e. HTMLENTITY#8203HTMLENTITYAll of the above Under FICA only, cash […]

Which of the following is not allowed as part of a company’s prehire inquiries: a. Past employment and experience records b. Social security numbers c. Lie detector tests d. Educational background e. List of references If an employee works two […]

All employers of one or more persons must file an application for an identification number. a. True b. False Form 941 is due on or before the 15th day of the month following the close of the calendar quarter for […]

The requirements for depositing FICA taxes and income taxes withheld from nonagricultural employees’ wages vary according to the amount of such taxes reported during a “lookback period.” a. True b. False If the employer has made timely deposits that pay […]

The employee’s earnings record provides information for each of the following except: a. completing Forms W2. b. completing the journal entry to record the payroll. c. determining when the accumulated wages of an employee reach cutoff levels. d. preparing reports […]

Which of the following is not part of the records employers keep in employee files? a. Regular rate of pay b. Gender c. Wages subject to tax for the calendar year d. Health care account withdrawals e. None of the […]

Workers exempt from all of the FLSA requirements include: a. employees paid by the hour. b. clerktypists earning less than $200 a week. c. taxicab drivers. d. motion picture theater employees. e. none of the above. Arch gives you an […]

A traveling salesperson who solicits and transmits to the principal orders for merchandise for resale is considered an employee under FUTA. a. True b. False Unemployment taxes (FUTA and SUTA) do not have to be paid by an employer who […]

A company is most likely to fail to achieve a marketing objective if there are changes in the environment ______. a. before the objective is specified and after the strategy is debated b. before the objective is specified and the […]

Fournotts Corp. manufactures and sells accessories for cell phones. To boost its sales, the research and development team decides to use product modification as an approach to new product development. In this scenario, the research and development team will most […]

Which of the following is NOT an advantage of personal selling? a. Personal selling provides a detailed explanation or demonstration of the product. b. Costs can be controlled by adjusting the size of the sales force. c. Personal selling is […]

Unlike hedonic value, utilitarian value: a. is a form of perceived value. b. is obtained from products rather than services. c. can be viewed as a means to an end. d. can be enjoyed without making a purchase. Scannerbased research […]

Which of the following statements is true of buying decisions? a. The type of buying decision does not affect the promotional mix of an organization. b. Consumers are not involved in complex buying decisions. c. Print advertising can be useful […]

Which of the following statements is true of product items? a. They are the test products that are released by a company before starting a product line. b. They include all the products that an organization manufactures and sells to […]

Technological success is based upon innovation, which is independent of imagination and risk taking. a. True b. False Terra Corp. produces a wide range of furniture, such as cabinets, book cases, and bureaus. It divides its consumer market into several […]

Which of the following statements is true of valuebased pricing? a. It is a modification of uniform delivered pricing. b. It is sometimes called postage stamp pricing. c. It has grown out of the quality movement. d. It presents drawbacks […]

In today’s marketplace, the number of customers who expect to receive product configurations and services matched to their unique needs is decreasing. a. True b. False Laelle Airlines, an international airline company offers a core service supported by supplementary services. […]

Which of the following practices can help businesses gain a cost competitive advantage? a. Using simplified production techniques b. Using expensive raw materials c. Customizing products with extra features d. Focusing on serving marginal customers When properly created, a strategic […]

Which of the following statements is true of thirdstage multinational companies? a. They sell products only in one country. b. Their top executives and core corporate functions are in different countries. c. They operate an entire line of business in […]

Which of the following is an element of a marketing mix? a. Pricing strategies b. Divestment strategies c. Investment strategies d. Trade restraint strategies Which of the following statements is true of markets? a. They are composed of people or […]

Quinn is the sales manager of a firm with a questionable reputation. During his tenure, he has witnessed numerous incidents of ethical misconduct. Research shows that he would observe less ethical misconduct if ________________________. a. his coworkers had a strong […]

Why do new brands with a small market share tend to spend proportionately more for advertising and sales promotion than those with a large market share? a. Beyond a certain level of spending for advertising and sales promotion, diminishing returns […]

Maria is a very soft spoken girl and she hardly hurts anybody. She does not raise her voice when she speaks and is very careful about the way she speaks and the words she chooses. She gets married and finds […]

Which of the following best defines audience selectivity? a. The number of target consumers exposed to a commercial at least once during a specific period b. The number of times an individual is exposed to a given message during a […]