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BEC CPA Exam Review Study Guide Solutions Demand Curve Shift Upward (direct relationship-positive shift) - ANSWER-The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - ANSWER-Th...

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  • November 10, 2024
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  • 2024/2025
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BEC CPA Exam Review Study Guide
Solutions

Demand Curve Shift Upward (direct relationship-positive shift) - ANSWER✔✔-The

price of subsitute goods, expectations of price changes, income for normal goods, and

extent of market


Demand Curve Shift Downward (inverse relationship-neg. shift) - ANSWER✔✔-The

price of complement good, income for inferior goods, and consumer boycotts


SWOT analysis - ANSWER✔✔-strengths, weaknesses, opportunities, threats


Three common measures of price inflation: - ANSWER✔✔-1. The Consumer Price Index

(CP)


2. The Producer Price Index (PPI)


3. The GDP Deflator


Okun's law - ANSWER✔✔-Provides a general rule of thumb showing how economic

growth rates faster than average often result in reductions in unemployment


Product differentiation strategies - ANSWER✔✔-seek to make the demand for a firm's

products more inelastic.


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Transfer pricing - ANSWER✔✔-is the process for setting prices that are charged for the

transfer of goods or services between related parties such as departments of a large

entity.


Full employment implies that - ANSWER✔✔-there frictional and structural

unemployment, but not cyclical unemployment.


The consumer price index (CPI) - ANSWER✔✔-is a common measure of inflation. It

compares the price of goods and services in a base year to the price of the same goods

and services at a later year. The CPI is commonly used to convert figures not readily

comparable across years into figures that are more comparable.


The phases of the business cycle are - ANSWER✔✔-expansion, peak, contraction (ie,

recession), and trough.


Peaks are - ANSWER✔✔-usually characterized by a lack of available labor and capital,

which results in a deceleration of growth. Output is at maximum and unemployment is

as low as possible—or at the "natural" rate.


Tight labor markets and lack of excess capacity often result in - ANSWER✔✔-the

bidding up of wages and prices, leading to an acceleration of inflation.


A change in account balances will always be measured as - ANSWER✔✔-(the current

balance - the prior balance), with a positive result indicating an increase and a negative

result a decrease.


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% changes for account balances = - ANSWER✔✔-(Current balance - prior balance) /

prior balance.


Transportation costs would exist - ANSWER✔✔-even in the absence of government.


There are three common measures of price inflation: - ANSWER✔✔-consumer price

index, producer price index and GDP deflator.


Deflation - ANSWER✔✔-a decrease in the general level of prices and inflation rate is

below zero


Collusive pricing - ANSWER✔✔-results when competing suppliers agree that they will

not compete on the basis of price, setting a uniform price to be charged by all suppliers

(conspire). This enables the suppliers to establish higher than market prices.


Price floor - ANSWER✔✔-a minimum price for a good or service


price ceiling - ANSWER✔✔-a maximum price that can be legally charged for a good or

service


Structural unemployment - ANSWER✔✔-represents a mismatch between the skills of

workers and the needs of the labor market. This usually occurs due to technological

advances that change or eliminate the need for the specific skills many workers possess.


A significant decline in the U.S. dollar tends to - ANSWER✔✔-hurt U.S. importers and

benefit U.S. exporters, while making foreign goods more expensive for U.S. consumers.


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