APSC 221 Question and answers rated A+ 2024/2025 APSC 221
(T/F)A license fee is an example of an incremental cost. - correct answer False
(T/F) The general Price-Demand relationship can be expressed as a linear function. - correct answer True
One reason why perfect monopolies rarely o...
APSC 221
(T/F)A license fee is an example of an incremental cost. - correct answer
✔False
(T/F) The general Price-Demand relationship can be expressed as a linear
function. - correct answer ✔True
One reason why perfect monopolies rarely occur in practice is because:
a) Few products are so unique that substitutes cannot be used.
b) A large number of vendors can supply the same product.
c) Additional suppliers can enter the marker freely
d) People usually stop buying the product before this occurs. - correct answer
✔a) Few products are so unique that substitutes cannot be used.
________ are costs that are difficult to attribute or allocate to a specific output
or work activity.
a) standard costs
b) indirect costs
c) variable costs
d) sunk costs - correct answer ✔b) indirect costs
(T/F)Sunk costs should be included in an engineering economic analysis. -
correct answer ✔False
When alternatives for accomplishing a specific task are being compared over
one year or less (time value of money is ignored) they can be referred to as:
a) engineering comparisons
(T/F) The WBS is sometimes called a work element structure. - correct
answer ✔True
(T/F) Material costs are an example of costs that are typically included in an
engineering economy study. - correct answer ✔True
__________ is the use of historical cost data and statistical techniques to
predict future costs.
a) power-sizing
b) parametric cost estimating
c) selected estimating
d) historical estimating - correct answer ✔b) parametric cost estimating
(T/F) On a cash flow diagram, the vertical arrows pointing upwards represent
a negative cash flow. - correct answer ✔False
(T/F) Effective interest rate is the conventional method of stating the annual
interest rate. - correct answer ✔False
Decisional equivalence is a consequence of the __________ on the part of a
decision maker among available choices.
a) indifference
b) market analysis
c) study of general economic activity levels within an industry
Mathematical equivalence is a consequence of the mathematical relationship
between _______.
a) First cost and salvage value
b) Sunk costs and opportunity cost
c) Depreciation and market value
d) time and money - correct answer ✔d) time and money
(T/F) The conventional approach for computing interest is the compound
interest approach. - correct answer ✔True
(T/F) Compound interest takes the interest accumulated in one interest period
and adds it to the principle amount used to calculate interest in the next
period. - correct answer ✔True
The base unit of time over which an interest rate is calculated is called the
_______.
a) interest duration
b) time period
c) interest cycle
d) interest period - correct answer ✔d) interest period
Market equivalence is a consequence of the ability to _________ one cash
flow for another at zero cost.
a) understand
b) predict impact of
c) exchange
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