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ECON B251 Exam 1 questions and answers Because we face scarcity, every choice involves: a) money b) time and money c) marginal benefity d) trad-offsD. trade-offs You decide to take a vacation and the trip costs you 1,254. While you are on vacation, you do not report to work where you could have earned 123. The opportunity cost of the vacation is $_______.1,377 Strategic decisions include- one's own benefits - one's own costs - other's decisions The nig...

Econ B-251 Canvas 1-4 Questions and answers All economic questions are abouthow to cope with scarcity Which of the following is a microeconomic question?-Will a shortage of electricians lead to an increase in their wages? - Will taxing pizza increase the amount of pizzas sold? Because we face scarcity, every choice involvesTrade-offs You decide to take a vacation and the trip cost you $2000. While you're on vacation you do not report to work where you could've earned...

ECON B-251 EXAM 1questions and answers economicsthe study of satisfying unlimited wants by utilizing limited resources scarcityunlimited wants and limited resources the economic problemdeals with the problem of scarcity Microeconomicsstudies decisions by individual firms and governments Macroeconomicsstudies decisions made or actions taken by the entire economy ex. inflation, unemployment, GDP rationality assumptionassumes that people do not intentionally make dec...

Econ B 251 qestions and answers Which of the following are characteristics of a monopoly?the firms demand cure is downward sloping, there are high barriers to entry or exit, the firm determines the price to charge it's buyers. Which of the following are barriers to entry for a monopoly?patents, ownership of a vital resource, public franchises Which of the following is true for BOTH a monopoly and a perfectly competitive firm?The profit maximizing output level occurs where ...

At the profit maximizing level of output, firms shutdown whenprice< average variable cost In the long run perfectly competitive firms earn zero economic profit and positive accounting profitZero, positive Perfectly competitive markets are --- because total surplus is maximized and forms produce at the lowest possible --- cost.Efficient, total surplus, average total Sue quit her $40,000 per year job and opened a coffee shop that she calls Top Brew. In the first year, Top...

Econ B 251 Exam #2 questions and answers What are goods in which when demand increases, income increases?Normal goods What are goods in which when demand decreases, income increases?Inferior goods What is maximizing happiness or satisfaction from consuming a bundle of goods and services subject to income and prices?Consumer optimum What is the price of good in terms of another good?Relative price What is the total benefit (happiness) received from consuming some goo...

MBA 5100- Exam 1 questions and answers Manufacturing businessbuys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses Merchandising businessbuys finished products made by other businesses and resells them to individuals or other businesses

MBA Principles Accounting trial Exam questions and answers Which of the following statements support the reliability and usefulness of financial information?Accounting information is likely to be accurate. Accounting information is likely to be objective Accounting information is likely to be consistent. Which of the following statements correctly describes how accounting helps managers?Accounting centralizes and organizes processes. Bob plans to allow certain customers to ...

MBA Accounting trial questions and answers Primary SEC filing requirements10K Annual, 10Q Quarterly Benefits of disclosureLower costs of funds and labor Economic benefits form reliable disclosures Costs of disclosure.Preparation and dissemination, competitive disadvantages, litigation potential, and political costs GAAP vs. IFRSBoth are prepared using accrual accounting and utilize similar conceptual frameworks. Both require the same set of financial statements: a bal...

MBA Accounting questions and answers CHAPTER 11 What is the primary purpose of the statement of cash flow? A. To provide information about the cash flow from operations for a period B. To provide information about firm profitability C. To provide pro forma information that helps users predict future cash flows D. To provide information about where a company's cash comes from and where it goesD. To provide information about where a company's cash comes from and where...