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ECON B251 Exam 1 questions and answers
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...
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- Exam (elaborations)
- • 4 pages •
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
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...
- Package deal
- Exam (elaborations)
- • 4 pages •
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
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...
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- Exam (elaborations)
- • 5 pages •
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
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 ...
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- Exam (elaborations)
- • 15 pages •
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 ...
Econ B 251 Final Exam questions and answers
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...
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- Exam (elaborations)
- • 14 pages •
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
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...
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- Exam (elaborations)
- • 7 pages •
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 5100,5101,5102,5103 and accounting PACKAGE
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 

- Package deal
- • 9 items •
- Exam (elaborations) MBA or M.B.A. - Master of Business Administration • Exam (elaborations)
- ACCT 5100 EXAM 1 questions and answers • Exam (elaborations)
- COMD 5100 Exam 1 questions and answers • Exam (elaborations)
- MBA 5100- Exam 1 questions and answers • Exam (elaborations)
- MBA 5100 - Ch 2 questions and answers • Exam (elaborations)
- And more ….
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
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 ...
- Exam (elaborations)
- • 4 pages •
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
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...
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- Exam (elaborations)
- • 5 pages •
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
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...
- Package deal
- Exam (elaborations)
- • 8 pages •
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...